On to the second part. So you're all set and ready to publish your book, but Createspace and Amazon need to know where to send your royalty checks. This is where you decide if you want to be an LLC or just a home business.
1. Limited Liability Corp. I decided to become an LLC mainly because of the legal aspect of owning my own business. It keeps the personal money and the business money separate for one. Two, if you are ever sued, you have more protections, and three, if you ever need to file a personal bankruptcy, your business will be separated as well.
It does make for doing your taxes a little more complex.
A home business, or based on your brand. The taxes are a little easier with this one, but you don't have as many protections as you do with an LLC. I can't give you a bunch of legal jargon, so you will have to research both of these yourself and make your decision. Also, each state is different so you will need to contact your state to see what best works for you.
2. State Licence. Again each state is different. Here is Colorado, there is no such thing as a business licence but you have to register with the state. It is a small fee and you pay yearly. Paying sales taxes is another issue. In this state you have to earn a certain amount before you are required to pay sales tax, but you should contact your state on this also.
3. Opening a business account. Some opt to use their personal account. I decided to keep it separate and open a business account. It's much better for me to keep everything apart. If you can find a credit union in your area that does business accts. that would be the best. Less money to keep in the acct and less of a headache. This you will need to give an acct number for your royalty checks.
4. A square. Best thing I ever did was get the square. It sure helped my sales at conferences and even at my private launches. A lot of people only carry their cards. The charge is really cheap to use. It's about 4.00 per every hundred.
5. Filing taxes. I file once a year. If I were making a lot more I would go to quarterly, but right now there's no reason to.
6. Ordering prints. It's really good to have your books on hand. You don't have to go overboard and fill up your garage, but keeping around 25 books is reasonable. you never know when a conference might pop up, or a book signing.
7. Miscellaneous expenses. You could find your self nickel and dimed to death. You need business cards, book marks, maybe some small posters for conferences, a set up for your table, such as table cloth, and the like. I make mini-books of a few excerpts so those cost money and time. Your launch party can cost too. Such as paying for a place to have it, snacks, goodies for the guests. Some like to order pens with their books on them. This can get really crazy so you need to watch it here.
8. Pay for marketing. If you want to show off your book on sites like BittenbyBooks, you have a nominal fee, but they do add up. A website costs money, advertisement on Facebook or Twitter. But if you watch how much, these can pay off. Reviews are another one. Paying for professional reviews is not really something I would suggest, but some do it.
So, you see there's a lot to becoming a self-published author. But once you go through all this stuff, it gets easier. I'm sure I'm missing some information, but I can't think what it might be. I hope I've covered everything.
There are two hats to be worn, but well worth it in the long run. I figure it's about 1000.00 per book for me. I know a lot of people will tell you that you can do stuff for free, but really nothing's for free. I've learned a lot, but still have lots to learn so if you want to enlighten me, please leave a comment below. I'm always open to new and fresh ideas.
Thanks to all of you for your continuing support of me and my books. You really do mean the world to me and I appreciate you!
I won't be posting next week. I ran into a bit of luck and will be at Denver Comiccon next weekend! Wish me luck and I will talk with you all in two weeks!