I want to tell you one secret about why most authors are broke and then another secret on how you as an author can be rich
Secret # 1 Poor authors think you make money from Royalties by selling your books in book stores.
Well the sad truth on this one is that you have to sell a lot of books to make any money with a $1.00 or $2.00 royalty per book. Poor authors also don’t realize that book stores are a lousy place to sell books.
Secret # 2 Rich authors know how to use their book as a customer generating magnet so they can sell their other products that can have profit margins of 60, 80 or even higher percentages. Rich authors know the profit from one coaching client can be higher than selling 5000 books in some cases.
I am amazed more and more each week how profitable writing, publishing and selling your information can be. Of course not all topics are created equal but if you pick a topic that can truly help your customer you will most certainly do extremely well.
Wasn’t it Zig Ziglar who said if you help enough people get what they want you will get what you want?
I recently taught a class of eager students wanting to write their books. One girl worked as a cocktail waitress and was able to on average make over $500.00 per night in tips.
Most of her coworkers usually made about $100.00 per night in tips. Of course she quickly saw the value in writing a book that showed waiters and waitresses how to increase their income by as much as 5 times.
During the class she attended she realized that by writing a book and positioning herself as the expert her information would be of great value to not only the waiters and waitresses but also the business owners that employed them.
Think about it! You can only get more tips by giving better service and I think every business owner that employs waiters and waitresses would want better service for their customers.
So how is my student going to make a ton of money? In addition to selling her books to attract more customers she can sell high profit information products such as DVD’s, home study programs, coaching, workshops or seminars showing waiters, waitresses and business owners how to dramatically increase their net profits.
I know being both a business owner and author I am always on the look out for ways to increase my profits.
In most cases your information products can bring in 60 to 80 % or even higher profits. There are not too many businesses that make that kind of profit especially when you consider the low cost to get into the information marketing business.