28 Jun How to Grow a 6 Figure Business by Writing One Short Book
How to Grow a 6-Figure Business Using One Short Book
This is an article for ambitious entrepreneurs who want to write one short book that generates 6 figures and beyond.
Unfortunately, most authors have what I call “One-Dimensional” thinking when it comes to making money with their books. They naively believe ALL money comes solely from book royalties.
This limited thinking keeps the majority of authors broke.
Don’t get me wrong, you can make money from royalties, but according to a study done by Written Word Media, the average author who makes 6-figures has 28 books in their catalogue.
Why not write one short book that generates 6-figures on the back-end of your business?
The reality is times have changed, and we’ve come a long way since the days of traditional publishing, where the gatekeepers (large publishing houses and literary agents) had all the power. With the advent of self-publishing resources like Amazon Kindle Direct Publishing (KDP) and Ingram Sparks, everything has changed.
Now YOU have ALL the POWER.
The question is: Are you going to use it?
Like the music industry, the publishing industry has changed radically. Musicians no longer only make money from albums or song sales. Now they profit in a multitude of ways such as:
- Live shows/tours
- Physical merchandise
- Digital merchandise
- Performance royalties
- Licensing
- YouTube
- Sponsorships
- Session work
- Crowdfunding
- Streaming pay-outs
- And more!
It’s time for authors to start seeing their books as a more prominent gateway to multiple streams of income.
Think about Apple® Technology. They don’t sell one product; they have a SUITE of products, such as iPads, iPods, iPhones, iMacs, MacBooks, and more!
Apple has what’s known as an Integrated Product Suite.
Apple offers a myriad of products, and once a customer purchases their first Apple product and becomes a fan, they typically buy more of the company’s products.
I know this because my kids convinced me to leave my flip phone behind and invest in an iPhone several years ago.
I initially fought buying an iPhone because I didn’t know much about it, and I thought I wouldn’t like it. Quite frankly, I didn’t want to expend the energy to learn something new. However, my persuasive kids convinced me to make the change.
Fast forward to now: I own an iPad, a mini iPad, a MacBook, a 27” iMac, and an iPhone.
I want to teach you how to create an Integrated Product Suite around your book, similar to what Apple has. By doing this, you can literally transform one short book into a 6-figure and beyond business!
A book can be a magnetic tool that attracts new readers, followers, leads, and clients directly to your business.
Authors everywhere are missing a huge opportunity to help their readers on a deeper level with the book’s message. They are doing their readers (and potential customers) a disservice if they don’t have a follow-up program built on the back-end of their book.
I want to give you a brilliant author-preneur who makes 7 figures on the backend of his book as an example:
Profit First by Mike Michalowicz
Mike Michalowicz is a genius. Seriously, I love this guy!
I picked up his book Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine at Barnes and Noble one day. Then, about a week later, I picked up another one of his books, The Pumpkin Plan: Simple Strategies to Grow a Remarkable Business in Any Field.
I read Profit First in about a week and was very impressed.
In Profit First, Mike teaches readers (business owners) why the traditional accounting method of Sales – Expenses = Profit is not just contrary to human behavior but is a myth that locks people into a never-ending cycle of selling more yet profiting less.
Profit First actually flips the formula (very similar to what I’m doing here with the Backwards Book Launch – flipping the traditional formula) and shows business owners the new way to have a profitable business: Sales – Profit = Expenses.
Of course, Mike provides multiple case studies throughout his book detailing readers who have applied the Profit First Formula, transforming, and in some cases saving their failing businesses.
I love that he didn’t STOP at just writing a great book. He knew that business owners would need help implementing his teachings.
Instead of being the only one who could teach his methods to others through coaching, consulting, or even an online course, Mike created a High-Ticket Certification Program on the backend of his book. He certifies accountants, financial planners, business coaches, and other professionals who meet his criteria to teach his Profit First Formula.
There is no pricing on his website for the cost of the certification program, but my estimate is it’s about $10K. At the time of this writing, Mike has certified 128 people. Estimating $10K per person for certification would be an additional profit of over $1 million!
In addition, he offers an affiliate program so that others can sell his services for a portion of the sales, allowing him to make money from other people’s efforts.
I don’t know the details of his certification program as there are many ways to structure these types of offerings, but he may also be taking a revenue share and/or a yearly renewal fee for his program.
It’s a brilliant strategy to add six or seven figures to your book’s profit.
Certifications Are a Huge Income Generator for Profit First.
Here’s what Mike says about his certification program in his book:
“As of this very second, there are 128 accountants, bookkeepers, and coaches working hand in hand with me to guide entrepreneurs on an implementation of Profit First. (No worries. You can absolutely do this on your own, but for some people, having an accountability partner who knows the ins and outs of their industry who can guide them step-by-step is a better approach.) Of these 128 Profit First Professionals (PFPs), on average we have directed the Profit First implementation of ten companies per PFP. That means we have guided 1,280 businesses to success using Profit First.”
I’m sure you’re starting to see the BIG picture here.
By certifying others in his teachings, Mike is able to reach and impact the masses.
Brilliant, right?
I’m considering hiring a PFP (Profit First Professional) for my business because I really believe in Mike’s teachings and philosophy (and I hate all things related to accounting.)
Throughout Mike’s book, he is constantly adding value and building his email list by offering resources by visiting his website.
Mike’s other BIG profit path with his book is speaking engagements. Here is what Mike says:
“Helping you and all of our fellow entrepreneurs become more profitable is my life’s purpose. I am flying all over America and beyond to speak about Profit First. Tomorrow I will speak to more than 1,100 pharmacy owners at an event in Houston, then to 25 people (if I am lucky) in Casper, Wyoming, then over to New Orleans to talk with 200 folks in the morning and then a panic dash (via plane, train and Uber) to Washington, D.C, for an evening keynote. Then I’ll travel abroad for a few more events. In between, I will do interviews for about four podcasts a day, recording my own podcast (ahem—The Profit First Podcast, of course) and updating this book at night. I do all of these with joy. I will teach this to anyone and everyone.”
Mike has not only built a 7-figure empire around his book, Profit First, and his teachings. He has truly created a movement.
Think about what MOVEMENT you can create with your book.
Mike Michaelowicz is transforming lives, and I’m proud of him for that.
The truth of the matter is…
The book is not the end; the book is just the beginning.
From what I see, Mike has at least four streams of income (in addition to royalties) from Profit First:
- Certification Program
- Speaking Engagements
- Possible Revenue share with his Certification program and/or licensing or annual fees
- Affiliate Program
He has created similar profit paths with his book The Pumpkin Plan.
Those interested can become a Certified Pumpkin Plan Strategist by application and invitation only.
Mike markets his certification program to coaches, entrepreneurs, teachers, trainers, speakers, and anyone who wants to start, build, or grow their business with a methodology to teach (his).
It’s a brilliant approach to building a 7-figure business with a book!
I’m sure ideas of how you can add huge streams of income to your book(s) are spinning in your mind right now.
WHAT BOOK SHOULD YOU WRITE
The question I always get from people is “What book should I write”?
The answer is simple: Write a book that solves a problem your ideal client/customer is having.
The second part of the answer is there are two “types” of books you should write:
- The What, but not the How Book
- The Information Overload Book
In the “what but not the how book”, the reality is you can’t teach everything you know in a short book, but you can give people the what (the formula, the system, the ideas, the steps), but not the how. Some readers will take your information and run with it. Other readers, however, will want to hire you to help them implement it.
In the “Information Overload” book, you actually do go into great detail about how to solve the problem your ideal client/customer is having. They may read it and think “I can never do all of this!”. Many times people realize it’s not as easy as they thought something was, so they will hire you to help them execute it.
Years ago, I wrote a book, Bestseller in 30 Days, which my coach didn’t want me to write because he felt I was giving away all my strategies and secrets. But I knew that a percentage of the people who read that book would not want to take all the steps necessary to write, publish and launch a book to bestseller status and therefore, they would hire me.
I’ve made 6-figures on the back-end of not only that book, but many of my books because people read them and see that I know what I’m talking about, trust is built and some of them hire me to help them.
WRITE YOUR SHORT BOOK IN 7 DAYS
I just finished writing a blog post about how to write a book in 7 days. You already have all the information in your brain about your subject matter. Don’t drag on the process of writing a book for years. I have clients that come to me after having spent 1-10 years working on one book. In the meantime, their competitors are writing books that are attracting their ideal clients and growing their businesses.
SHOW ME THE MONEY!
Pick one or two Profit Paths from the list below, set a price point, and create your new 6-figure Income Profit Path from your one short book:
- Digital Online Course/Training Program Based on the Book (You Can Charge Anywhere From $97 to $1997+ for Your Online Program)
- Paid Webinar Training (I Would Keep This Low-Ticket at $47 or $57)
- Membership Site with Additional Content Dripped Monthly ($27 or $37 a month to make this affordable)
- Live Workshop or Seminar (Charge anywhere from $99 to $2000 per ticket. If you are planning to upsell attendees at the event to your higher-priced program, offer this at a low cost).
- High Ticket Retreat (transformation is the name of the game here; what transformation can you offer at this event? How much is that worth to people? $5k? $10k? $25k? $35k or higher?)
- 8- to 12-Week High-End Coaching or Consulting ($3,000 to $10,000+ is a good price point)
- Mastermind Group ($1K to $5K+ per month)
- Certification ($5K to $10K+)
- Licensing ($1K – $3K+ Per Year)
- VIP Day ($997 to $25K+)
- Done-For-You Service ($5K to $25K+)
- Sell a Physical Product (prices vary)
Now, fill in the blanks:
To make six figures from my book, my first path to profit is: _______________________. I will price that program at $___________ and I will sell ___________ number of programs to generate six figures.
You can add more than one profit path to your book.
You could offer a standalone digital product and upsell those buyers to a 12-week group coaching program for $5,000 or more.
Mix and match the profit paths and watch your income soar!
If you’re really serious about writing a book that makes 6-figures, then schedule a free book strategy session with me and let’s talk about it:
https://bestsellingauthorprogram.com/coaching/
If you'd like to learn how to write, publish and launch your own bestselling book, you can check out my 8-week group coaching program, Digital Retirement Academy.