You may have written a book. But, that doesn’t mean you have a business.
In 2002, I decided to write a book and become an author. For the next 6 years, I used that book to make a six-figure annual income. My wife was able to quit her job and join me full-time.
However, writing a book is not what created the income. I didn’t make much money from the actual book sales. Instead, I made a lot of money from speaking fees by giving presentations related to my book. And, I sold a lot of books at those live events.
In other words, writing a book didn’t pay my bills. Creating a business is what enabled me to generate a significant level of income.
You will never make much money if you write a book.
But, you can make a lot of money if create a business.
This principle explains why so many authors fail to generate income from their books. They focus on having a book, rather than having a business. Are you making the same mistake?
You will never make a living off of writing a book. But, you can make a great living if you create a business based on writing books.
Some of you reading this article are frustrated because you wrote one book and the resulting income is below your expectations. Your frustration is the result of believing a misconception that writing one book will make you rich. Nothing could be further from the truth.
There is no money in books. The price point is too low. But, you can generate a lot of money by building a sustainable business related to your book. Here’s what an author business can look like:
If you write fiction, then you need to write 1 – 2 new novels a year in order to create a sustainable business. You don’t make much money from one book. You make a lot of money from having a lot of books for readers to buy – especially if the books are in a related series (think J.K. Rowling and the Harry Potter books).
If you write non-fiction, then you build a sustainable business by using your book to generate speaking fees, sell training or consulting services, create a subscription program, sell video courses or paid webinars, etc. The book doesn’t create much income by itself. It is a catalyst that helps create the income to build a business.
If you think writing a book will pay your bills, then you are believing a misconception. Successful authors don’t write books. Successful authors create a business based on writing books.
Where do you stand? Do you have a book – or do you have a business?
One of the best parts of my job is teaching authors how to turn their books into a thriving business. I provide this transformative instruction through my Book Marketing Master Class and private author coaching sessions.
If you’re ready to move past writing books and build a sustainable business, I’d be happy to show you how. Contact me here or call 770-887-1462.