By Terry Whalin @terrywhalin
In the last few weeks our world has gone through unimaginable changes. Many businesses have shut down and we are isolated in our homes to protect us from catching the covid-19 virus in a world-wide pandemic. Possibly your business has closed or you have been temporarily furloughed from your business. What can you do in this ever-changing world?
Years ago I recognized the temporary status of any “job.” Publishing has gone through many changes during my years in this business. One of the key action steps you can take is to diversity your income stream. Where do you earn your money? Is it one place? Then I'm encouraging you to create different ways to earn money. Another way to put it is to use an old cliche: Don't put all of your eggs in one basket.
If we've learned anything in recent weeks, jobs and work can be uncertain. One of the best ways to hedge this possibility is to create different streams of income. For example, can you use your book as a springboard to create other information products that you sell online? If you want to know more details, I recommend you listen to this free interview I did with Bob Bly and look at the free Ebook with it.
Can you use your book to launch a personal coaching program? Your book has made you an authority and now use that influence to begin another aspect of your writing life—coaching. You will have a limited number of people but it can also create a regular stream of income for your business.
The overall key for any author is to create multiple streams of income. This article only gives a few of the possibilities. As an acquisitions editor, I repeatedly see authors focus on their royalties (or they tell me about their lack of royalties). There are many dynamics in play with a publisher receiving and paying these royalties such as the slow rate that bookstores pay publishers—which is something many authors forget. In my view, the royalty focus is the wrong focus. As an author, you can't control your royalty payment. If it comes, terrific. There are many element I mentioned in this article that you as an author can control. Seize those elements for your focus and work on them. It will yield a far greater financial result.
What action steps are you taking to diversity in this ever-changing world? Let me know in the comments below.
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One of the best actions is to diversity in an ever-changing world. Get ideas and insights from this prolific editor and author. (ClickToTweet)
W. Terry Whalin is an acquisitions editor at Morgan James Publishing. His work contact information is on the bottom of the second page (follow this link). His latest book for writers is 10 Publishing Myths, Insights Every Author Needs to Succeed. One of Terry's most popular free ebooks is Straight Talk From the Editor, 18 Keys to a Rejection-Proof Submission. He lives in Colorado and has over 200,000 twitter followers.
7 comments:
Terry, these are great tips on how authors can diversify to have multiple streams of income. It's something all writers need to work at. Thanks for sharing!
Karen,
Thank you for this feedback. In my past, I have put all of my eggs into one basket and been surprised. We have more flexibility and are more protected if we diversify.
Terry
Thank you for your informative post, Terry. You've offered great suggestions and much food for thought.
Linda,
Thanks for this feedback I've been doing it a long time and have the experiences to back my reasons for it.
Terry
Great advice Terry! "Don't put all of your eggs in one basket." And...Taking steps to diversity your income stream. Thank you for these ideas and encouragement for managing change.
Deborah Lyn,
Thank you fo rthis feedback. Change is hard for everyone but these are the times to lean into it and get it moving.
Terry
Terry, You're always full of great ideas. I wrote my coaching book, Go For It! Make Your Life Count for God, thinking people would work through the many questions on their own--but I taught it to a group of women leaders in Singapore. One of them asked permission to use it in a ministry in Vietnam. I've used it individually with coaching clients and created a 7 week Zoom coaching group. I am now taking six women leaders through it--from Maryland, Kansas, Washington and Oregon. We're halfway through and they want more! It is ending too soon--so now I'm trying to decide whether to try and quickly put another course together from my own material or us another author's book that I've taken a different group through. You're right--we can take what we've written or taught over the years and make it a stream of income--and a means to encourage spiritual growth which is my passion! Appreciate you input!
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