This week’s focus:
There’s a silent financial killer plaguing the author community called “trinkets.” Trinkets are those inane little products that you see some writers trying to sell, such as T-shirts, mugs, pens, figurines, jewelry, etc. There’s nothing wrong these items on their own. The problem is they can kill your cash flow when you don’t sell them quickly. I know several authors who bought too much inventory and now their garage is filled with useless trinkets and they’re struggling financially.
Unless you can turn inventory on a frequent basis and maintain a high profit margin, avoid trinkets altogether. Stick to the essential author products that expand your message, such as books, audio CD’s, DVD videos, ebooks, workbooks, study guides, etc. Leave trinkets to the retail professionals, and keep your business running lean and mean.
Chew on this:
“Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this.”
Dave Ramsey, bestselling author of The Total Money Makeover
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