The difference between your average Joe with an e-book on Amazon and your best-selling author is that best-selling authors have learned how to make money from doing — and sharing — what they love.
At Author Bridge, we’ve seen authors make money in any number of different ways. Some of them, however, are more surefire than others. Below are some tried-and-true methods for using your book to put more money in your pocket.
Even though you may not get huge speaking fees right off the bat for doing this, always keep the big picture in mind. When you speak, people find out about you. When people find out about you, you sell more books. In addition to your book, having other related products and resources available can also help to boost your income as an author on the speaking circuit.
This is the easy one. Not everybody whom you want to reach is going to be congregated in the same area to hear you speak. However, anybody can read anything you put up on the Internet at any time. You’ve already written a book. One of the best ways to promote it is through writing other things. Especially early on, think about writing for free in order to bring in more traffic and, ultimately, more revenue. Your free writing can take the form of newsletters, blogs or articles on your website. Once your readers have a taste of what you have to offer, they’ll want to hear more. You can also supplement your book by putting additional products such as e-books and workbooks up for sale alongside it.
Depending on your field of expertise, consulting can be a great way to bring in income as an author. Some high-profile author-experts charge thousands of dollars for their consulting services. Take your knowledge — along with your book — to companies and individuals who need solutions to their in-house problems. Your skills may be a valuable asset to certain organizations, and as such they’ll be willing to pay you for them.
Whereas consulting deals with structure and organization, coaching is personal and inspirational. As a coach, you can use your expertise and the credibility that your book gives you to help other people reach their aspirations. Coaching fees generally range between $150 and $350 per hour. Coaching groups is also an option that you may want to consider if you go this route.
Once you’ve used your book to establish your reputation as an expert in your field, your website can be a great source of income for you as an author. Make sure it’s clean and organized, and pay attention to what types of additional services and products your visitors are most interested in. The more you know, the more you’ll make.
Subscription Programs Online
You can think of this like a subscription to a magazine: Clients pay a fee, and you deliver a product. It doesn’t necessarily have to be something you write up, though that’s definitely an option. Ideas for subscription programs could also include recorded video calls, conference calls and audio CDs. An online subscription program is a great way to keep generating income even after a target client has picked up a copy of your book.
Depending on your subject, the possibilities for products stemming from your book can be endless. E-books, home-study courses, audio programs, video recordings, step-by-step guides ... the list goes on and on — and so does the cash flow!