As self-published authors, we\’ve probably asked the same questions: of how to become a successful author and how do I make a lot of money doing so. I\’m beginning to realize that the questions of how do I become a best selling author and how do I get rich end up having different answers. The path to riches is different than than the path to book performance and it\’s all about the metrics.
In my years of studying self-publishing, writing and marketing, I find that the true and consistent message is to have great content, a wonderful cover, and a good marketing plan. Everyone I\’ve studied under is in agreement with this and each teacher has a different take on how to arrive at the perfect book.
It\’s all about the metrics
But the questions of how to have a best selling book and how to make a lot of money don\’t always produce the same results. For example, I can show you how to become number one in your category, but it won\’t really make you any money. It is very possible to be a best seller by only selling five copies.
A lot of people teach how to become a best selling author. It\’s simply an easy lesson and students are often satisfied with reaching best selling author status. It\’s a good metric to have, because once you do achieve top ten ranking in your category, you have the right to say you are a best selling author. It\’s a good goal, less difficult than you think, but may not be the best metrics to measure success.
So, who is getting rich?
Many people who teach financial independence, self-publishing, and marketing tactics appear to have made their wealth from their books. However, if you look carefully, this is not entirely true. They first became influential from other activities such as being incredible at their businesses, speaking engagements and motivational activities. They built their wealth and then wrote books about it. Their books sales are a result of their influence and a product of something they have already been successful at.
For example, the common denominator of many people who teach financial independence gained their wealth from high earning careers such as real estate or financial planning; not regular jobs. They appeal to the masses because they are rich. Most people who write and successfully sell self-publishing books did not earn their money from their books, but from the business they wrote their book about.
The lesson: Wealth came before the book
Best selling and wealthy authors made their wealth way before they wrote their book. However, they way they write their books seems to suggest that the books made them wealthy. I believe this message is not fully broadcast, leaving some to think that the author wrote to book out of the blue and became wealthy as a result. This can be very frustrating to their readers who try apply the book\’s lessons to recreate that success.
The application: How an author can become wealthy
If you are like me, you may not have the luxury of having a wealth building career or a million dollar writing contract. However, it is possible to work in reverse. Start with a book and then develop a business. If you address a niche industry with a book and go on to provide the niche industry with education, training, products or services you may develop a wealth building capability.
For example, I started my journey with a security certification book. From there, I wrote more books, started a newsletter, and began to bring in customers. Though the book sold for $60, I could never sell enough to make millions, it\’s statistically impossible with such a small market. However, when the book buyers become customers and pay $60.00 an hour for services, that\’s where the money comes in.
This led me to leave my full time job to realize my lifelong dream of owning a company. Now I have my book related business providing products and services for a small niche.
How can your book help you fulfill your dreams?
Though your book may not build wealth alone, it can help you launch your business. Likewise, if you have a business, you could benefit from having a book. Like the successful authors we discussed earlier, your book may not make you wealthy, but the spinoff business could.
Hear my podcast, Book Based Business Incubator for more discussion of this topic.
If you need assistance with book ideas or business ideas, check out book based business incubator or The Side Job Tool Box for more publishing and writing topics.https://www.redbikepublishing.com/startbusiness/