How Do You Make Money From Your Book?
Let's talk about money. In this final blog post of, How to Write a Book in 2021 series I'm answering another #1 frequently asked question. I've been asked this question since day one "Can you make money with your book?" Absolutely! And "how do you do it?" If you're a first-time author and thinking about writing a book this is a great question. I've got you covered today. As a bonus I'm throwing in 6 additional tips if you want to expand beyond your book. Let's dive right in.
I get why people want to talk about the benefits of becoming an author. You spend time and effort to write and publish a book certainly you want people to read it and to receive compensation. Let's start with what questions you can ask yourself to get started?
Do I have a marketable book idea? A solution to a problem that people are searching for.
Do I have something of value? Quality over quantity.
Do I have a marketing plan? A clear plan of action to repeat which lead to results.
If you answered yes to those 3 things then you have positioned yourself to make money from your book. The main way to make money is by selling your book either directly to consumers or getting royalties from a retailer such as Amazon who provides Print on Demand services (POD).
Pro Tip: Don't forget about shipping when selling direct to consumers. Shipping costs can eat up your profit.
I highly recommend you presell your book. What is Preselling? It is bringing a product or service to market before it's ready. Asking the consumer to pay in advance.
When should you start to presell? As soon as possible. The sooner the better. You can start telling people you're writing a book before you even finish your first chapter. Yes this takes courage to put yourself out their but get use to it if you want to make money as an author.
Pro Tip: If you want to make money as an author you cannot be afraid to promote yourself.
Why Presell? Preselling can help you prove there is a market for your book and make the money upfront. You can use the funds to invest in self-publishing your book or other startup business expenses.
Have a Marketing Plan
You will need to promote and market your book to make money. I recommend you do three things 1) Have an Information hub- this can be your website, blog, YouTube, or whatever you decide as a place people can receive valuable information from you 2) Build Community
3) Have an Email list. These things will get you started making sales if the information is centered around your book or what you offer. For the email list, the simplest thing you can offer is a free preview of the first chapter of your book as a lead magnet than a newsletter to keep them updated.
Mindset
Lastly, work on your money mindset by writing down your financial goals, pray over them, release how it will come to pass, and take faith action toward them. Be willing to learn about God's abundance for you.
Work your marketing plan
Work on your mindset
Manage your money with God's wisdom
Move in faith
Before you know it, you look up and you have reached your financial goal.
Pro Tip:
Have book sell goals. I recommend starting with selling your first 100 copies as a first-time author.
When you're ready you want to think beyond just your book, this is called leveraging your book. You can continue to write more books or offer your book with additional products. Remember your book is the first step to working with you but here are other ways to bundle your book with other offers to make money.
Tip #1: Speaking Engagements
Now that you have a book. You will be in high demand for speaking opportunities are interviews. Speaking engagements give you more exposure and you can definitely sell more books this way.
Tip #2: Coaching or Consulting
Do you have a product or service that you can sell? You can offer one-on-one services as a great addition to your book.
Tip #3: Create a Course, Masterclass, or Webinar
Elearning is all the rave now. Especially since people are working and going to school from home more online.
Tip #4: Start a Podcast
Having a podcast is a great marketing tool and allows you to reach a wider audience. At the end of your podcast, you can let people know you have a book.
Tip # 5: Build a Brand
Nowadays building a brand is important around your book or your personal brand. Readers like connecting with the author as a real person. A brand goes into your website, logo, business name if you chose to incorporate ie. LLC, your trademark, and so much more. You are truly building a legacy outside of your book when you decide to build a brand. This is for you if you want to build generational wealth.
Tip #6: Done For You Services (DFY)
One way to work with me here at TahiraGift Consulting is our Done-For-You Premium Services. I help you save time and energy by taking you through the 6 Step Blueprint from idea to self-publishing in 6 weeks. If you want to Write Your Book in 2021: 6 Step Blueprint Checklist get a free download here. To learn more about how I can support you book your one-on-one consultation today. It will cost you $1000 to $2500 for Done-For-You Premium Service. As a bonus, if you schedule a session by August 30th you'll get a marketing plan designed specifically for your book.
Final Word
There are many ways to make money with your book. This blog gives you some options to consider. Just know you will need a marketing plan, to take action and work your plan. Make sure once your book hits the market you dedicate 100 days to promoting. Don't get discouraged because as a new author you have to plant the seed and wait for the fruit to produce. If you're a self-starter take these writing tips and get started on your dream. You can do it! And if you would like assistance with making sure your book is positioned to sell I can help. Book a consult now to make sure to get your book done and making money.
I hope you enjoyed this blog series please feel free to ask any questions in the comments, like, and share.
Series Topics below:
Week 1: How to Write a Book in 2021: A 6-Step Blueprint (Detailed Step-by-Step)
Week 2- How Do you Write a book if you're not a Writer I Writing Tips for Beginners
Week 3- How Long Does it take to Write a Book
Week 4- The Easiest Way to Self-Publish a Book
Week 5- Dreaming of Becoming an Author? Don't Let Fear Stop You!
Week 6- How Do you Make Money from your Book
Book Consultation Now offering a Summer Special of $100 vs $250 for a one-on-one. Click here to schedule your consultation so you can finally get that book done.
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