How can you make money from your book?
A lot of authors consider their book to be their business card.
For example, when they go to a conference, they hand out their book in place of a business card.
And certainly a book is far more impressive than a card. After all, what do we do with business cards a few weeks (or days) after we get them?
We look at it, try to recall where we got it or why we have it, and then throw it out.
With a book, people are likely to feel warm and fuzzy when you hand it to them (“Oh wow, a free book!”) but then they get home, throw it on a pile of unread books and forget about it.
Yes, that’s right. Maybe using your book as your calling card isn’t your best option.
“But wait, I don’t hand mine out, I sell them on Amazon.”
This is a better alternative for a couple of reasons.
First, you are making some sort of profit on each sale.
Second, inside the book you are asking the reader to join your list (you are doing this, right??)
And third, having a book on Amazon gives you a slightly higher dose of credibility than simply keeping a box of them in your garage. This is especially true if you have lots of good reviews for your book.
But still, there are better options for what to do with YOUR book.
One caveat: If you haven’t yet written a book, you might want to consider it, especially once you’ve learned the techniques for monetizing a book that I’m about to share with you.
13 Ways To Make Money From Your Book
#1: Audio Books. Right now audio is the fastest growing publishing platform on earth, because everyone has a cell phone with them nearly all day long, and they can listen to your book on their phone.
People can listen to your book while doing a variety of things, like running, cycling, doing the dishes or cleaning the house.
Audio books are being consumed at an unprecedented level. And you can make a ton of money with audio books right now – here’s how:
Have you ever seen the “Audible, Free 30 Day Trial?” Let’s say you send out an email to your list, or your post on social media, letting your readers know that you’ve just released your audio book.
If they click your ‘bounty link’ that leads them to sign up for the free 30 day trial, and if they stay an Audible subscriber for 61 days, you will make $75.
That’s right. Maybe your audiobook sells for $20, but you will be paid $75 because they continued on as an Audible subscriber.
And don’t forget to make an offer on your audio book to get people onto your list. For example, “If you enjoyed this book, head over to URL.com/free to get another audio book (or video, or whatever) for free.”
Send them to a squeeze page to get their email address, or send them to the content, but hold back the second half of the content to get their email address. Test to see which method converts the best for you.
#2: Ebooks. Amazon is the third largest search engine in the world (you can guess the other two – Google and Youtube.) People on Google are searching for free information. People on YouTube are hunting for ‘how to do’ something. And very important – people on Amazon are looking to spend money now.
Amazon will pay you up to 70% royalties for your book. If 70% doesn’t sound like a lot, keep in mind that traditional publishers pay 10-14%, max.
Convert your ebook into Mobi and ePub formats. Mobi is for Amazon Kindle, and ePub allows you to be on iTunes, via iBooks, as well as Nook readers.
#3: Hardcover books. For the maximum boost to your credibility, and to appear as the ultimate authority, publish your book in hardcover.
If you place two books side by side – one softcover and one hardcover – the hardcover is simply more impressive. It looks more impressive, sounds more impressive if you thump it, feels more impressive and has an actual dust jacket. And yes, I know this might sound silly.
After all, the only difference is the format, softcover versus hardcover. But a hardcover is simply more impressive all around, so why fight it?
Publishers give paperback deals to unproven authors because it’s easier and less risk for them.
If you do any speaking at all, or plan to, you must have a hardcover book. It will win you speaking gigs over other speakers who have no book, or even just a softcover. Crazy but true. Hardcovers influence and wow people, regardless of the contents.
#4: Softcover books. After everything we just said about hardcovers, you might think we’re opposed to softcovers. Not at all. Many people want to purchase the lower cost version of your book and that’s fine.
Just remember when you’re using your book to get a speaking engagement, land a big client or otherwise impress someone, always go with hardcover.
#5: Masterminds. If you have a non-fiction book, there’s a good chance you can do a mastermind around your book. Create a private Facebook Group. If your book has 12 chapters, do a 12 month deep dive into your book.
Schedule one 90 minute Zoom call per month, with three segments. The first segment is all about the first chapter in the book. The next 30 minutes is taking a hot seat with one of the members and how the material relates to what he’s doing right now. The entire group coaches him. The last 30 minutes is when everyone in the group says what they will accomplish in the next 30 days. Then you meet once, in person. Everyone comes to your city, and you can charge $1,000 for this, or even a lot more.
Some people will just want to do the Facebook Group, and a subset of those will also want to meet in person. Or you could make it mandatory that everyone does both. It’s up to you.
People are paying for access to you, as well as access to the other people in the group. This means that while you need to plan out what you’re doing and give tremendous value, it also means that it’s not just about you. It’s about everyone in the group networking with each other, too.
#6: Self-Study Online Programs. This can be priced low or high, and sold either for a one time price or for a monthly subscription.
You can record everything on your cell phone or invest some money for a camera and lights.
Use your book as your outline, and go through it chapter by chapter, adding information not in the book, giving examples, handing out assignments to implement the information, and add anything else you want.
And just like your book, you create it once and you get paid for it over and over again.
You can put your course on a site like Teachable if you don’t want to place it on your own site, making it even easier.
You can have a self-study course on almost anything. And if you add a community to your course, where students can interact with each other and you come on from time to time to answer questions, the value (and the corresponding price) increases.
#7: Live Coaching Programs. If you’re making an online course, why not do a live one and record it? You can charge more for the live coaching program, and you can highlight your students’ progress in the course, too.
You don’t have to be an expert like Tony Robbins. You can be the guide who tells people that you struggled, too, but you found a way to accomplish this thing that you are teaching.
Or you can even be in the struggling stage, where you are at an equal level with the reader, but you are reporting on the methods that are working for others.
#8. Certification Program. Certify others to teach your program. Do you want to be well-known? Allow other speakers, coaches and trainers to teach your content.
They pay you for all of your information, slides, handouts, knowledge and so forth, and then they are certified to go out and teach your course themselves. It is still done under your name, and you are still selling your books and other products to these students.
Your trainers are bringing your name and information to people all over the world who you otherwise would never have reached in your lifetime.
And you can charge them a fee ($1,000, perhaps?) for each course that you have created. They can be certified to teach multiple courses.
#9. Paid Masterclass. You can charge a small fee, like $97 or less, to teach your techniques live on a webinar. This works amazingly well if people want the information you have.
Be sure to give them lifetime access in case they can’t make it to the live version or want to watch it again.
#10. Speaking Gigs. You can do a talk based on your book and get paid for it. Some authors are getting $15,000 per speech. The better known your book is, or the better known you are, the more you can charge.
Now you might be a while before you get to that stage, but you can also make money doing free speaking gigs if you are allowed to promote your courses and products at the same time. Many groups are desperate for free speakers and consider it a small price to pay to let their speakers include a small promotional segment and sell their products in the coffee break.
#11. Live in Person Seminars and Conferences. This is the old hotel room seminar, where you either charge people or talk for free and then sell your course. Remember, when you give away free stuff, the people think, “Wow, if this is the free stuff, how good is the paid stuff?”
If you’re doing this alone, it’s a seminar. If you’re one of several speakers, then it’s a conference, but they work the same way. You get in front of people, give out great content, and upsell them to your paid versions. Or you charge a good price for the seminar or conference, and then include your course or product for that one price.
#12. Consulting. As an author, if your topic is a good fit, you can get hired to consult with companies and entrepreneurs. You’ve probably seen an offer in the back of business books, made by the author, to do consulting.
#13. Podcasting. Once you’ve built up a name and have a large following, you can make money podcasting without even promoting your own products.
How? By selling sponsorships. If you have a large, attentive audience, sponsors will line up to be featured on your podcast. And of course, getting your name out with the podcasts can also increase the sales of your own products as well.
For example, when you interview expert John Smith, and he tells his readers that he’s on your podcast, he is now sending you traffic and potentially new subscribers and customers. In addition, if you interview experts who have their own products to sell, you can act as their affiliate and give out your affiliate link on the show.
You can see why podcasting is a win-win-win all the way around.
And don’t forget, you can be the guest, too. You can go on someone else’s podcast and promote your book or course.
Now you know how to make money from your book – what's stopping you?
- Article re-published, with permission, from the original source: Content Marketing Made Easy (affiliate link).