How are you making money from your book? Sure you’re probably making a few book sales. But are you optimizing the hard work and effort you put into that book by leveraging it to do more than bring you a few dollars when you make a sale?
You can start making additional streams of income from your book, without needing your book to go viral on Amazon. But how?
First, make sure you know WHO your audience is. Without knowing your audience, you can’t properly market to them, or have them actively engage with you. You need to know the type of people who will be your ideal readers. Those readers can be turned into paying clients, customers, and an active engaged social media audience.
If you’ve been following our social media accounts, taken any or our webinars, or read any of our emails, you know that there are a number of ways you can generate additional income from your book. Today we will touch on three creative ways to generate additional income based on your book or books.
So, what is your book about? Do you have a How-To book? Is your book a personal memoir or life story? Is it fiction? It doesn’t really matter what genre it is, you just have to learn how to adjust the ideas to work for your genre. Also think about other things such as, how many books have you written? How good are you at the writing/publishing process? When all else fails, if you have successfully accomplished these things, you can always create content around these topics alone. There are plenty of people out there who need help writing and publishing. That is among the many reasons our publishing company was started.
Okay, enough chatter. On to the money-making ideas right. Today let’s focus on 3 creative ideas that can be easily used across any genre. Shall we?
So you have a book out. Do you have merchandise related to your book? It is very easy to create t-shirts (everyone loves a good t-shirt), mugs, hats, masks, and other products that can be based on your book. From your book title, to a character from your book, to a quote. Whatever you so choose, it can be created into a product. It is simple to either create the graphic, use an existing graphic, or pay someone on a freelance site to create the graphic for you. Once that’s done, you can always print the merchandise yourself, you can use a third party person to do it for you, or you could use a drop shipping company that handles all the printing and shipping for you.
Creating products is one of the quickest ways to generate a little extra income, especially if you already have a way to promote said products to your audience via email marketing or social media.
Start A Podcast
Podcasting is one of the easiest and least expensive things you can do. With the technology of today, you can start a podcast with your phone and a set of headphones. You don’t even NEED a microphone (though eventually you’ll probably invest in one.)
While this won’t necessarily make you money immediately upfront, once some work is put in and the following is built, podcasting can bring in additional income. Start a podcast based on topics covered in your book, about your writing process, or whatever you see fit that can continuously create a revolving door of people listening to you and investing in other projects. Once you increase your following, which isn’t difficult to do with a podcast, you can start monetizing.
How do you monetize a podcast?
Accept ad sponsors. People will pay to advertise their product, services, or podcast on your show. Just be sure to do your research to ensure what they are offering will benefit your audience. Not all money is good money. You don’t want to accept a sponsorship just because you can and it not be beneficial to the audience or to the person paying for the ad.
Offer Interviews. You can charge people to interview on your podcast. Whether they want to share their story, talk about a similar book they have, etc. People will pay to get the exposure of your audience.
You’ll need to figure out how often to record and publish episodes, where and how often to market, etc. But building a podcasting audience is quite easy in today’s technological world.
Start a YouTube Channel
The last idea we will talk about is similar to that of a podcast, except with video. We all go to YouTube for a plethora of things. To learn how to do things. When we want to be entertained. To just fall down a rabbit hole of cat movies. Whatever the case, YouTube is no stranger for most of us. Starting a YouTube channel can become a decently lucrative additional income stream.
Just like a podcast, it will take a little work to generate the following necessary to monetize; but once that is done, it can easily become a passive income stream. The most popular way to generate income via YouTube is through ads and sponsorships. Monetizing a YouTube channel becomes quite easy once you reach the necessary threshold.
We tend to see large YouTubers and think we can’t possibly get there, or we don’t want to get there. But there are plenty of significantly smaller YouTubers out there who bring in a nice chunk of change themselves. Don’t believe me? YouTube it!
Added Tip: You can create a YouTube channel for your podcast and simply upload your podcast episodes to YouTube. This involves no extra work, but creates two audiences for the same exact content. Both can be monetized in different ways from the other.
As you can see, adding a little creativity and patience to your journey can easily turn into a lucrative endeavor. How do we know? Owner Felicia started her podcast two days before releasing her first book with the intent to document her journey to entrepreneurship. Within six months she had over 1k downloads, across different countries, and had started interviewing so many people she had to pause interviews to re-evaluate.
It can be done. But nothing happens over night. The same way you’ll need to work at getting your book out there, you’ll need to put in some work with other areas to generate multiple streams of income. But once the work is done, most of this income can become passive easily.
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