While you may make big money along with your book here’s the truth:
Most authors are broke.
They invest their time money energy even a part of their soul into their masterpiece simply to become a starving author. I m not saying their book isn t great — just that they rarely get seen by the people they were meant to.
Most authors fail because they don t treat their book like a business. A successful business needs marketing to make a profit. In case you don t make a profit you exit of business. Smart successful authors understand this. Consider J. K. Rowling and her billion-dollar brand. Her bestselling book series was became a movie franchise theme parks a Broadway play and more
(Our family personally owns three of her magic wands acquired during our many trips to Universal Studios. ) Portion of your job as an author is to create a profitable path to monetize your message. Below are four ways you may use your book to grow your corporation by selling products or services
1. Develop an internet course.
Everyone should have a course. My daughter became a No. 1 bestselling author when she was 8 years old along with her first book The three Ninja Kitties. The business beyond her book was an internet course called The Super Kids Book Writing Workshop
She has since earned over $1 000/hour teaching her workshop and upselling her course. Trust me if an 8-year-old can do it so can you. The Money Math: Let s say you have a $1 000 course (a particularly reasonable price) and 25 people a month who sign up. That s $25 000 a month
In yr you d make $300 000 a year. Don t have a course? No problem. Your course can contain an analogous content as your book and help your audience implement what you share in your book. I always suggest you price your offers in accordance with what they re worth in your client
I also suggest you hire a mentor who has already created the outcomes you want and have helped others get an analogous result. Pick your mentors wisely!
2. Consider mentoring coaching or consulting.
That’s how I monetized my first book and the style I made 10 times my usual income inside the following 12 months
How much do you should charge? While many people charge by the hour I strongly suggest otherwise. Instead offer a monthly fee and include an entire program that s greater than only 1 thing. Include coaching courses a community live events even give them technology which will help your clients get fast results
Most good coaches charge between $1 000 to $10 000 a month. The Money Math: Let s say you charge $2 500 a month and have 10 clients. That s $25 000 a month or $300 000 a year. In case you re uncertain a way to be a coach or offer consulting don t worry
I didn t either — until I learned. The most important to figuring this out? I said it before: hire a mentor!
3. Start a membership site.
A membership site is largely an internet course that folks get access to for a small monthly fee. It s designed that will help you the author help your clients implement the rules and data in your book
I ve seen people charge anywhere from $10 to $10 000 a month — it s as much as you. The Money Math: In case you charge $50/month to 500 members that s $25 000 a month and $300 000 a year. 4. Create a mastermind.
A mastermind is a like-minded group of people that share a typical goal
I love masterminds. In my opinion an excellent mastermind is more valuable than each of the other things I ve mentioned. (Plus they re probably the most effective to construct and maintain. ) The true value of a mastermind is the group — not the leader. The higher and more successful the group the more valuable the mastermind
The Money Math: Let s say you charge $25 000 to 12 people again that s $300 000 a year. What are you able to charge? I ve been in masterminds that are free and one which cost $30 000. I’ve got friends in $100 000 masterminds. I find that the more people pay for something and the more people put money into themselves the faster and more successful they become
Now you probably wondering that every one sounds great but where do I am going from here?
Good question! Here s what I suggest you do next: Consider the end-results you d desire to celebrate (one to 10 years) from now. Your answer should include any or each of the following: your income number/type of clients the style you spend it slow your social media following publications media etc
Here s what I ask my clients: Imagine you and I started working together today and I taught you everything I knew while my team and I did everything lets that will help you get results. Imagine that we re sitting in a coffee shop a year from today. What would have happened in your life both personally and professionally so that you can feel happy along with your progress? What would make you are saying Working with Trevor was the best decision I ve ever made? Then ask yourself What’s going to I sell beyond the book? And the style will I sell it? In case you don t have an answer discover a mentor that will help you create your individual profitable path to monetize your message
Writing the correct book will assist you gain authority and credibility in your space as well as build trust and have the reader scrambling to buy your stuff. It s a myth that just because you have a book you ll be successful. I blame it on Kevin Costner s character in Field Of Dreams
He said In case you build it they are going to come. No they won t. Not unless you market the hell out of you your book your message and your mission. Treat your book as a tool that will help you grow your corporation and you may go from being invisible to becoming invaluable