If you’re a published author, you probably know, your book sales alone are not likely to make you rich. Sure, it happens for some, but the truth is the majority of authors don’t make a living solely from their books, although your book is often the most important piece of the puzzle. It’s everything you create after publication that is more lucrative.
Your book lends you credibility as an expert in your field and opens doors of opportunity, broadening the stage to reach your tribe and share your message. Now that you have a book, you can schedule speaking engagements, create companion products, develop mentoring and coaching programs, launch online courses—the high-end items that will become the basis of your business.
Here are a few products and services you can create for your business if you desire to make your message your life's work:
Depending on the type of book you write, you may also consider adding a coordinating workbook or journal to bundle along with your book. Why have one book when you can have two? Of course, this won’t apply to all books, and it’s certainly easier to do with a non-fiction book than fiction.
If you’re writing non-fiction, now you have a chance to develop a second book that should come together quite easily since you already have most of the content created from your principal product. If you introduce concepts in your book, then you could have a separate workbook to help your reader further explore those processes on a deeper level.
If your book teaches something of value, it’s pretty easy to break the chapters into sections and create an online course by repurposing the content and expanding upon it.
Online courses are delivered in a variety of styles, and a good online course will have lessons in a selection of mediums to appeal to all learning styles. Some of your audience will learn better visually while others prefer audio. I personally like to print a workbook that I can sit down and read, so PDF downloads are my preferred learning style. If you create an online course, keep in mind that you will have a variety of students, so your course content should be delivered in a variety of ways including audio, video, screen share, text files, and PDF downloads.
Sounds like too much work? I’m here to tell you, it’s well worth the time and effort. Online courses are my preferred companion product, and I’ll tell you why…
Once you write your book, the content is already created. Now, of course, you will expand upon the information in your book and add additional content, or else why would anyone join your course when they could just buy your book? But the foundation of your course will already be created from your book, and then you can add additional content, bonus materials, video tutorials, audio, teleclasses, Zoom sessions, closed Facebook groups for support, and access to you on a more personal level.
Another popular way to create passive monthly income in your business is to create a membership site. This is a place where your members will usually pay for a monthly membership, with discounts at the annual level, and where their membership grants them access into a password-protected site containing valuable content related to your niche.
Depending on your book or business topic, your membership site could be your flagship product. For example, a health coach may have a membership site where members can access tutorial videos, recipes, a community of like-minded co-members, and an A-Z listing of ailments and recommended natural remedies, with resources.
If you are going to have a membership site, be sure to add valuable content and update it often to keep it relevant. You’ll want to add fresh content continuously so your members have a reason to keep their membership active.
Coaching and Mentoring Programs
If you’ve created a high-quality book and you’ve delivered valuable information that can help others, those who were moved or touched by your work will become your tribe, and would most likely love to work one-on-one with you.
This option is not for everyone, and some would rather only develop online courses and membership sites to make that income without having to work one-on-one with their tribe, but others thrive on the personal interaction, and for them, this is ideal. I personally enjoy working one-on-one with my clients because it pleases me to help them realize their goals of publication. I like to read their stories and get to know them, and it brings me great satisfaction to watch them evolve throughout the process and to know I’ve made a difference in their lives.
Once you become respected and well-known in your field, you can even head a mastermind program. This is where you will meet with your mentoring clients weekly or monthly over a longer period of time, usually within a group setting of like-minded individuals.
Workshops and retreats are a great way to get your clients together for a day or weekend gathering and really dive into the teachings in your book. Plus, if you have a companion workbook that accompanies your book, you can make it required material for the event, or you can include a copy with their registration. This is also a good way to sell your other companion products via back-of-the-room sales. Have a table set up to display your book, CDs, journals, and any other product you may have to offer. At the end of the event, this is a good time to make an exclusive offer for your attendees. This could be anything from one-on-one coaching or a mentoring program to an online course you are launching, to enrollment into your prestigious mastermind. Hosting live events is a great way to connect with your tribe and get to know them better.
These are just a few examples of how you can create additional products and programs to complement your business, with your book as the foundation of it all. Don’t stop when your book is published, that is just the beginning! With each new burst of success, reinvest and create a new product, begin a new class, upgrade your level of coaching. Before long, you will find that you have built your lucrative author empire.