Many authors can easily relate and understand it is possible to create multiple streams of income from their books but are often uncertain about how this is possible for them as fiction and non-fiction authors.
The major question is how can they make money in different ways from their skill.
The sources or streams in this case are not unique to particular kind of writers and indeed the incomes made would vary depending on the depth of one’s skills and other related factors such as branding.
1. Book sale: Selling your books whether in hardcover form or eBooks is one of the ways to make money. There are some gurus who make majority of their incomes from direct sale of their books. Selling books some effective marketing skills and knowledge on the best options for online book sales.
2. Book Idea sale: It is not uncommon for some book authors to offer their story ideas and strike attractive deals with movie houses and production teams to write compelling movie scripts from their story books. Its a great market!
3. Online courses: Authors can offer online courses and course materials to interested individuals and institutions who need their module for academic studies or practice. This course can be serialized or offered as a one-time session. This requires a great deal of expertise in a specific area relevant to the need of those may demand it.
4. Conferences and Live events: Hosting or featuring on live events and conferences can be a great source of earning money as an author. This stream of income has a double advantage of helping promote sale of your book as well. The money you earn as a speaker varies on the value placed on you by your invitees and in fact your audience as well. Your value can be grown by factors that include your influence, branding, level of expertise and several others.
5. Coaching. If you are amazing at your writing, you may be in the position to offer coaching and editing services to those who need it or aspire to reach your height. You may decide to do this for free as well as charge others for them. Many writers need help and you can certainly be of help. Just do it.
Do you know of any other streams of income for authors? Do add them in the comment box below.