Any “really” successful person will tell you that true wealth is built over time; and when it comes to gaining wealth through book publishing, there is definitely a process involved.
Here is a fact that you must consider: According to a survey from Digital Book World and Writer’s Digest, “The median income range for self-published authors (those who did not publish with a traditional publisher) is under $5,000.”
The truth is, most aspiring authors do not understand that if they want to publish a book, they have to become a good marketer. Whether you are an author who publishes via the traditional route or you are self-published, there are really just two main ways for you to make money:
Income Directly from Book Sales
If you go the traditional route, you’ll probably receive an advance (money prior to publishing your book) for writing and finishing the manuscript. However, advances are only given to authors who either have proven to dish out best-selling books or have a large tribe of followers, and their book proposal has proven that their book will produce very good results. And of course, you must have a publishing contract to earn an advance.
Authors can also earn royalties on their books. If you are signed with a publishing company, you can receive a small percentage on the sale of your book as royalties are split between you, the publisher, and in most cases your agent. If you are a self-published author, you get 100% of the profit minus the cost of printing, of course.
Income from the New Opportunities
When someone decides to publish a book, they are not only attempting to deliver a message that will benefit the lives of others, but the goal also should be to benefit their cause. That cause should someway connect to increasing their influence, creditability, or to build their brand. As I always tell aspiring authors, if you don’t have a good cause that directly benefits you, then you should not be spending a significant amount of money to publish but rather offer your material for free on a free platform to minimize costs.
There are plenty of avenues that become available as a result of you being a published author. Remember, one key lesson I always teach is that when you become an author, it means you are the AUTHORity on that subject matter. You position yourself as the go-to person in that specific genre and on that topic you have written about.
So now, what do you do with this expert status? You…
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- Create products centered around the core themes of your book (t-shirts, coffee mugs, keychains, etc.)
- Produce other published materials as the next steps for your readers to take (journals, workbooks, sequels, etc.)
- Begin coaching/consulting programs including seminars, conferences, webinars, and courses centered around the key takeaways of your book.
- Sponsor book tours and other special events to help promote your message and attract your target audience to increase your influence, and provide even more opportunities to platform your message.
Listen, these are just a few of the main areas where wealth is built through book publishing, but the point here is that you keep going. You build, build, build. You maximize your subject (your book’s message) in every way possible on every platform available and with every resource you can think of, until all of those who have been called to benefit from your message hear it.
This is how you create wealth through book publishing. It’s not just a one-time shot at it with publishing your first book and voila; all of a sudden, you’re a successful author. That’s just not how it works. It’s a process—but the good thing is it doesn’t have to be a grueling one.
When you have a book coach and a team of people helping you through the process, everything is so much easier. Not to mention the tremendous growth and development you’ll find yourself achieving.
I hope this information today has benefited you. As always, feel free to reach out to me, and I’ll be glad to help you in anyway I can. If you want to set up a brief informational call with me to discuss your book publishing project, fill out this 1-minute survey and let’s make it happen: kishknows.com/services
I believe that everyone has a story to tell, and I am honored to help you tell yours.
Blessings in abundance,
Pastor Kish
Your Book Publishing Coach & International Self-Publishing Servicer