So you have big dreams to make it as a prolific nonfiction author. Your dreams include making a healthy living from the sale of books that are going to fly off the proverbial shelf, right? Wait just a moment though. You may want pause and think through your plans and your best intentions before you rush forward to write your next book. Have you ever stopped to consider the fact that you can turn your book into a business?
The truth is: earning a living as an author takes more than just a clever idea and words on the screen. It takes time, diligent effort and the development of a base of dedicated readers who truly appreciate what you have to offer. None of this comes easy, generally speaking. It requires the development of a solid brand and reputation. However, there is a side path you can take while you forge ahead beyond your first, second, or fifth book. And it's one that can help you garner the income streams you need while you develop your reputation as a sought-after wordsmith.
Earning a living as an author = more than clever ideas and words on a screen #iartg #turnyourbookintoabusiness
If you’ve already written one or more books, is the income you’re receiving simply not enough to pay your bills and cover your expenses? Why not consider repurposing your work into derivative products and/or services to generate other streams of cash flow?
Your book does NOT have to be your only means of revenue. In fact, you can utilize your written work as a source from which to develop other intriguing products that can attract plenty of new customers.
We’re talking about leverage. That is, leveraging your content, i.e. your book, through a process of monetization that encompasses various streams of possible income. These income streams can include everything from email courses and consulting services to membership sites and webinars.
Below are seven major ways in which you as a writer/author can repackage and reformulate the content of your book into a form that enables you to tap into a new source of income. In other words, turn your book into a business and expand your earning potential.
7 major ways to #turnyourbookintoabusiness and a new #incomestream #iartg
If the book you have already written is informational or instructional in nature, why not consider developing an e-learning course derived from the material you have already written. You can charge your students a fee to take the course. This method of repurposing your book’s content can help you reach the target audience of readers that desire to learn your material in a more interactive fashion than by simply reading through a textbook. The course you create can be either sold as a standalone digital product, or in an email format that delivers content to the user on a daily or weekly basis.
You can also turn your book into a business by developing blogs and articles from the substantive content that already exists in your book. Fill up the blog section of your author website with fresh posts on a weekly basis that provide your readers with rich content to devour. If your blog begins to develop heavy traffic over time, you may consider opening space for paid advertising on your site.
As well, you can create articles for various relevant publications, or guest posts to submit to third-party websites that are influential in your industry. These posts and articles can ramp up your visibility and authority among your readers and those in your industry. That means greater opportunities for promoting and selling your work.
People learn and absorb content effectively in different ways. Some of your consumers may prefer to listen to an audio course while going about their other daily tasks such as exercising, cleaning, or driving a vehicle. You can emphasize the benefits of this method of learning as opposed to the method of sitting in front of a computer or TV screen reading information.
Turn your book into a business by reformatting the content from your nonfiction book into a course in a package of DVDs that enable your buyers to watch and listen to the instruction you provide. This can benefit some of your customers who may prefer not to take an online course or read information on a computer screen.
Don’t be intimidated about the prospect of sharing your information in a one-on-one or group setting to help people who are interested in what you have to share. Remember, you’ve written a book! It contains information that is chock-full of substantive and actionable material. This can open the door for you to translate this important information into a mentoring program that emphasizes your key points in a more detailed and comprehensive manner. In other words, you can explain to your coaching clients how to personally implement your material into the unique circumstances of their lives.
If the information in your book applies to entrepreneurs or businesses, and can help them move forward in some aspect of their endeavours, you may choose to teach these types of clients through a consulting service that explains how the information, ideas and processes you present in your book can benefit their efforts.
A membership or subscription site can become a very profitable option for you as a writer if you wish to generate recurring income from one or more of your books. Customers can pay a fee to subscribe to your site and receive exclusive access to your material, which may include advice, recommended tools, content featured from your book, and other information that is highly valuable to your subscribers.
The above list is by no means exhaustive! Additional innovative ways to transform the content of your book into an income generating business include: creating a podcast, conducting webinars, selling merchandise (clothing, mugs, etc.), creating an app, and hosting a live seminar or tele-seminar.
The book you’ve written represents your intellectual property. It has potential beyond the obvious. It is a value proposition that can multiply upon itself if you simply appropriate the available vehicles of creating, repurposing, and distributing your information in a targeted and digestible manner for your consumers. Remember, all of these opportunities come from just one of your books!
Co-founder of Ingenium Books. Author, writer, ghostwriter, editor, former award-winning Canadian journalist. Sailor, traveler, water-lover, mother and wife. Happy.