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The average reader In the United States, it is a college-educated woman with a household income of over $75,000 and a strong love for non-fiction and self-help books, with her male peers not far behind. It makes sense that companies would use books to reach their ideal customers.
Additionally, authors gain instant credibility, authority, and opportunities such as speaking engagements, author meetings, guest blogging, spots on expert panels, and more. So it’s no wonder that savvy entrepreneurs are now using books to build their personal and professional brands and grow their businesses overall.
I’ll explain how it works and what you need to know before you dive deep into book writing and publishing.
Why should entrepreneurs write nonfiction?
As self-publishing has made it much easier for the general public to become an author, more and more entrepreneurs are using books to promote their brands and businesses. They have great success with this strategy because people buy from people they like. But in order for them to like you, they have to get to know you. And that’s the hard part.
Think about it. When you’re online – on social media or checking your email – you’re probably doing multiple things at the same time, aren’t you? And if you’re like me, maybe a little kid or two is vying for your attention, too. As we speak, my daughter is building a house out of recently-delivered Amazon boxes and popping the bubbles in the included packaging…not exactly the quiet, distraction-free environment needed to soak up the information in front of me. is it?
But think about it when you read a book. How are you? Where are you going? I wouldn’t try to read a book in this environment right now. I know that just opening a book would be like a bat signal to my 7 year old to show me something right away… anything…!
I know that if I want to read a book, I need to find a quiet place and block of time all to myself. That’s what readers do naturally when they sit down to read a book. And there is no other medium today that captures a person’s undivided attention more than a simple book. Preferably paperback.
Related: After an early rejection from publishers, this author self-published her book and sold more than 500,000 copies. Here’s how she did it.
How much does it cost to publish a book?
Honestly… a lot of money. Books are one of those things that cost a lot to produce, especially if you want to produce a high quality and successful book.
If you’re considering self-publishing, you’ll need to make all the adjustments when it comes to assembling the team to produce your book. How much you spend depends on your current skills and how many people you need to hire to fill in the gaps.
This may or may not include:
- Book/Writing Coach
- Cover designer (for both electronic and printed versions)
- development editor
- beta reader
- line editor
- proofreader
- formatter
- SEO Researcher
- Amazon category explorer
- copywriter
- Website Designer
- editor
- book marketer
- Social Media Marketer
- PR team
And more. A successful book needs many moving elements.
Related topics: 10 truths about self-publishing for entrepreneurs with a book idea
Even someone who has writing experience and is technically advanced can expect to spend several thousand dollars on their book project just for editing and cover design. Even more so if they want to be successful, which requires them to hire PR professionals and marketers long-term or put in all the hours themselves.
Looking at the previous list might be intimidating, but I promise you there is a light at the end of the tunnel. Remember that as a writer in your niche, you face your ideal client who will give you their undivided attention.
Related Topics: The Entrepreneur’s Guide to Writing a Book
How do writers make money?
Authors don’t make money from book royalties. If you publish traditionally, the publisher keeps 80-90% of your royalties anyway. If you choose the smarter option, self-publishing, you keep 100% of your royalties AFTER splitting them with the platform you upload our book to. Either way, your license fee will only be pennies compared to other ways to grow your brand and business.
Realistically, you might only sell 250 copies of your book, like the average non-fiction book published today. So you need to make those sales count. You need to give readers the best they can when they write, and give them the best opportunities to work with you if they decide. At its core, your nonfiction book is your sales funnel.
Entrepreneurs-turned-authors who have found this use their non-fiction books to sell or market:
- coaching services
- consultations
- Quality online courses
- Services rendered for you
- group programs
- subscriptions
- memberships
- Affiliate Products/Programs
- New company or product
- Events, summits, conferences, etc.
- Master Classes/Live Online Classes
- Talk
- workshops
- Personal retreats
- Evergreen webinars
- MLM Opportunities
- Charity/non-profit purpose/purpose etc.
And many more creative monetization strategies.
Related: 12 ways writers, speakers, and pundits can make money as key influencers
Diploma
It makes perfect sense. Why worry about pennies in book licenses – shared with a platform like Amazon – when you can sell premium products and services for thousands of dollars per sale?
If your offering includes even one of the selling strategies listed above, publishing a book about your business in your niche is an easy decision.
