Once you have written your book, promoted and eventually got some satisfactory sales – is not the place where job around your book is finished. No, no 🙂 actually, this is an opening opportunity for you further to establish and build a credible business around your book. You might also think that this is applicable only to non-fiction authors, but it doesn’t have to be. Even as a fiction writer, there is a lot you can share with people and teach what you know. And you can translate that in multiple revenues of income. Mostly this falls into category of product-service-system business models, where around the product you offer, your clients/customers can enjoy variety of related services.
Here is the list of interesting business model variations that I think every published author should consider:
- Speaking opportunities. Published book in your area of interest gives you the opportunity to position yourself as an expert in the given field. Through established and growing relationships, networks and community you can gain speaking opportunities and expand your writing business.
- Coaching. Are you good at your writing? Or you published a book about something else you are good at? Well there are other people who could benefit from your knowledge. This is an excellent way of starting an online coaching business – you can easily and effectively do your coaching using skype (facetime, ext.) and help people from all around the world.
- Online courses, webinars, training sessions. This is quite similar to coaching, but you have a bit larger audience: you can use your book as the foundation for an online training session or workshop. This is an excellent opportunity to virtually deliver educational programs and gain international clients.
- Subscription/membership program. Your book can be a foundation for a membership program where you offer additional exclusive content only to subscribers (on a monthly basis for example). Being your content “in the how to” category or short stories series, this is an excellent chance to secure steady stream of passive income.
- Information products. Every book can be easily upgraded/transformed in a workbook, mobile app, podcast..
- Certification. If you have developed your own techniques and methodologies that are effective in some way, you can offer certification programs to consultants/writers/coaches who want to teach your methods. In a way they are becoming your ambassadors, promoting further your business and brand.
- Online portal/journal. If you like to couple your love of writing with research you can start your own portal or journal, related to topics you are interested in. It is seen as an excellent opportunity to engage with other writers and generate valuable and interesting content. It can vary from poetry to retail or politics. Nevertheless, depending on the traffic your site generates you can ‘sell’ space on your website to interested third parties for advertisements.
Each of these models is a way that writer can deeper explore real entrepreneurial possibilities. Each of them require further time and investment. Yet the purpose of this article is to emphasize that inclination and affection for writing doesn’t have to end there: it can further fuel our creativity and combined with other talents (being that ours or other’s people) can lead to results with much broader impact.