The secret to writing success
Seeing your writing as a business
“How does anyone make any money doing this?”
When I mentor writers, eventually this question comes up. It’s a good question.
The question springs from a faulty assumption. Aspiring authors think the story goes like this: I will write my book, publishers will be so impressed they’ll get into a bidding war to publish it, people will adore it, it will become a surprise bestseller, and I’ll live happily ever after.
Authors and writers who make money know better. The story goes like this: invest time and money to get your book published, market the book like crazy, you’ll likely sell a modest amount of copies, BUT, the book establishes you as an authority who can then sell related products and services and build a business with multiple revenue streams.
When starting a business, entrepreneurs expect to make an investment of time and money. Many first time authors don’t even like the idea of investing time in writing the book—they simply want to have written a book. Because they assume that’s the finish line. (Sorry, it’s not.) No matter what path to publication you choose, writing requires an investment of time and/or money, even after the book is written:
If you self-publish, you’ll hire editors and designers. You’ll learn how to self-publish (or hire someone to assist you), put your book out on amazon or other distribution channels. And then you’ll work hard to market your book. You’ll invest time and money.
If you publish traditionally, your publisher might pay you a small advance (if you’re just starting out) and will pay for editing and design. They’ll do some marketing, but you’ll do a lot of it yourself as well. And to even get the attention of a traditional publisher, you’ve got to already have a solid email list, or large social media following. To build that audience, you’ll have to invest time (and sometimes money).
So how do authors get a return on their investment?
Writing is a business
The secret to writing success is to approach it like an entrepreneur. You write a book because you’re passionate about your message. You feel compelled to share wisdom or get your story out. Which sometimes makes it hard to face the fact that writing is a business.
If you’re a Christian author and you feel more comfortable calling it a ministry, that’s fine. But you still want to make that ministry effective and touch as many lives as possible. Writing one book and hoping it sells won’t do that.
Most authors don’t see their writing as a business, or a ministry. That limits their income and influence. They don’t want to run a business. They want to have written a book. But smart authors realize they need to invest in creating products and marketing those products in order to grow.
You might assume that your book is your product. It is one of your products, and actually, not the most profitable of your products. The book is also a marketing tool for your other products, which might include:
Online courses
Speaking services
Webinars
Business opportunities
A solid business has multiple revenue streams. Even if you see it as a ministry, you’ve got to have some income to sustain it. Some of these revenue streams include:
Book sales: When you sell books, you earn a few dollars per book in royalties. But if you write a series of books, and continue to market them, they’ll all be earning royalties simultaneously, providing a stream of income. But it’s often the smallest stream.
Ancillary products: take the content from your book, create a spin-off product like an online course or webinar that you can sell to multiple participants. You’re going to earn more from these products than you likely will from book royalties.
Speaking: When I first began writing books, I turned the content from my books into talks, which I gave at events ranging from church groups to retreats to large conventions. I made more money from speaking than writing—but I got those invitations because I wrote books for that audience. The two worked together—my books helped me get speaking gigs, and the fact I was speaking got me book contracts.
Business opportunities: If you’ve written a book on a topic, you’re perceived as an expert on that topic. That often translates into opportunities for consulting, coaching, or more.
I’m currently helping the founder of a non-profit organization write a book, telling the story of how he built a movement. I’m assisting him with self-publishing. People will buy the book, but that won’t be the only return on his investment. The book will hopefully result in more people volunteering or donating to the organization. We hope it will result in more media attention, opportunities for the founder to speak, and so on. The book is a marketing tool that will grow the movement he leads.
Book marketing guru Rob Eager wrote recently in his newsletter:
Rich authors realize their book is a pathway to more lucrative opportunities called “spin-off products.” For example, I've taken content from a $10 book and turned it into a $400 video course. Spin-off products unlock the door to more money from the same material.
Rich authors know that people like to learn in various ways. If you limit your message to just a book, then you will limit both your income and influence. But, when you focus on turning your book’s content into other formats, the revenue potential can be endless.
For example, nonfiction books can be turned into speaking seminars, consulting, coaching sessions, webinars, online courses, etc. Fiction books can generate income from audio book formats, movie rights, short story ebooks, sequels, prequels, etc. The options are numerous.
(You can learn more about Rob’s company, snag some free ebooks on marketing, and sign up for some of his online courses at www.startawildfire.com)
What’s your next step?
If you’re writing a book, the next step is to finish it.
If you’ve written a book, the next step is to get it published.
If your book has been published, it’s time to build your business.
I offer one-on-one customized coaching, collaborative writing services, editing, and assisted self-publishing. Not sure what your next step is? Click the button below to request a free consultation.