This is me- the writing goddess Melanie

This is me- the writing goddess Melanie
The writing goddess at leisure

Thursday, January 15, 2015

Write Books You Love. Think Global. Consider Multiple Streams Of Income | The Creative Penn

Write Books You Love. Think Global. Consider Multiple Streams Of Income | The Creative Penn:

 "Create multiple streams of income from your books

I’ve gone into this model before, but read this post if you need a refresher. Your income streams can be:

Print – print on demand through Createspace or IngramSpark
Ebook – by distributor e.g. Amazon, iBooks, Kobo, NOOK, Google Play, Smashwords/Draft2Digital for subscription models and smaller vendors
Audiobook – for US and UK authors. Other options for authors in other countries – see Making Tracks by J Daniel Sawyer and Audiobooks for Indies by Simon Whistler
Multiply these formats by country. So I am selling in 62. How many are you selling in?

Multiple these formats by language if you are getting into translations. I have German, Spanish and Italian and the moment, for print and ebook, with my first German audiobook coming in 2015, along with Portuguese and more in Spanish and Italian. More on translation here.

Think wider. How can you create more income streams from your books?

I’ve recently read and highly recommend Tony Robbins’ new book, Money: Master the Game. In it, Tony discusses the All-Season investing approach which anticipates the various market changes that inevitably occur in economic cycles. The idea to to have your investments in different quadrants so you can weather any type of market. The same approach can apply to our creative businesses.

If you only have one product (or one book) and one market (or one distributor), you won’t be able to weather the changes will HAVE to occur, since status quo is never an option. I’ve always taken this approach to my business and will continue to diversify in 2015.

My business card and email signature say: Author Entrepreneur. I do not make a full-time income from books. It could be a full-time income if I lived somewhere else, but I live in central London! You can see my last income analysis here if you’re interested in the split.

In my experience, unless you are one of the very few making hard core cash from writing alone, you either need a ‘day job,’ or you need to make income from other sources. I love writing books, but I don’t want to lose the love by forcing myself into a crazy production process.

My muse loves research and travel and that adds to my creation time. I’m happy with that, but I don’t want to go back to the day job, so while I write books at a reasonable clip, I also have other streams of income."

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