7 WAYS TO MAKE MONEY FROM NON FICTION BESIDES ROYALTIES
Many people dream of writing non fiction and living off the royalties. And while some people actually can write and sell enough to make that dream come true, it doesn’t come to fruition for many others. That isn’t to say you can’t make money, lots of money, from non fiction. Writing non fiction can be the basis for generating a lot of money besides royalties. If you’ve been under the assumption that royalties are the only way to make income from a non fiction book, you are in for a pleasant surprise. There are many ways to use your book to generate income. And as an author, it’s wise to maximize the revenue for each book you produce. Many people with a client-based business can use a book to bring more clients to their business. But it can also work for people who are experts in a field without having a business outside of writing. Whichever your situation, you need to understand at least some of the ways a book can help you make money without depending on royalties. The following are seven ways you can make an income besides royalties.
Speaking Engagements. Speaking at events is an excellent way to earn fees and attract new customers. If you want to speak on your niche (at conferences, events, and workshops), and it’s a popular and high-demand topic, you can make good fees. In addition, it’s a good idea to have your book available for sale at the venue. You can add book sales to the fees. Speaking will also help you establish yourself as an authority in your niche. Writing a book and speaking on your niche topic is a great way to show your expertise and build authority. This can potentially drive a lot of sales and earn very good fees. If you’re comfortable speaking before an audience, this could be a perfect fit for you.
Develop one or many courses from your book. Courses are super-hot. And a book can be used to develop a single large course or multiple small courses from the content. There are several options for developing and delivering courses. You could use one of the popular platforms to host your course. Or you could develop it and deliver it through email, videos, webinars, or other platforms. You might need to create workbooks, PDFs, or other material. There are a lot of options and ways to make money with training.
Corporate sponsorships. Have you ever considered doing business with large corporations in addition to sales to individuals? You need to find one or more companies that align well with your topic. Maybe you can make bulk book sales to their employees and/or their customers. There might be speaking opportunities with companies, as well, or possibly training or webinar opportunities. They might use your book to give out at events or to charities. Always remember big companies have big budgets. Build relationships with these companies before approaching them for sponsorships.
Content licensing. This is a sibling to corporate sponsorships. Content licensing is when you license some of your content to companies for them to repurpose and republish. Again, you will need companies closely aligned with your niche to make this work. They might use your content in blogs, webinars, newsletters, emails, white papers, etc. If you work it into your deal, you could also receive credit for the material you license to the company.
Affiliate marketing. Do you recommend products, services, or training from third-parties in your book or website? If so, you can use affiliate links to collect a commission on each sale coming from your links. This is a great way to make money. Only use affiliate links for things you can personally recommend. Some high-dollar items could include training or software. But there are many items of all cost ranges available for affiliate sales. Once it’s set up, this is a nice passive income stream.
Consulting. You could offer consulting services if you’re an expert in your book topic. Clients could be individuals or businesses. Consulting usually involves giving guidance/advice on a goal or problem. It’s possible to make good money from consulting.
Start a paid membership site. If you’re an expert on your topic, you can use your book to drive new potential members to a monthly, paid subscription site. Some membership sites have a free level to introduce people to your site and paid levels offering higher levels of information or help/training to members. This can be an excellent method for generating a lot of money.
This is just a handful of ways a non fiction author can use their book to grow their income. For a creative author, there are many more ways to derive money from a book besides royalties. The more books you write, the more money you can make. Books can help you be seen as an expert. And you can use that status to open doors to grow your business and income. Some take more work than others, but the financial payoff makes the work and time worth the effort. As authors, you don’t have to depend on royalties to make a great income and living from your non fiction books.
Credit: J. Coy