Hi, Reader!

Once you've figure out how much time you have to work on building a new income stream, the next question to ask is Tip 14: How much money do you have to invest in it?

Some income streams require more of an initial investment than others. While I do love being able to "build an income stream on a shoestring," I recognize my outcomes are borne by my willingness to do things professionally and, well, from the beginning. Be honest about how much you’re willing to invest in relation to your expectations on the other side.

Do some research into what reasonable costs would be, and remember to:

1. Count the little expenses, too. Editing is a major publishing expense, so you'll logically know to include that. Remember to buy your block of ISBNs, which are only a few hundred dollars, but easy to forget and leave off the expense list. There are several smaller expenses you might not know to expect at the outset, so pad your expense list with more than you think you'll need.
2. Invest back into your income stream. Whether that means buying a new computer or printer, or increasing your what you plan to spend on marketing or referral fees, earmarking a portion of your profit to put back into your income stream can help it to grow. (Think: buying copies of your book to give to prospective clients.)
3. Your time is worth (a lot) of money. While it might seem like you have more time than money, the truth is this: you can always get more money, but you cannot get more time. Buy back your time by engaging experts who can get you up to speed quickly, help you save costly time and money mistakes, and think about things in a way you might not have alone. (I'll talk more about that tomorrow.)

Creating an informed budget will help you to get out of the red and into the black faster and with more confidence. While you're putting your budget together, watch What's the ROI of a Nonfiction Book? and I'll see you tomorrow!

Honorée Corder​
​ Author. Author Strategist.

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