Writing a book probably sounds like a daunting task to most business owners. I mean, some people take years to write one, right?
You sit at your desk on nights and weekends, slogging away at your keyboard. You write, edit, then rewrite. The process can take forever and it may seem like there’s no light at the end of the tunnel.
But let me tell you this.
It’s not as hard as you think. I published three books in 2019, two in 2020 and I have six in the works right now. But this is nothing. I know of several authors who publish 10+ books a year.
Now, I’m not suggesting you write garbage. I care about quality, and if you read any of my books you’ll likely see that. But my point is, publishing a book is a realistic option for you—and the benefits can be huge. I’ll give you a few tips to speed up the writing process later in this post, but first...let’s talk about the reason you clicked on this article.
How to make bank from your book
As this post’s title suggests, I’ve got three ways for you, starting with the obvious:
1. Earn royalties like a rockstar: When I was a kid, I used to ponder how awesome it was that actors, rockstars and producers could earn money through royalties. They didn’t have to do anything! Once the record, TV show or movie was out, they could earn money from that one performance for the rest of their life. And so it goes with a book as well.
Today, this royalty model is a reality for me. I get a nice passive income of around $1,500 a month in book royalties, and that number is on the rise. Publish a book yourself and you could do the same.
2. Wrangle in subscribers with your book: For businesses, a book offers much more marketing value for your dollar than just royalties. I know one entrepreneur, Chandler Bolt, who used his book as the growth engine for his now multi-million dollar company. How’d he do it? He offered a lead magnet in his book.
If you don’t know what a lead magnet is, it’s basically some form of valuable content (like a resource list, cheat sheet, ebook, template, etc.) you give away for free in exchange for a person’s email address. For example, you may be reading this post because you signed up for my lead magnet: $50,000 Copywriting Toolkit.
The point is, in the long run a subscriber is worth much more than a book sale because you can sell subscribers high ticket products or services, which can translate into tens of thousands of dollars.
3. Book cred opens the door to money-making opportunities: Last but not least is the credibility a book provides you. Books still have this magical luster to them, and most people have never written one—so a book makes you stand out. Also, it proves you have some authority on a topic. You couldn’t possibly write an entire book on a subject if you didn’t know anything about it, right? Well, that’s at least the mindset many people have about authors.
From a money standpoint, credibility can translate into public speaking gigs, traditional publishing contracts and much more. I know of some authors who earn 10K from a single speaking event.
Just be aware that credibility is not a given with a book. For that, you’ll need a professional cover and reviews. A poorly designed cover makes your book look self-published, which could actually hurt your credibility. As for reviews, 10 is good enough to get started, but get as many as possible in the long run because the more reviews you have the more credible you’ll appear.
Action step—do this today
Now that you understand why a book is a great way to earn money, start outlining your book today. But first consider these two tips to speed up the process:
The first time is always hard (Do it anyway)
No matter what new skill you learn—whether learning to tango, how to sing or ride a bike—your first attempt is always difficult. You don’t know what to expect, you have no system and you feel like you’re shooting in the dark as you try to reach the other side.
This is normal. Expect it.
Give yourself plenty of leeway as you work your way through your book. But while you’ll want it to be perfect, don’t let the process drag on forever. Just get it out there.
I promise, your next book will be so much easier.
You’ll have experience, wisdom and the beginnings of a writing process that power your publishing and earning potential into tomorrow.