One of the most enjoyable opportunities I have during the year is to co-host a free webinar with Reid Tracy, the president
Royalty payments are only one of many ways authors can generate revenue when they publish a book.
and CEO of Hay House that focuses on publishing and marketing. So full disclosure: this blog post was inspired by Reid and one of the webinars we did.
The key takeaway is book sales and royalties are not the main way most authors generate revenue. In fact, the savviest of authors use the book to help establish multiple income streams. Most of the list below applies to authors of non-fiction books, but some of these ideas would also be applicable to fiction authors depending on the content of the book.
- Create a curriculum you can sell based on your book. This may take the form of a workbook and could include both print and online content, but it takes your information and helps people focus on the application of your ideas.
- Offer workshops for groups of people. With your book and curriculum, you can create workshop opportunities where you work through the material with a group of people.
- Seek out speaking opportunities. A book helps establish you as an expert so it often gives you the credibility to speak to groups. Don’t worry about the size of the group when you first start. The key is to take the opportunities as they are presented. It will give you practice as a speaker and you will get better the more you do it. You can refine your material as you present to different groups so that when you have the opportunity to speak to thousands, you will know you are doing the best you can. Finally, while the audience may be small, there may be someone in attendance who can get you connected to a much bigger audience.
- Write articles for paid media on your topic—A book often helps position you as an expert. That means professional publications who are looking for guest columnists will pay you to write articles if the content is relevant to their audience.
- Sell the international rights to your books. Non-US publishers are continually looking for content to acquire and republish in their home markets. There are two ways you can pursue this opportunity. First, find an agent that specializes in foreign rights and have them represent you. Second, there are now data bases that you can subscribe to that foreign publishers scour for new material to acquire. A quick Google search will help find out more detail on both of these options.
If these ideas are helpful to you, I would encourage you to take an opportunity to hear Reid’s presentation on this topic. He usually gives it at the Hay House Writer’s Workshops. If you cannot attend one in person, Hay House is about to launch an online version of the Writers Workshop. A free preview of that course is available by registering here.