Ideas, tips, & tools for successfully profiting from your book
There are more ways to profit from your book than advances and royalties!
Many authors successfully publish a book, but relatively fewer succeed in converting their book into the profits they had hoped for.
Profiting from your book involves 2 types of activities:
- Selling your idea to the right people
- Leveraging your book into back-end products and services
Selling your book idea to the right people
This involves building demand and support for your book through a strong referral network. It also involves selling your book idea to literary agents and, through them, the right publisher.
Here are some of the activities involved in selling your book idea:
- Locating the right agents and publishers. This involves identifying literary agents familiar with your field and publishers likely to be interested in the type of book you want to write.
- Expanding your network. The popularity of the Internet has not diminished the importance of developing strong personal connections and personal referrals. This involves speaking and social media marketing.
- Preparing a strong proposal. A compelling book proposal provides the cornerstone of your publishing success. Your book proposal describes the relevance and urgency of your topic, the market that's waiting to buy your book, and the steps you're going to take to market and promote your book. In addition, the proposal provides a guide for writing your book.
- Asking the right questions. Its not enough to receive an offer from a reputable publisher; you have to explore the offer in detail, making sure your publishing contract includes the rights and terms you need to leverage your book into new opportunities and profits.
No matter how popular your book becomes, profits from sales are unlikely to become more than a small proportion of your income.
Converting your book into back-end product, service, and speaking profits
Few successful authors depend entirely on profits from the sales of their books. Instead, publishing success usually comes from leveraging their book's credibility and visibility into profit-generating products, services, and speaking opportunities. This involves:
- New products. Opportunities include follow-up information products such as e-books, audios, templates, videos, and workbooks marketed and distributed online.
- New services. No matter how detailed your book, there are going to be individuals and businesses that need personal help implementing your ideas. Your book can spark the creation of new coaching and consulting packages that your readers will want to take advantage of.
- Event marketing. Many authors produce profitable conferences, seminars, and workshops, that put them in direct contact with their readers and prospects, paving the way for future coaching and consulting opportunities.
- Speaking and presenting opportunities. These include high-visibility presentations at conferences and trade show, as well as high-paying keynote speeches at corporate meetings, retreats, and stockholder events, etc. Although profitable in themselves, speaking often leads to further training and consulting opportunities with the firms.
Profits from book sales, even for authors who sell their books direct to readers, are just the tip of the profit iceberg. Your book is the just the first step in your profits.
This section will help you leverage your book's credibility and visibility into increased profits from your primary business and on-going streams of income based on sales to readers of your book.
Below are just some of the profit building resources available to Published & Profitable members.