Mistake #2 Jumping in Before Understanding the Business Side to the Business
I see a lot of writers rushing into self-publishing without properly preparing to be a small business, yet that is exactly what we are. When we self-publish, we take on new roles and we need to understand them. We need to be willing to fork out money for proper editing, cover design and formatting.
One of the benefits to traditional publishing is they take on all the risk and do the editing, proofing, etc. When we go it alone, we need to prepare for some expenses and do our research. We can be told a million times to not judge a book by its cover, yet that is exactly what readers do. Additionally, we may need to look into becoming an LLC. We need to set up proper accounting procedures and withhold the correct amount of taxes, unemployment, state taxes and on and on.