BlaiseCorvin
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BC Writing Workshop #4 - Executive Summary, id est, “How the hell am I going to make money?”
🕑 Added 2017-12-22 01:05:38 +0000 UTC
The actual structure of a business plan’s executive summary can take many forms. You can scour the internet and find templates that work for you, but the norm is some sort of abbreviated style, sometimes including bullets.
Some executive summaries include a mission statement. Some business plans have a mission statement before the executive summary. I think it makes sense to include the business statement within the summary.
One mistake a lot of new writers make is assuming the executive summary portion of a writer’s business and their brand is the same thing. This is not necessary true.
For instance, if you decide you want to be a grandmotherly author who writes wholesome, Christian, Middle Grade books, this still doesn’t explain how you’re going to actually sell your brand/work.
Your brand is who you are (publicly). Your executive summary, the very first portion of your business plan is a high level of view of how you’re going to use your brand to make money.
Now, this can be tricky. The workshop is not addressing your marketing plan yet, the executive summary is just an overview of how you’re going to conduct business. If you are a business noob, this whole thing might be confusing...especially to natural artist-types.
Let me try to break it down crayon-style.
A business plan is everything involving your business, all of the decisions you should make ahead of time. Your brand is your persona, who you are. The executive summary of your business plan is how you’re going to use your brand to sell whatever you’re selling.
As an example, my updated business plan reflects my updated brand. I started as a quarrellous, savage, and blunt writer. I’ve become a helpful pillar of my genre community. My original Executive Summary reflected my original branding and described the types of stories I would write, and how I would find an untapped place in literature where I wanted to write, how to own market share, and aggressively make that style of writing part of my brand.
Now it’s changed, becoming something both a bit more general and harder to market. I’m still going to write what I want to write, but my stories will be more character-driven and less gritty. As an illustration of this, both my first story I began writing commercially and Delvers were borne of frustration. Delvers was a middle finger to JLit tropes in portal fantasy.
I had a plan for future series based on a more angsty premises, but now that my brand’s changed, I’m focusing more on characters. My upcoming Nora series is basically an experiment in following a woman from an alien culture as she becomes and adventurer.
See, here’s the rub: As writers, we can and should write whatever we want. However, if we want to be commercially successful authors, we need to be aware of our brands, and our business models.
Let’s use Stephen King as an example. He writes horror, and everyone knows that. He is traditionally published. He can write some really messed up stuff and people just accept it.
If he had a business plan back in the 70’s it might have looked something like this (I made a lot of stuff up here, but just roll with it):
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Stephen King
Executive Summary
The writer defined in this business plan is striving to entertain a large group of readers with excellent horror stories. This summary intends “horror” to mean stories with dark or grim tones, that may or may not neatly fit within the larger “Horror” genre.
The market lacks many large names for writers that specialize in these types of stories. I have noticed both a lack of literature titles with darker themes, coupled with a notable rise of other media that touches upon these topics and feelings in consumers.
Examples:
- Haunting movies
- Frankenstein’s Monster
- Vampire media
- Radio Broadcasts
I will create stories with an emphasis on personal horror and the emotional journey of a main character from the beginning of a novel to the end. One way I plan to draw readers into stories is through characterization, and using minutiae within the character’s normal life to generate sympathy in viewers.
Growing interest rates and and high inflation have resulted in families stuck in homes they don’t want, and may have jump started the haunted house trope. Horror literature is begging to be more popular, but the larger titles don’t have much diversity.
I will have competition, such as:
- Peter Benchley
- Shirley Jackson
- Richard Matheson
- Robert Marasco
I plan establish my brand by writing more conventional horror stories at first, presented in a style that readers will recognize. However, I plan to provide my own twists on the genre, delving deeper into the psyche of characters than other writers do.
Many existing horror writers have a series of set pieces with things happening, but don’t feature much introspection within characters. I want my readers to feel emotional and existential horror through internal dialogue.
My key creative differentiators will be characterization, creativity in plot premise, and a willingness to go places other writers don’t regularly go.
My functional differentiators are high writing speed, insomnia, and a lifetime spent as a student of literature.
I plan to partner with (Publisher X) for two titles, at which time I can renegotiate through my agent. Based on the marketing strategies my publisher employs, I am expecting to make mid to high six figures within two years based on these titles.
Based on the sales of my competitors as well as growing market interest in horror media, I am projecting massive growth. After I renegotiate, I will search for a deal resulting in 7 a figure income per year.
Mission statement:
I am committed to writing quality horror fiction, that not only elicits genuine emotion in my readers, but also provokes self awareness and analysis. I will leverage my writing speed and commitment to quality, growing to be the most well known horror writer in the world.
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Please note that a real executive summary would probably have a lot more real numbers in there, a lot fewer generalities, and I messed up lots of facts about Stephen King, but you get the point.
The executive summary is like a bird’s eye view to the rest of the business plan.
Now, I’m sure all of this stuff is raising a simple question in the minds of some: “I don’t need to borrow money as a writer, so why the hell do I need a writing business plan?”
That’s a good question. The answer is pretty simple--a business plan will benefit /any/ entrepreneur. As a writer, you are a small business owner and an entrepreneur. If you would need help or time to create a business plan, you probably could use the brush up (or first-time study) on business.
I am not writing this workshop for master business people. I’m writing this workshop for talented folks who could sell more...and noobs. I you are in fact Stephen King, this workshop is not for you. Also, please write a sequel to Tommyknockers.
A business plan is like a checklist to help an entrepreneur make sure they’ve thought of everything. It’s a document you can revisit in order to ensure you are not straying from the original intention of your business...a surprisingly easy thing to do.
Successful people aren’t all the same, but there is are /lot/ of common traits among successful entrepreneurs. Good time management, getting up early, making lists, being punctual, these are all things that separate most successful business owners for folks with a dream who just waste a lot of money.
Yes, some people manage to succeed by the seat of their pants, or just get lucky. However, even if someone is lucky, by learning from their success and adopting business methodology, they can maximize the success they’ve already enjoyed. Basically, it’s never a bad idea to create some structure within your business.
There are no drawbacks from creating a business plan, but a whole lot of benefits. Unless a writer is just lazy, or likes to play the odds, there is no reason not to create one.
As such, we will continue this workshop from the premise that creating a business plan is a good idea.
That said, we will finish up the business plan portion of the overall workshop within the next two individual entries, then move on to new topics. Many resources exist online to help people create their own business plans. For the next two workshop entries I will continue translating, converting all the business-ese into stuff writers care about.
