The 2nd question to ask yourself before starting to write a nonfiction book is, How do I intend to profit from a published book?
Since profits from book sales, by themselves, are unlikely to become your primary source of income, right from the start, you should begin to explore ways to leverage your book to profits.
Knowing how you’re going to leverage your book to profits will help you avoid making decisions that could disappointment and frustration down the road.
There are basically 4 ways for authors to leverage their published books to profits, (beyond direct or indirect profits from selling their books, of course):
- Products. Product options include do-it-yourself implementation tools to help readers apply the information in their book. These can range from flash cards to templates, in-depth special reports, tip sheets and shortcuts, or audio & videos, and yearly updates. Products can be sold on a one-time purchase basis, or as recurring subscriptions.
- Services. The 3 categories of services include coaching and consulting. Coaching usually involves providing 1-on-1 skills-building advice and assistance to individuals, or groups of individuals. Consulting often involves providing specific hands-on assistance, bringing the author’s experience and skills to the client’s tasks, often in a corporate arena. Franchising involves authorizing others to deliver coaching or consulting using the author’s reputation and resources, in exchange for payment of agreed upon fees.
- Speaking. Paid speaking opportunities include keynote speeches at corporate events, like conventions and retreats, seminars and workshops, training and presentations, as well as online teleconferences and webinars. Successful authors often profit twice from speaking opportunities, they get paid to speak or present, then get invited back to coach and consult.
- Community. Many authors build an online community of like-minded businesses and organization around their website by allowing those who share their perspective to promote themselves to their followers. Their profits come from referral fees and commissions on products and services introduced through their website.
Getting a head start on book profits
It’s never too early to begin identifying potential sources of profits based on your published book. Many authors wait until too long, then find out that they can’t take advantage of their best profit opportunities because some of their early writing and publishing decisions.
By knowing how you intend to profit from your book as soon as possible, you’ll be better able to make the right writing and publishing decisions, so you can enjoy maximum profits from writing and publishing your book.
Here are some additional articles that provide additional insights into additional profit opportunities from writing and publishing nonfiction books:
Start your journey to a published book by downloading my free workbook, 99 Questions to Ask Before You Write and Self-Publish a Brand-Building Book. Fill it out by hand and save it in a 3-ring binder you take with you to enter ideas as they occur to you. Other resources include:
- Author’s Journey #29: Research Tips – How do others authors profit? A good starting point for identifying profit tips based on studying those who have succeeded. Post contains links to several downloadable free resources.
- Author’s Journey #30: Creating information products based on your book. Provides an overview of the process, along with a recommended book by a highly-respected expert.
- Author’s Journey #32: Speaking for Profit. A brief look at the speaking market for authors along with marketing ideas and tips for attracting paid speaking opportunities.
- Laura Lowell’s 42 Rules for Marketing Success shows authors how to turn readers into clients & prospects. Case study of how one author turns a $19.95 book into a $79.95 sale she doesn’t have to split with anyone else.
It’s never too soon to ask yourself how you can profit from writing a book. This is the second of 99 questions describing the writing questions authors should ask themselves before starting to write and publish a book. Please share your comments and questions below, or ask me a question using my online form.