Posts Tagged ‘how to make money from your book’

Starting Your Own Publishing Company

img_0595While it’s many an author’s dream to have their book published, it’s unfortunately, also a rarity. Not only is the process of querying agents and publishing companies a lengthy and daunting one, it’s also one that ends in rejection 95% of the time—even for some whose writing is on the level of best-selling authors.

To avoid rejection and delays in getting their book to their audience, some authors choose self-publishing. You can contract with a company who specializes in self publishing books such as LuLu.com or Amazon.com’s CreateSpace, but in doing so, you’re still giving up some of your profit and handing over the success of your manuscript to someone else. But, did you know that it can be faster and more profitable to publish your book on your own? That’s why some authors are placing their manuscripts in their own hands and starting their own publishing companies.

If you’re a first-time author or the author of several books, the benefits of owning your own publishing company can be well worth the effort involved. There are certain skills which will be necessary, but many authors have successfully mastered the publishing industry. To determine whether you would benefit from owning your own publishing company, let’s look at the skills and steps involved.

1. Are you a good writer, one who is skilled at editing and proofreading? Can you learn the technicalities of formatting a book for print? Getting your manuscript print-ready is an important part of book publishing. If you don’t know how, you’ll have to learn or hire someone to help you.

2. Do you have the marketing skills necessary to give your books the publicity they’ll need to reach your audience? You’ll need a media kit and plenty of time to contact the media, bookstores, newspapers, and radio and television stations. The Internet has also defined itself as a marketing phenomenon and you’ll need to strive for massive exposure there, as well.

3. Do you have the time and desire to make public appearances? To be a successful author, you’ll need to book plenty of signings and interviews to receive maximum exposure and sales.

4. Are you a good businessperson? A publishing company is a business and it will require a financial investment, bookkeeping, inventory, and marketing skills. In return, though, you get to reap the rewards, keep the profit and enjoy the tax deductions it can bring.

5. Do you have an image? Your book cover is a big part of your image and the initial appeal which attracts your readers. Your name is also part of your image and brand, as is the name of your publishing company. Note: Naming your publishing company after yourself isn’t always a good idea. It’s a red flag that your book is self-published. Make your company’s name memorable, but professional, if you don’t want people to know that your book is self published.

6. Your publishing company will need to be licensed with government agencies, so you’ll need to fill out the appropriate forms and request a taxpayer identification number for it. This step will go a long way in establishing your publishing company as a professional entity. While you’re at it, don’t forget to open a business bank account, something that you’re surely going to need for tax purposes and expenditures.

Once you’ve set up your publishing company, you’re ready to get started. Here’s how:

1. Even great books won’t sell if they don’t attract customers. Design a book cover or hire a graphic designer who is experienced in book cover specifications and design to create an eye-catching cover for your book.

2. Purchase an ISBN, which is the publishing industry’s unique identification for your book. It’s also required if you intend to sell books at retail establishments, or independent or major bookstores. To get yours, visit www.isbn.org.

3. Decide how much you will charge for your book. A good rule of thumb is to compare your book to similar books on the market and price it competitively. Pricing it too high will turn off buyers, and pricing it too low might give the impression that your book is inferior. Also take into consideration your costs and how much profit you need to make from each book sold.

3. Hire a printer—look for quality print and good references. You can choose traditional printers or print-on-demand printers, such as LightningSource.com, depending on how many books you initially want printed and the financial investment you’re willing and able to take.

4. After your book is printed, review the galley print, which is a draft of the interior of your book. This is an important step in making sure your manuscript is polished and print ready and the last chance to make any corrections or revisions.

5. Develop a marketing plan and hit it hard. That plan can include interviews, book signings, press releases, virtual and physical book tours, affiliate marketing campaigns, and advertisements. It takes a lot of work to receive the exposure you need to sell a lot of books, but it can be done. You should also know that while you may not sell as many books as an author published with a high-profile traditional book publisher, you also won’t be sharing your profits with them.

6. Last, but not least, your publishing company must have a professional website which promotes its authors. Purchase a domain name and spread the word, driving traffic to your website with updated information, blogs, events, and links to social media like Facebook and Twitter.

As you can see, publishing and promoting a book takes a large investment. The biggest investment you’ll make will be required when publishing your first book. There is a learning process which you’ll have to master, but when it comes time to publish your next book, you’ll be experienced and more efficient.

Running your own publishing company isn’t for everyone. But for those who are dedicated and willing to learn, it’s an investment that can produce rewards down the road. You’ll enjoy full ownership and say-so in your book and how it’s marketed. You’ll also get to stake claim to all of your book and company profits. And, if you’re lucky, you’ll enjoy every author’s dream and have a successful publishing company which will guarantee that you’ll never have to read another rejection letter again.

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10 Tips to Get Free Publicity (Blog with Audio)

My good friend, Sally Shields, and I recently held a teleseminar on Publicity Secrets Revealed: What Every PR Firm Doesn’t Want You to Know About! It was so successful that I want to share those secrets with even more business owners, entrepreneurs and authors, showing them how they, too, can navigate the world of publishing and marketing and get the publicity they need and deserve.

If you’ve already written a book, that’s great! But by now, you know that getting book sales and publicity takes work—and a lot of it. Well, we understand—we’ve been in your shoes, but along the way we’ve found some shortcuts and secrets that will help you to spark interest in your book and get free publicity—yes, free publicity! Sally Shields has used these very same tips to become a number one best-selling author on Amazon.com with her book, The Daughter-in-Law Rules.

One of the biggest obstacles authors have is getting publicity, so it’s not unusual for them to hire a PR firm. More often than not, they invest a heavy chunk of money in a PR firm, only to be disappointed with the results. You can actually get the same, and better, results on your own, and for little or no money. I’ve had tremendous success with these tips with my book, Goal Digger, and we already know the amazing results Sally got from them. However, while we encourage you to market yourself and your book on your own, we also encourage anyone who’s doing so to get media training first. Invest in learning how to deliver your message so when you get the publicity you want, you know what to say and how to use it wisely.

So, without further ado, here are the top ten things you can do to market your book and brand. Now, you don’t have to do all of them, but if you do several really well, you’re going to get some very surprising results.

1. Print business cards with your book cover on them. This is an inexpensive, but effective, way to reach a mass of people. Give them out to friends, drop some on the counter at the beauty shop, the bagel store, the corner deli, or even at doctor’s offices, clothing stores, and restaurants. You never know who will pick them up and who they might know.

2. Make sure you have a website and it can capture people’s email addresses. You can do this by asking them to sign up for your emails or your newsletter. Just get their addresses and build that client list and friend database. You can even entice them to sign up by giving all new members an opportunity to download a free chapter of your book, which will spark more interest in your book.

3. Create a book trailer. You can create your own 30-second book trailer for free at Animoto.com. Do it and put it on your website and post it on YouTube. This does generate publicity and a great deal of interest.

4. Fine tune your elevator pitch. HelpAReporterOut.com is free, and it’s a wonderful way to create and perfect your elevator pitch. Simply stated, your elevator pitch is a three-sentences giving: Your name, the title of your book and your vision and how you and your book can help others. Short and sweet, it’s an introduction to the media letting them know about you, why they should be interested in interviewing you, and why their listeners, viewers, and readers will tune in. Make sure you tell what’s in it for their listeners and readers…make it short and make it good.

5. Create a media-ready release. Now, don’t confuse this with a press release—it’s different. Your elevator pitch will help you. You’ll need a headline or a hook that is timely and which ties into the news or a specific time of the year or holiday. Your media ready release is going to lay out the main points that you can talk about. It’s actually going to make it easier for you to get on radio and TV shows because it shows you’re prepared and does most of the work for the producer.

6. Prepare letters and emails in an effort to get at least five celebrity testimonials. Now, you don’t have to solicit testimonials from mega big-screen stars, but that would be nice. By celebrities, we mean you can contact authors, athletes, radio hosts, and actors, as well as famous business people. Well-known names respected in their fields are always a plus. In your letter, include a few sample testimonials for them to choose from. By making their job easier and already providing the testimonial, you’re more likely to get a quick and favorable response. How are you going to find these celebrities? I like ContactAnyCelebrity.com. Visit that site and you’ll find contact information, as well as their PR firm, agent information, etc. Be kind, courteous, complimentary, and thankful.

7. Create a media calendar. One of the easiest secrets, this one is effective. Get a calendar and fill in the months and days where your message is pertinent. For instance, if your book is about mothers or parenting, Mother’s Day is a focal point, as are other holidays like Grandparent’s Day, etc. You could take advantage of the exposure of Breast Cancer Awareness Month, etc. Use your imagination and fill in the dates when your expertise could be relevant to that day or time of year. Then, write a media release when that time of year comes around, using a hook or headline which relates your book to that time of year. This catches a great deal of attention, showing why they should be interested in you and your book right now. Make sure the release contains the most popular keywords (you can find those on Google.com/alert.

8. Prepare articles and get them posted on five or more blogs in the next 60 days. Prepare one to three articles, and if you don’t feel confident doing that, use an article template. There are some free ones through Jeff Herring who is known as the article guy. His website is TheArticleGuy.com. Write an article or use a template, then google your keyword plus the word “blog” to find the highest-ranking blogs for your area of expertise. Pick five blogs and contact them. Introduce yourself, give the elevator pitch you prepared earlier, and volunteer to submit content or be a guest on their blog. Offer them a Question and Answer session, and of course, a giveaway, which will help promote your book. To curb costs, you can send electronic books, what we all know as ebooks, which are very inexpensive promotional giveaways.

9. Book a local speaking engagement at a library, bookstore, or event. Prepare a PowerPoint and a little speech, and do a book reading. You’ll be surprised at how many people buy your book when you’re done. If you’re afraid of public speaking, practice—attend Toastmasters—write note cards to help you stay on point. The hosts of these events often buy your book in bulk beforehand, giving you sales right away. If you’re speaking for a charity event, partner with that charity. It’s an excellent marketing tool and will give you sponsorship and a great deal more exposure. Plus, you’ll be helping a cause that’s important to you.

10. Always, always carry copies of your book with you. Tuck a few in your purse, your briefcase, wherever, but always have a copy of your book on hand, ready to give to the first person who can help you. You never know who you’re going to meet every day, and you don’t want to miss an opportunity. If your book is on parenting, the person you start talking to might know a radio host, a prominent pediatrician, or even a corporate retailer of children’s products. By giving them your book and talking about it, you’ve just made an inside contact to some influential people who can help you. So, always, always carry your book with you and don’t be shy about flaunting it!

Those are the top ten secrets that you need to know to get your books out of the garage and into the hands of people who can give it the exposure it deserves. Do a few of these, and do them very well, and you’re going to find that you are the best PR firm your book and your business will ever know.

To listen to the replay of this info-packed call, click here.


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17 Ways to Make More Money and Boost Your Business With a Published Book!

If I’ve said it once, I’ve said it a million times: You don’t publish a book in order to make money. Unless your name is Steven King or Danielle Steele, do not look to book sales as your get-rich-quick scheme.

That said, publishing a book is a great way to make money. If that sounds like a contradiction, read on.

Your book is a tool for creating multiple streams of revenue. It’s a calling card, a résumé, a sales tool, and a door-opener. I can provide you with all the information you’ll need to leverage this tool most effectively, beginning with…

17 Ways to Make Money and Boost Your Business With a Published Book.

1. Increasing Your Core Business. Nothing marks you as an expert in your field better than a book with your name on the cover. When you’ve written a book, you become an author, and people regard you as an authoritative voice. As an expert, you can charge higher fees for your goods or services – a book can as much as quadruple your current asking price. Additionally, by writing a book you’re duplicating yourself, in the sense that, while you cannot be everywhere promoting your business, your book can stand in for you; it represents you and your business. Finally, readers love meeting authors, and will flock to book readings and signings. The bottom line is, a book enables you to reach a much wider audience and, naturally, increase your business.

2. Public Speaking. There’s quite a bit of income to be made on the public speaking circuit. Schools, corporations, non-profit organizations, government agencies, and many other kinds of groups are always looking for experts on topics of interest to speak at their meetings and conventions. To be invited, though, people have to know about you, and they usually find out about speakers through their books. You can sign with a Speakers Bureau, of which there are many – and they expect to see a book. A good speaker can earn upwards of $5000-7000 per appearance – and that’s on the lower end– but you need to have that book by way of introduction.

3. Workshops. As with public speaking, groups are always looking for experts to offer workshops at conferences that last anywhere from a day to a week, and they pay handsomely for the right teacher. Again, they tend to hire authors: to most people, a book signifies intelligence and gives you an air of authority. People feel safer hiring someone they don’t know well, or at all, when they’ve written a book. It proves they know what they’re talking about.

4. Trainer/Continuing Education Units. Most schools of higher learning offer Continuing Education Units (CEUs) to students – accountants, nurses, lawyers, etc. – for attending workshops and trainings. If you’ve written a book, you can be certified to provide CEUs, increasing your pool of clients. I worked with a PhD who’s an expert on child psychology. Since publishing her book she’s been able to realize her dream of travel, going all around the country training educators how to heal children.

5. High-End Consulting. Maybe you’re already being called upon as a consultant to individual or group clientele; if so, you know how lucrative consulting can be. A book is something tangible that attracts the attention of large corporations and high-end entrepreneurs. It’s also something to give your clients as an adjunct to in-person consultation. With a book you automatically increase your fees.

6. Product Placement. Corporations and their PR agencies look for appropriate books in which to promote their products. With the right marketing and eventual visibility as a celebrity expert, you can get paid for mentioning products and services in your book. One author sold placement of a line of female products such as lingerie, toiletries, and hair products in her best-selling dating book; for each mention she was paid $10,000.

7. Expert Placements. Some authors invite other experts in the same or related fields to write guest chapters for their books, and then include information on their products or services that are relevant – but don’t compete with! – theirs. In this way you automatically increase your audience by attracting your guests’ followers, and, especially if they’re famous, you can significantly expand your business.

8. Marketing Tool. A book is a vital component of an effective marketing plan. Once your book is done, you’ll no doubt sit down and brainstorm with your coaching team, targeting people and places to send complimentary copies for reviews and publicity. This can be an exciting, idea-popping process, and can go a long way towards the creation of a comprehensive marketing plan for your core business.

9. Selling Foreign Rights. Your book might be bought by a publisher who wants to translate it into Spanish, Vietnamese, French – every language represents a potential audience. I had this experience with my book Goal Digger: a Korean publisher saw the book on Amazon, and called to ask if they could buy the rights. I agreed, and eight months later they sent me a check – possibly the easiest money I’ve ever made.

(This is called pull, as opposed to push, marketing. The latter comprises all the things you do to promote your business, while pull marketing occurs when clients simply fall into your lap – which is more likely to happen when you have a book out there.)

10. Coaching. Readers might want to further enhance their understanding of your book’s content by having you directly teach them the philosophies and principles outlined in it. I once helped a group of women publish a book on networking; now, because of their book, they’re being hired to coach other groups of women on networking and client acquisition techniques.

11. Become a Bestseller. Okay, it’s rare that a book written to promote a business ends up reaching the sales heights that comprise best-sellerdom – rare, but not unheard of. The people who wrote the first Chicken Soup for The Soul book had no idea it would end up as a runaway best-seller, becoming so popular it spawned several more Chicken Soup books for targeted audiences such as women, Christians, and others. So it can happen. It’s good news for writers that the New York Times Best-Seller List is no longer the only game in town: regional newspapers now put out lists of what’s being read in their geographical areas, as do niche magazines and bookstores, both chains and independents. The more educational content your book provides beyond your specific product or service, the likelier it is to reach best-seller status. This is something you might want to think about as you map out the outline for your book.

12. Movie Rights. Again, it’s rare that a book of this kind is snapped up by Hollywood, but it does happen. Moneyball, by Michael Lewis, which describes a system of selecting baseball players for major league teams, was to be a movie, with Brad Pitt in the starring role. (Unfortunately, the project was dropped halfway through production.) A book that did make it to the cineplex is Julie and Julia, one woman’s adventure cooking all the dishes in a Julia Child cookbook. Starring Meryl Streep as Julia Child, it’s received both critical and public acclaim.

13. Public Relations. What could be a better PR tool than a book? It’s your ticket onto television, radio talk shows, podcasts, videocasts, and blogs. Your little book goes out into the world as an ambassador for your business, and in roll invitations to appear places, reaching wide audiences, and expanding your business. Which can lead to…

14. …Celebrityhood. If you’re the kind of person who thrives under the spotlights – and you might not even know yet if you are – then you’ll love the life of a celebrity that publicity from a book can bring about. Think Suze Orman. Martha Stewart. Donald Trump. We all recognize these names from television – people who began, just like you and me, as entrepreneurs writing their first books as marketing tools. They’re now widely recognized as the top experts in their respective fields, get called by CNN and MSNBC to serve as news pundits, and regularly appear on The Today Show and other popular programs. In recent years, authors have even been asked to do their own reality shows. If celebrityhood with all its glamour and glitz appeals to you, remember: the first step down the red carpet is to write that book!

15. Non-Profit Organizations. You can package and sell books in bulk – usually discounted or at cost – to non-profit organizations for use in their fundraising drives. The group puts them into gift bags or donor baskets used to solicit donations. In this way your book finds its way to donors and philantophists, who are frequently high-income or wealthy. This is a win/win situation for everyone involved.

16. Corporate Sponsorships (see below). After you’ve written a book and developed your platform enough to make you a business celebrity, doors to corporate sponsorships will open up. David Bach, the author of The Automatic Millionare and Smart Women Finish Rich obtained sponsorship from Wells Fargo Bank, becoming a spokesperson for their financial services.

David Bach for Wells Fargo

David Bach for Wells Fargo

Long-term homeownership is the key to growing wealth and financial security. The Great American Homeowner Challenge, sponsored by Wells Fargo Home Mortgage and financial coach David Bach, is inspiring millions of Americans to buy a first, second or investment home.

“The single most important investment a person will ever make is a home — it is the secret to building life-long security.”- David Bach, The Automatic Millionaire HomeownerTM .

17. Repurpose Your Book. Finally, books these days have way more than one or two lives. Time was, a book came out in hardback, and a year later in paper, after which it hit the remainders pile. When audiotapes became a trend, books got a third spin. Today, thanks to the Internet, a book has even more incarnations: as an e-book and a podcast, to name just two. As technology changes and grows, we’ll no doubt see more ways to increase a book’s lifetime and, therefore, its earning potential.

Now that you know 17 ways to make money on your book, what are you waiting for? Write that book!


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