To most people, the idea of using books to become rich seems ridiculous. Within the business world though, if you know how to spin it, a book can be a huge catalyst for better things to come. This list demonstrates 7 of the more popular ways that other people have used self-publishing a book to build an income of $100,000 or more. These are far from the only ways self-publishing a book can be used. Explore different avenues to find what works for you.
Begin building Passive Income
Self-publishing a book begins to generate stable, easy monthly revenues for a person. By focusing on a niche audience and writing good quality content, you can learn how to generate hundreds of dollars per month to your take-home income. Even if your first book only ends up making $100 per month for the first six months, that’s money you wouldn’t have had otherwise.
Generating Business Leads
Self-publishing and engaging with publicity online can help to increase leads for your business in no time. For example, John Lee Dumas hosts the podcast Entrepreneur on Fire. When Dumas published his book Podcast Launch, he went from almost no daily leads to as many as ten leads per day. That netted him up to an extra $1,200 in daily revenues. All through self-publishing!
Teaching a Service
Books that instruct people on how to perform a particular job, develops a particular skillset, or that serves as inspiration in a special category of work are in high demand. For example, professional photographer David McKay published Photography Demystified. First year sales totalled $10,000 which was secondary to McKay’s additional $46,000 in photography business that came his way that same year.
Acting as a Consultant
Writing a book can sometimes lead to consulting work for some entrepreneurs. Even if an entrepreneur is running a small business struggling to make a profit, by publishing a book, it can give your name enough authority to ultimately attract new clients and business partnerships.
In the name of diversifying one’s income, speaking engagements can bring a speaker as much income as $3,000 and higher. In any given year, as the publisher of a book, you can make thousands speaking on the subject of your literature.
Whether it’s on an individual basis or in a group setting, building a business around coaching can bring some as much as $10,000 per month in revenues. Though ‘coaching’ might seem more inclined with corporate or sales settings, it can apply to anything from mental health, to love and relationships, to all sorts of subjects.
Advertising other Digital Products
Self-publishing can help grow an email list, grow your target audience, and provide you with the opportunity to sell additional products to. For example, Dave Rogermoser published Beyond the Grind which made him almost $4,000 in the first sixty days on the market. By using his book to acquire emails, Rogermoser eventually launched a course that made him more than $1 million within eighteen months.
Now that you’ve had an opportunity to see how others have increased their annual incomes through self-publishing, think about what you want to write about and how you might be able to build it into something more. Self-publishing smartly should see you generate more leads, increase your credibility in the marketplace, and within no time, begin boosting your income.