There has never been a better time in history to be the published author of your own book. Technology has made it easier than ever for many new authors to have great success. Having said that, there is still a huge problem that most new authors run into when they finish their masterpiece — should they find a traditional publisher or self-publish?
Finding a traditional publisher to sign you up, promote your book and give you a big fat royalty check is getting harder than ever. First, you have to find an agent, which could take a year, and many accept clients only from referrals. Then the agent sends your manuscript to publishers, which can easily take another year. And unless you already have a platform, name recognition, radio interviews, TV appearances, magazine and newspaper articles written by and about you, you are probably more likely to grow a 3rd arm that gets hit by lightning than you are in finding a traditional publisher for your book. And you really can’t blame the traditional publishers for not wanting to take a chance on you either. They are in business to make money and if they don’t think they can make money on your book, they are not interested.
The problem isn’t publishers but the mindset of authors still stuck in an outdated system. There are other ways to get books out into the world so writers can share their blessing and make money. For 99.5 % of book authors, living on book royalties is a flawed plan, yet many authors think this the only route to success. There are many bestselling authors who are still broke because book royalties still didn’t add up to a hill of beans.
But there are many simple and profitable ways to make money from your book. The biggest hurdle for most authors is being able to change some simple beliefs.
If you create a marketing plan around your book, you’ll be able to sell it on your website for 100% of the profits and on Amazon’s Kindle Store for a 70% royalty rate. Standard publishing rates are 25% for a hardcover and 8-10% for a paperback. And Amazon controls 76% of the U.S. digital book market.
Now, think of all the ways you can leverage the information in your book:
Back of the room sales at speaking engagements
Workbooks
CDs
Group coaching
One-on-One Coaching
Workshops
Teleseminars
Teaching Manuals
CDs of interviews with well-known people on your subject
The list is endless, within your control, and only limited by your imagination…
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