Have you ever thought about diversifying your income from your book?
I frequently receive questions from independent authors who want to know how they can maximize their books’ impact. But this impact doesn’t have to be limited to sales from a single book. More audiences and income streams are available to you—you just have to think beyond the book.
Here’s a short list of possible income streams your book could potentially open for you. Choose the ones that resonate for you, but don’t try to do them all at once.
Maximize Your Book Formats
Publishing a book is a monumental effort. You have to come up with the idea, write the book, let it sit, maybe get some feedback, and revise it until it sparkles. And that’s just the beginning.
After putting all that effort into your book, it only makes sense to squeeze every last bit out of your efforts and expenses. Creating multiple formats is one of the easiest ways to extend your book’s reach and get the most out of your publishing journey.
eBooks
For most books, eBooks are an essential starting point. Even if you don’t read eBooks yourself, a lot of people do. Don’t cut those people out of your pool of potential readers.
Tip: If you’re hiring a professional to format your print book, ask that person right away if they can also create the eBook. Using the same designer for both files saves time, and the designer can be most efficient if they know about the eBook from the beginning of the project.
Hardcover books
Print-on-demand hardcovers have come a long way, baby. They used to look cheap and unprofessional, but these days, the print quality is remarkably high. IngramSpark’s dust jackets are quite nice, and KDP does good work with case laminate.
Tip: To keep your design costs low, plan your hardcover to have the same trim size as your paperback, and let your interior designer know your plans upfront before they begin.
Audiobooks
Audiobooks are a great way to reach new readers, and new research shows that audiobook circulation is largely driven by libraries with healthy membership numbers.
To say the audiobook industry is in flux would be an understatement. Between the shifting payment structures and contract language and AI’s constant impact on the industry, navigating this space can be daunting.
If you’re interested in creating an audiobook, make sure to do your own research so you can make the best distribution choices for your situation. The Alliance of Independent Authors blog is a great place to start.
Tip: Have you done any podcasting or other recording? Consider recording your own audiobook. (That said, a word of caution: The quality requirements are stringent, so don’t try this at home unless you know what you’re doing!)
Other Special Editions
From large-print editions to special book club editions to customized copies for individual readers or retail outlets, the sky’s the limit when it comes to packaging your book in different formats.
You don’t have to create every version you can think of, but don’t limit yourself if you see a sales opportunity in a niche market that requires a special edition of your book.
Foreign Language Translations
Foreign language translations are a significant investment, but they can open a whole new group of potential readers. Lindsay Jones, CEO of DropCap, touched on subsidiary rights here on TIPM back in October. As she explains, licensing your work internationally can unlock all kinds of different markets.
If you’re publishing your book on your own, it is your right to create or license derivative works, including the following:
- Sequels and spin-offs
- Merchandising rights (more on that later)
- Workbook or companion editions
- Adaptations for film, theater, or graphic novels
Tip: If you’re working with a self-publishing company, double-check your contract to be sure you hold these rights before you make any plans.
Courses, Webinars, and Workshops
Whether live or virtual, teaching can be a rewarding way to expand your influence. Nonfiction authors especially might find that workshops and e-courses are an effective way to share their expertise.
And this isn’t limited to just nonfiction authors—fiction authors have their own important skill set they can share. Is there insight you’ve gained throughout the writing, publishing, or marketing process that you could teach other authors?
Speaking Engagements
Everyone has their own comfort level when it comes to speaking in public. A speaking engagement doesn’t have to mean facing hundreds of people with a slideshow behind you (though it could!).
If something that big scares you—or just doesn’t fit into your plans—think smaller. You could give a presentation at your local library, speak to a college writing class, or partner with a local organization to share your insights with their members.
These opportunities offer a way to comfortably build your reputation (and your confidence) and help you connect with new readers.
Merchandise
Depending on your book’s genre and audience, creating merchandise can be a fun and engaging way to diversity your income. From themed bookmarks or tote bags to mugs and T-shirts, products that complement your book can help you connect with your readers and generate additional income.
Tip: Print-on-demand isn’t limited to just books. Today, the technology is practically everywhere. If creating a large run of shirts or other products is not financially feasible, consider dipping your toes into merchandising with products that are created and sold on a case-by-case basis (i.e., when someone orders them).
Keep Marketing Your Book
Your book won’t sell itself—you have to get out there and make it happen. But marketing doesn’t have to be overwhelming or expensive. You just need to start with one or two things you can do to get your book in front of readers, whether that’s an Amazon promotion or a social media campaign.
Tip: Whatever your marketing plans, consistency is key. As Penny Sansevieri of Author Marketing Experts explains, it’s better to treat marketing as a long-term strategy than it is to rely on a one-off blast with no follow-up.
Remember, your book is more than just words on a page; it’s your story, your expertise, and your voice. By committing to thoughtful, consistent marketing, you are helping your book find the audience it deserves.
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If you have questions about POD, independent publishing, or anything else, send them to questions@independentpublishing.com and we might feature them in our Ask a Self-Publishing Expert column!
