Expert Round-Up Topic: What revenue streams have you created for your nonfiction author business?
Any smart businessperson creates multiple revenue streams from each of their business ventures. But first, you have to establish status in your industry, and you need to add value to others. For example, I launched convertyourfollowers.com in lockdown to help business owners survive by utilizing social media and eCommerce. I won the Gold Stevie for Company of the Year within the same year at the Stevie Awards, then dropped my aptly named book, How to Convert Your Followers to Customers. I was already a marketing contributor to Forbes and Entrepreneur, so I had already achieved thought-leader status in my field, which plays a pivotal role in selling nonfiction books. I’ll be kicking off a book launch later this year that acts more like a one-seven-day event that involves similar brands who share the same target audience, and I just applied to create a new National Calendar Day around it.
The next phase will include digital eLearning courses and annual awards around social media, then who knows?! Start by listing all of the relevant products and services you could offer around your book, i.e., a children’s book could include puppets, merchandise, and a fun World Book Day for kids.
Everyone has their own preference when it comes to digesting content and learning new things. Some people like to get lost in a book, some prefer listening to audiobooks, and others learn from the visuals in a video. There are so many places to take a book once it’s written and published, and in a world fueled by interconnectivity, there’s nothing stopping you from taking advantage.
To make sure that you’re capturing as much of your target audience as possible, repurpose your nonfiction content into multiple content streams. You could put out a paid course filled with video content, an audiobook series, or live workshops where you can get together and talk about what the book teaches. You could even do live speaking or one-on-one consulting for those looking to take your teachings to the next level.
Each of these channels are entirely unique, and expand your book’s reach by giving readers a chance to digest the content in a way that works for them. In effect, you can put your book in front of people who may never otherwise pick it up. This has a massive impact when it comes to diversifying your revenue streams and increasing your earning potential.
One of the best revenue streams for nonfiction authors is professional consulting.
Even if your book is a bastion of insight and knowledge, some people prefer to learn directly from the source. Rather than losing potential customers, secure their business with professional consulting. By building a program based upon the same principles and teachings from your book, you can cater to individuals with a slightly different learning style. This gives people more of a choice when it comes to engaging with your content, which strongly positions you as an industry expert and thought leader. Here’s what it takes: if you’re outgoing, personable, and willing to take others under your wing, this can be a fulfilling and lucrative revenue stream for you to explore.
Nonfiction authors who write about personal experiences can leverage their business in several ways. Figuring out how to monetize your nonfiction author business can come from deciding how your personal experience can help others. My first nonfiction book was about my spiritual awakening and how that experience changed my life for the better. After first publishing in 2018, I expanded my author platform to include energy healing, speaking, TEDx, podcasting, and life-transformation coaching. These are just a few ideas for nonfiction authors to create various revenue streams.
As a nonfiction business owner, I’ve leveraged the book to gain more agency clients, sell a course on PR, and sell smaller-ticket items such as templates and ebooks. I started writing the book with the goal of getting it published and gaining some attention. I didn’t expect that it would get much traction, but it did. It wasn’t until a few weeks into the process that I realized that people were actually reading and reviewing it, and hiring my agency to work on larger projects. Next, I have also been selling my online courses since 2019 and I have acquired customers from all over the world. My course has helped me earn a significant part of my annual revenue and I am still continuing with this course today. Finally, I’ve been selling my most recent ebook on Amazon every month. While it’s not a ton of revenue, the ebook still produces some. The ebook is also a great way to build my brand.
If you like this blog post, you’ll love our Author Toolkit on how to create revenue streams for your author-publisher business. It includes checklists, templates, worksheets and more. Check it out!