Want to make money from your publishing? Do this…
While not everyone wants to make money with their books, those that do would be smart to question their book as any other business approaches a product: Is this product making me money? How much? With the technological advances in publishing, the barrier to entry is so low that ANYONE can publish. But not everyone makes money.4
Here are a few things to consider if you want to turn your book into a true money generating machine.
Get it in your mind that you are in business.
Many of you know that I began publishing more to share my message than to make a living. While I was involved in international development and financing projects in Africa, I slowly realized that I couldn’t be a broke philanthropist! Luckily the products I had created, my books and calendars, were quality assets that I could revive. I began to comprehend that a book is like any other product and financially successful indie publishers run their operations like a business. That means you need to think and do the things that successful business owners do.
Set Financial Goals
How many books do you want to sell? How much money do you want to make this year? Get clear on what you want to achieve so that you don’t fool yourself into thinking that just having the book is success, when you really want to be financially free.
Many people think of writers as loners. I mean it’s true, when you are writing a book it’s usually just you and your computer (or phone). But when you are a BUSINESS owner, you need to get out and network. I tend to fall into the camp of networking both locally in person, as well as networking online through social media, publishing, writing or other groups that fall into my target audience. Don’t fall into the trap of thinking you can do it alone without building a strong network around you.
(Note: You know what, this is so important that I think I’ll write a full post with specific ways you can network efficiently, but as for now, get it in your head that you must make connections to be successful.)
Monitor your numbers
When I first began, I had no clue how many books I sold, how many people shared one of my posts, or who or how readers came to my website. Truthfully, I was running a hobby, not a business. If you want success, you MUST know your numbers. How many people are on your email list? Stay on top of your sales. Recognize when they increase and decrease and monitor how your fans/readers reach you.
Learn as much as you can about the publishing industry. Attend conferences, join associations. Read and study others who are successful in the field. There are so many wonderful people in this industry who write and share useful information that you can follow. Knowledge is the key to everything.
And a bonus…
All the knowledge in the world won’t mean a thing if you don’t implement it. So when you discover a fantastic publishing tip, IMPLEMENT IT!
Here’s to your success!