Many authors view writing as a creative outlet, not a business. Others write strictly to earn money. Either way, if you're planning to publish your work you probably need to understand the financial implications so you know what you're getting into.

Setting realistic financial goals. The first step, of course, is to figure out why you're doing this and what you expect to accomplish. How much can you afford to invest? How do you expect to recover your investment, or is making a profit unimportant for you?

Estimating costs and controlling expenses. The best way to understand the financial side of writing and publishing is to look at some sample budgets and returns from other authors who have been down this path. You'll need to know about retail margins, wholesaler and distributor pricing and discounts, printing, marketing and distribution costs, and competitive pricing, among other things. Once you have this you'll be able to better decide whether writing and publishing a book is right for you, and whether your objectives are realistic or not.

Integrating all the pieces for a successful project. Perhaps the most important benefit of creating a detailed project plan for your book, including the financial ramifications, is that it gives you a way to put all the component pieces together and track the total project from beginning to end. And even if you don't feel this need for your own peace of mind, you'll have a framework for measuring your progress and knowing that you're moving toward your objective -- not wandering aimlessly with no end in sight.

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