There’s no getting around it: writing is hard work.
But it’s also an incredibly rewarding way to share your thoughts and ideas with the world.
And, as an author, you have the opportunity to create multiple income streams from your writing.
That is why on this episode of the Garlic Marketing Show, author and Igniting Souls CEO Kary Oberbrunner revealed what he believes SHOULD be 4 income streams that every book author should get into as they start.
Before we proceed, don’t forget that this episode is brought to you by videocasestory.com. Click here if you need help collecting, crafting, and delivering customer stories.
INCOME STREAM #1: HARDCOVER BOOKS
Do I even need to explain this?
Hardcover books are the best place to start as a book author.
They generate more income than paperbacks and are less likely to be retained.
They also convey a sense of importance and permanence that enhances the book’s value in the marketplace.
In addition, hardcover books are usually reviewed more favorably than paperbacks, and they are more likely to be selected for book club membership.
For all of these reasons, hardcover books offer a superior platform for launching a book-writing career.
INCOME STREAM #2: SOFTCOVER BOOKS
When it comes to book authorship, many people automatically think of hardcover books.
While it’s true that hardcover books tend to be more expensive and therefore generate more income, they are not the only option for book authors.
In fact, softcover books can actually be a great place to start as an author.
One of the reasons for this is that they are generally less expensive to produce than hardcover books.
This means that authors can potentially make a higher profit margin on each book sold.
Additionally, softcover books tend to be lighter and more portable than their hardcover counterparts, making them more convenient for readers to carry around with them.
As such, softcover books can be an excellent choice for book authors who are looking to get their work out into the world without breaking the bank.
INCOME STREAM #3: EBOOKS
These days, more and more people are reading books electronically.
In fact, a recent study found that ebook sales now account for around a quarter of all book sales in the United States.
This shift to digital reading has had a major impact on the book industry, and it’s clear that authors need to adapt if they want to stay relevant.
One way to do this is to release an ebook version of their hardcopy books.
Ebooks are typically cheaper than their print counterparts, so this can help to boost sales.
Plus, releasing an ebook can be a great way to reach new readers who might not be inclined to purchase a physical book.
In a rapidly changing market, it’s essential for authors to be flexible and willing to try new things.
An ebook can be a great addition to any author’s business model.
INCOME STREAM #4: AUDIOBOOKS
While the book industry has been around for centuries, the advent of audiobooks is a relatively new development.
In recent years, audiobooks have emerged as a popular alternative to traditional books, offering listeners a convenient way to enjoy their favorite stories.
However, many authors still view audiobooks as a secondary source of income, rather than a potential goldmine.
THIS IS A MISTAKE.
Audiobook sales are growing at an incredible rate, and savvy authors are capitalizing on this trend by producing high-quality audio versions of their work.
With the right approach, an author can easily generate significant revenue from audiobook sales.
“David Goggins’ “Can’t Hurt Me” made this famous– what he did is he basically had his narrator interview him at the end of each chapter.
As a result, there are a couple of cool things that happen: one is that there’s fresh content. So when your true fans hear about that, they say, ‘Oh my gosh, I want David Goggin hardcover, but I also want his audiobook because I’m gonna get fresh content.'”
So if you’re looking for another stream of income for your business, don’t underestimate the power of audiobooks.
This is just a glimpse of the true value that Kary gave us in the episode. We’re so grateful to have him as one of our guests, and we know that you will be too.
Watch the full episode now, and make sure to leave any questions or comments you have about the episode.
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