Ask A Heroine: Welcome to the experts corner, love. This is where you ask your burning questions on business and life, and receive personal advice from the best. Each month we feature amazing industry Heroines and their wise video answers to your deepest inquiries. Here, questions give way to solutions, insights transform into action, and more »
So many entrepreneurs don’t understand the true earning potential they have by creating and publishing even a simple eBook.
I’ll be honest with you – you’re not likely to make millions of dollars, or even just thousands of dollars by publishing a book. Gone are the days of multi-million dollar book advances. But, if you create a solid strategy and platform when you publish, you ARE more likely to build a profitable business.
You see, the money is never in the sales of a book. It’s in the products and programs that can result from publishing the book. That’s where the big bucks can be found.
Even best-selling authors like Jack Canfield and Tony Robbins employ this very same strategy. They did not make their millions from book sales. Jack didn’t just write and publish “The Success Principles”. He created it as a business. Tony has made far more money with his “Ultimate Edge” coaching program and his “Unleash the Power Within” events than he ever did in book sales alone.
Here are a few ways you can create additional profit buckets while maximizing the value of your book:
We are a quickly becoming a society of multi-taskers and audio programs provide information seekers the ability to listen and learn while driving to and from work or working out at the gym.
Audio programs also have a much higher perceived value and are easy to produce. This can be in the format of CD’s or downloadable MP3’s. If you’re a speaker, this is the perfect “back of room” product to sell because of the portability, low cost and ease to produce, as well as the high perceived value.
TIP: One of my “Entrepreneur Author Elite” clients, who began receiving numerous speaking invitations as a result of publishing her book on the subject of spiritual awakening, was challenged when she was not permitted to sell or pitch her services from the stage.
This is a normal requirement with speaking gigs, but together we developed a solution by creating a complimentary 14-day mediation series that she was able to offer to people who attended the event.
Although as opt-in was required, this was a win-win for both my client and the event host because my client was able to make an offer to the audience that enabled her to build her list (and where she could later promote her services) and the event host was positioned as a hero for providing added value to the guests in the form of a free meditation series after the event had concluded.
Home Study Programs
This is leveraging at its best. Home study programs can be quickly and easily produced by bundling together your content in various formats like audio, video, and downloadable templates. The cost of a home study program can range anywhere from $99 up to $3000, depending on the content and the delivery methods, but value is key in determining how much you’ll charge to purchase the product.
The content within your book can basically serve as a manual for your coaching program, allowing you to create a solid platform for sustainable income. The difference is in the delivery. Coaching programs allow you take your client through the content, move them through their problems and challenges, and motivate them to their success along the way.
We’d love to hear from YOU…
Have you written a book for your business, and is your book making money in sales or in generating sales of other products? Which of these makes the most sense for you to try soon? Leave your answer in the comments below!