When you see other entrepreneurs publishing books, you may well think, “I’m not planning on writing a book. In fact, there’s no way I’d ever write a book. I’m not a writer, I’m a ___________ [fill in the blank].”.
You may just want to practice the art of whatever it is that you’re good at.
However, to be able to practice your craft or sell your products, you need to become pretty good at marketing.
For many business owners, a book has proven to be a powerful part of their overall marketing strategy. It acts as a “big business card” by showcasing their expertise, and forming a bond of trust with their potential clients (the readers).
However, there is an investment to be made when creating a book – an investment of time, effort and money. (Books can certainly be done “on the cheap” monetarily, but you may pay a large price by having your brand be associated with a poor-quality book.)
Here are the two major ways in which business owners can make money from the creation of a book:
1. Book Sales
If you’ve landed a publishing deal with a traditional publisher, you’ll receive income by way of royalties. If you self-publish, you’ll receive most of the book’s sales income, after accounting for printing and distribution costs.
Either way, yes, you do make some money – but the income you make from book sales is generally not as much as you’d make from the main work of your business. Having said that, there are self-published ebook authors who make thousands of dollars each month through Amazon’s Kindle Direct program (where you can receive up to 70% by way of royalties), and big-name authors who have a large platform can make a great living from royalties, even if they are signed with a major publisher.
However, there are even bigger benefits in store for business owners who write a book.
2. Your Big Back End
A great way for you to be able to serve your readers is by having them invest in your “big back end” – that is, working further with you, or purchasing your products. Your book has already provided readers with an amazing experience, and will have had a profound impact on many of them.
However, there’s so much more you can do for those readers (who you should be thinking of as clients). Depending on your industry, here are revenue-generating ways of serving your clients further:
- Hosting a live (self-study) group-coaching program that takes clients more deeply into the process that you’ve shared in your book
- Working one-on-one with clients to reach the outcome promised by your book
- Encouraging clients to purchase the products that you’ve recommended or showcased in your book
For example, if you’re a photographer, showcasing your work in a beautiful book, on a certain theme, will show potential clients the quality of your photography service – and will help build the “know, like and trust” factor. You’ll then attract clients who resonate with you and your area of specialised photography.
If you’re a lawyer, creating a book that focuses on your area of specialisation will position you as a leader in your field, and will help reassure potential top-quality clients of your expertise.
If you’re a coach, the natural next step for many of your book’s readers will be to work with you personally – whether through VIP days, personalised coaching programs or group coaching programs.
If you’re a chef, creating a sensational recipe book will help to attract new clients who will want to eat at your restaurant or café, or hire you for their next catered event.
If you’re a craftsperson who publishes your previously secret how-to processes, it may be that many readers decide that it’s too much bother for them to “do it themselves”, and will purchase the end product from you instead! You may even attract the attention of TV producers who want to feature you on a program that focuses on your area of specialisation (this can also apply for almost any other profession).
No matter what your industry, having a published book will boost your profile and credibility, and lead to amazing opportunities. Just remember to include a persuasive and engaging “next step” in your book, so that readers are compelled to connect with you.
Also – and I can’t state this emphatically enough – please dedicate yourself to creating a high-quality publication. Even if you only decide to publish an ebook (as opposed to a printed book – although I highly recommend publishing ebooks and printed books, as well as audiobooks), it must be well written and well edited and have a fantastic cover. You’re a professional, and your book needs to reflect that.
So, are ideas starting to come to you? Can you see the possibilities? Are you starting to feel excited about how a book can boost the bottom line of your business? I hope so!
Remember – your business is providing a service or product that helps people. Your business changes lives. Books also change lives, and they can reveal your amazing business to readers who never knew that you existed before … to readers who feel connected to you and want to work with you and buy from you.
That’s powerful, isn’t it?
PS If you’ve been toying with the idea of writing a high-quality book for your business, and would love professional, expert guidance, head here to see how I can help you.
