Thursday’s profit tip for authors

Research should play an important part of your ongoing profit opportunities. Try to devote 30-45 minutes a week visiting the websites of authors and obvious experts in your field. Note the different ways they profit from their books beyond revenues from royalties and direct sales of their books. Look for information like:

• Speaking and presentations, including workshops and training. How are they marketing themselves? Are they represented by a speaker’s bureau? If they are represented by a speaker’s bureau, visit their website to see if you can find out the price range of their speaking.
• Information products. Does their website feature special reports, audios, or videos? Does the author offer a subscription newsletter, or membership site? Take note of the prices, and compare them to what other authors in your field are charging. This will give you an idea of the price sensitivity of your market.
• Coaching and consulting. What types of hand-on assistance do the authors offer their market? What specific services are offered? Are these the types of products and services you’d like to offer yourself?

Consistently investing a little time each week analyzing the websites of other authors in your field can pay big dividends, opening the door to overlooked opportunities. Make the most of your research by taking careful notes, organizing the results, and checking back at frequent intervals for changes or new additions.