Authors And The Principle Of Creating Multiple Revenue Streams

Whether you're a self published author or a traditionally published author, I have some good news and some bad news for you when it comes to how much money you will probably make as an author. But before we get to the good news/bad news, here are a couple of in house announcements for you:

1. If you have not already signed up for my free video newsletter, where you can look over my shoulders by watching videos of me teaching some of the more technical aspects of marketing your book, then you can start today. They are offered at no cost and I will even throw in over 45 minutes of free videos you can watch today just for signing up. And as always, you can cancel your free subscription any time. Why not give it a try today? (By clicking the above link, you can even view a sample video before doing anything else- I've tried to make this as easy on you as possible. Enjoy!)

2. Many of you know about my serial release of The Samson Effect, one chapter at a time, on my Serial Release Blog. Not only can you read the chapters there, I have also added them in a cool widget called BookBuzzr. Well, the good people behind BookBuzzr have interviewed me and I share some of my personal marketing ideas behind the BookBuzzr tool and my decision to release my book a chapter at at time. Take a look and feel free to leave a comment.


Now, on to the good news/bad news or author....

First, the bad news: Unless you fall into the thinnest slice of best selling authors, you will not make enough royalties on your book to provide a descent living. Most of you know that, the others will come to realize it sooner or later. I hate that I may have burst the bubble for a few new authors who have visions of mega advances, dinner jackets, pipe smoking, and dazzling evenings surrounded by your adoring fans waiting to break down the doors of the bookstore to get a glimpse of you and a copy of your coveted autographed book before they sell out.

But there is good news: as an author, you can still make a decent living. Even the mid-list authors at the traditional publishing houses know what to do if they want to become a "full-time" author. They need to supplement their royalties with one, two, or more additional streams of income. Here are some ideas that authors currently use to supplement their income stream:

1. Speaking Engagements- Many authors are blazing into the media consciousness by becoming prolific speakers, especially authors who have a well-developed platform. Once you establish yourself as an expert, then you give an organization reasons to spend money to share your expertise with them. Speaking engagements can be a natural income stream for authors to develop.
   
   
2. Seminars/Workshops- Seminars and workshops take public speaking to another level. Instead of 30, 60, or even 90 minutes of monologue, seminars and workshops allow you to interact more with your audience in a learning environment. People sign up for seminars and workshops with the expectation that they will leave with a new skill set. An established, experienced seminar/workshop leader can create a very lucrative career for themselves. Oh, and as with the case of public speakers, you can usually have your books on hand to sell copies of them as well.
   
   
3. Consulting- Consulting can be an intimate way share your expertise as well as bring in additional revenue streams. If you have a skill that you are willing to work with someone on a one-on-one basis, showing them how do do something, and in many cases, doing something for them, then maybe consulting can be your cup of tea. Your book can be one of the biggest billboards for your consulting skills.
   
   
4. Affiliate Sales- Affiliate sales can be a natural revenue stream for you and a way to help support your favorite products/services that authors can use. Simply, an affiliate is someone who tells people about someone's products and then gets a percentage of the sale if the person they referred purchases the product. The percentage can be significant, often 30%, 40% and even 50% of the total sale price. Once you become an affiliate for someone, you can do simple things like place ads on your website or talk about the products in your newsletter. If you choose products that are good and relate to your book and your platform, you can do a decent job at affiliate sales.
   
   
5. Membership Sites- A few authors have found ways to share their expertise and make content available exclusively to people who join their sites for a monthly membership fee. If you do well here, you can be rewarded with a never-ending renewal stream that grows over time as more people join.
   

Have you heard the old adage that it's best to have a million people giving you a dollar than one person giving you a million dollars? The reason is that if a few of the one dollar providers fail, it will have a smaller effect on your overall finances. But if your sole provider of income fails you, then you are in trouble. The same is true with the idea of multiple streams of income. The more ways you can find to bring in a few dollars here and there, then the more "stable" your profession as an author can be. Which streams do you use? That depends on you. What appeals do you? What do you think you would enjoy doing most? Just because one author has been successful with certain business models doesn't mean that you will be successful at the same; nor does it mean that their business model is the only one for authors to emulate.

Being a full-time author can be a dream that you can grab hold of and earn a decent living from. Just make sure you understand the best way to make this happen. Once you do and once you start to put these revenue streams into place, then you are well on your way to becoming the professional author that you dream about.