Writing a book is a smart idea to build business for a few reasons:
So, I am all for books! Yet they do have one big limitation
- It’s a great way to set yourself up as an expert
- Publishing a book is an impressive rite of passage
- It provides your first pass at earning passive income
– the amount of money you can earn. When you are building a business, you want to maximize your earnings from each project – working less and enjoying more right? Unless you have an enormous and ever growing list, it won’t be easy to generate a significant income from a book which is usually priced between $20 and $30. This is the standard pricing in the book industry and it is difficult to convey greater value in order to charge a significantly higher price. Only a small percentage of authors get rich just from book sales
However, you can take this very same material and turn your book into an information product
which has a much higher perceived value. For the same information you can find in a $30 book, you could sell it for $299 to as much as $1,000 by expanding the offering.
For example, take your book, add a couple of audios on CD, throw in a few worksheets, plus fax-in or email critiques and voila! You have a value information product. I talk about this in the Mindset and Marketing Breakthroughs Workshop in a Box. It’s relatively simple to create these products with my resources and vendors.
So, if you have already written a book, this is your next step to build a great deal more passive income. And if you are thinking about writing a book, consider how you can expand the concept to include audio CD’s, worksheets and access to you personally so you can set a much higher price.
Step away from the book paradigm and you will be able to charge a good deal more. Working smarter like this will help you achieve your income goals faster with not much more effort or cost.
Your Client Attraction Assignment
Take a look at the products you currently offer. How can you expand or build on them to create a valuable information product? Take the time to brainstorm about what you can produce easily – it will be well worth the investment for your overall bottom line.