There are literally thousands of published authors. The difference between the rich ones and the broke ones is literally how they play the game. Here are three key factors that differentiate rich authors from the broke ones.
Rich authors make their fortune by using their book as a business card. Rich authors know that a book is only as successful as the number of people who know about it, have bought it, or have read it. The more people who know about your book, the more successful you will be and the better your sales will be. In fact, John Grisham sold the first print run of Time to Kill out of the back of his car. We are not asking you to sell your books out of the back of your car but carrying a copy with you wherever you go is a sure way to make a few sales and certainly have a few fun conversations. Trust me, no matter where you are the conversation can come up. In the grocery store, on an airplane, rock climbing…anywhere.
Rich authors make their fortunes by using their book to build a sales funnel. Rich authors know that their book is only the beginning of their success. Their book will generate several information products from reports and audio books to workshops, seminars, online courses and one on one coaching. The more products you can generate from your original book, the more money you’ll make.
Take a look at two very different examples. Harry Potter author JK Rowling not only sold the rights of her books to the movie studios, she has a theme park in the works, and tons of merchandise. She expanded her product line based on the original book.
Chicken Soup for the Soul folks not only have more books than you can count, they have greeting cards, calendars, made for TV movies, and pet food – yep, pet food. The direction your book can take, if you want to be a rich author, is entirely up to you. What products could you sell from the original creation of your book?
Rich authors use their book to create opportunities. Not only do rich authors use their book to create licensing and product opportunities and to build their wealth through awareness, they use their power as an author to create opportunities. Turn on your local news one morning and count how many authors are interviewed for their expertise on a subject matter. Not only do rich authors increase their media opportunities, they create their money making opportunities. Once you have a published book under your belt, you have notability and people will want to partner with you to promote, endorse, and even create new products. The opportunities never end.