I once thought that as soon as I published a book, the money would start rolling in. Boy, was I wrong! I learned that publishing a book is the starting point for building long-term income.
The key to lasting income is diversification – turning one published book into multiple opportunities and income streams. A single novel or non-fiction book can evolve into courses, workbooks, audiobooks, speaking engagements, and much more! In this post, I will share what I learned from turning your self-published book into a steady stream of income.
Changing Your Mindset – Thinking like an Entrepreneur
To be successful in self-publishing, it takes more than just being creative – it also requires a business mindset. It is a mindset that writers should consider adopting if they want to become successful authors.
Some authors are referred to as “authorpreneurs” because they are both authors and entrepreneurs. If you want to become a successful author, you need to treat your book as a brand asset that can be repurposed into other products.
Many best-selling self-published authors diversify; they create books, online courses, and coaching, and forge partnerships with other authors. Every idea and new book you write could spark a new product or opportunity.
Income Stream #1: Print, eBook, and Audiobook Versions
There are several ways to make money from books. Offering multiple formats of your book can help you attract different demographics, allowing you to reach untapped markets and expand your customer base.
You not only reach a wider audience, but it also leads to new opportunities for revenue generation. You can convert your manuscript into multiple self-publishing formats, such as an eBook, a paperback/hardback, and an audiobook.
eBooks are easy to distribute globally with low overhead. Another popular format is the paperback / hardback book. This format is still popular for people who love to read tangible books.
The fastest-growing segment in publishing is audiobooks. This format is ideal for busy readers and commuters who don’t have time to read. They can listen to their favourite book while on the go. Audiobook income is an additional way to generate more revenue from your books.
There are a lot of companies that offer self-publishing services to aspiring writers. Some of the most popular self-publishing platforms include Amazon KDP, Draft2Digital, IngramSpark, Apple Books, Barnes and Noble, and Kobo. What these companies have in common are that they all can reach a global audience, it’s free to use their self-publishing services, and royalties paid range from 10% to 70%. Click here to compare the top self-publishing companies.
Income Stream #2: Companion Workbooks, Journals, and Planners
Some authors use low-content publishing to publish companion workbooks, journals, and planners. These are what are known as low-content books. A low-content book has less text and fewer images than a typical book. A person can use a low-content book to fill in their own content and ideas, such as drawings, patterns, and written responses.
Examples of low-content books are companion workbooks, journals, and planners. These types of books are perfect for nonfiction authors and coaches, as they can turn lessons into actionable tools.
A companion workbook is a guide usually filled with practice problems and questions with space for the user to write answers in. It can be used to enter data, perform calculations, or create charts. An example of a workbook is a productivity guide, such as a goal-setting workbook.
A journal is a low-content book that is repetitive and requires little to no text on each page. The user writes notes, ideas, or answers questions in the journal, and is therefore seen as a low-content book. If you wrote a self-help book, then you can design a daily reflection journal as its companion.
Planners are another form of low-content publishing. While planners have a bit more text than journals, they are also repetitive in nature and require someone to enter data or information. For example, if you wrote a book about personal finance, then you can create a budget planner or spending tracker to accompany your personal finance book.
You could sell these low-content books as printables or digital downloads on platforms such as Amazon KDP, Etsy, and Gumroad. If you’re serious about growing your business and becoming a successful author, then you could also add value by branding your workbook with your name and book cover theme. When readers can apply your message through guided activities, they’ll happily buy more of your books.
Income Stream #3: Online Courses and Digital Workshops
I am very interested in creating online courses to generate more revenue. I also thought about arranging digital workshops, but I don’t think that it’s the right fit for me. Not all income streams are right for every author. You choose what fits with your business goals. However, online courses and digital workshops can create passive income for authors in addition to selling books.
To turn your book into a course, all you need is a laptop, internet connection, and a talent for communication. With the introduction of ChatGPT and other AI tools, you can create faceless tutorial videos, and you don’t even need to use your own voice.
Your online course can attract students worldwide, helping them to master important skills or increase their knowledge in a particular subject. You can transform the key lessons from your book into video or audio lessons. For example, a self-improvement author could create a 6-week coaching course.
A digital workshop, on the other hand, is an online event that facilitates group discussions on specific topics and engagement with content, thus promoting enhanced learning and meaningful interaction.
The difference between a digital workshop and an online course is that a digital workshop is live, whereas an online course is pre-recorded. For example, a writing coach could offer a “How to Write and Self-Publish” workshop.
You can use platforms such as Teachable, Thinkific, Podia, Udemy, and Skillshare to create online courses and digital workshops. It is better to create video content that builds deeper trust and authority.
These platforms can give you the tools you need to transform your book into an online course or digital workshop. You can offer a free mini-course as a lead magnet to sell your full program later.
Income Stream #4: Speaking Engagements and Coaching
Some authors may consider speaking engagements and coaching to generate more revenue in addition to selling books. Authors who possess valuable insights can transform the central ideas of their books into opportunities for speaking engagements, whether virtually or in person.
Examples of author speaker opportunities include keynote speeches, podcast interviews, workshops, corporate training, or virtual summits. If you are the author of nonfiction, you can offer one-on-one coaching or group mentoring. On the other hand, if you are a fiction author, then you can teach world-building, creative writing, or storytelling workshops.
To get organizations to contact you about speaking engagements, you should build a media kit, speaker profile, and testimonial portfolio. Building a media kit is like writing a resume – you use it to promote yourself and your book to land speaking engagements. In your author media kit, you should include the following:
- Cover sheet (title page),
- Author name (if you have a pen name, use it)
- Contact information
- Website link
- Author biography
- Author headshot
- Business card
- Endorsements or testimonials
- Recent articles
- Best press mentions (or if you’re just starting, your most recent will work as well)
- Book excerpt
Include any details unique to you as an author or to your book. Remember that your book gives you authority – use it for speaking engagements and coaching opportunities.
Income Stream #5: Licensing, Translations, and Collaborations
Your book has the potential to reach a global audience through licensing, translations, and collaborations. Book licensing involves selling rights to your book to be adapted into another language, format, or even film.
As a self-published author, you could be earning thousands or even millions of dollars if you knew how to maximize the opportunities that book rights and licensing offer writers. You could partner with foreign publishers or translation agencies to reach new markets. You could get your book translated into over a hundred other languages besides English.
You can collaborate with other authors to further promote your book, such as co-authoring spin-offs, cross-promoting with other writers, or bundling books. This is additional collaboration income for authors.
A spinoff refers to a story based on an existing work that explores different elements or perspectives than the original work. A great example of a spinoff is the book “Once Upon a Wardrobe”by Patti Callahan, inspired by C.S. Lewis’ novel “The Lion, the Witch and the Wardrobe.” You can collaborate with another author to create a spinoff.
Many authors may find cross-promotion as a mutually beneficial strategy that involves authors in similar genres or target audiences cross-promoting each other’s books, sharing promotional opportunities, and creating joint marketing efforts. This can include group promotions, participating in an anthology, and doing newsletter swaps.
If you have written more than one book, you can create a book bundle to increase income. For example, if you are a fiction author, you can bundle the first three titles of your book series. This can also work for nonfiction authors by bundling their nonfiction book with a workbook and digital downloads.
Book bundling is a cost-effective way of delivering more narrative works for less, usually packaging two or more titles together. This value-driven approach introduced readers to a wider selection of an author’s work, often resulting in higher levels of engagement and continued loyalty.
Book translation rights, licensing deals, and collaboration may lead to passive royalty benefits from global distribution. You can use tools such as PublishDrive or StreetLib for international reach. PublishDrive is an all-in-one platform that helps authors distribute eBooks, print, and audiobooks worldwide and manage royalties with ease.
StreetLib is a publishing platform that you can use to distribute your eBooks and audiobooks worldwide to 50+ retailers and channels. If you are serious about expanding your business, you need to start thinking about developing your business on a global scale, where your book can earn income in languages and countries you’ve never visited.
Income Stream #6: Affiliate Marketing and Branded Merchandise
Last, but not least, the other income stream whereby authors can make passive income is through affiliate marketing and selling branded merchandise. Affiliate marketing involves earning a commission by promoting another person’s or company’s products or services.
An affiliate finds a product they like, promotes it, and receives a share of the profits for each sale they make. The sales are tracked through affiliate links from one website to another. Affiliate marketing is a great way to drive your book sales and generate significant online revenue.
You could become an affiliate and add affiliate links to your book or blog. For example, you can recommend tools or resources and earn commissions.
Creating and selling branded merchandise is another way to create passive income for authors. If your book has a strong message or fan base, you can create branded merchandise such as T-shirts, mugs, or tote bags with your book’s quotes or title. You can create and sell your branded merchandise on platforms such as Etsy, Printful, or Redbubble.
When customers wear your logo or use your branded items, they’re showcasing brand loyalty, and it also creates a sense of community, fostering a sense of belonging. Your customers don’t just want to read your words; they want to connect with your message.
Conclusion
Writing and selling your book is not the only way to make lasting income; it is only the beginning. Whether you transform your book into an online course, a journal, or a global brand, it all depends on how you choose to expand it. Every book you’ve written can open a new door of opportunity. So, aim high and stay consistent, because the impact of your words is worth more than just a single sale.
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