ALLi Director Orna Ross sets out seven scenarios for self-publishing success. Which one describes where you are now? Which matches your aspirations?
Everybody (including me and other ALLi advisors) talks about the need for authors to be entrepreneurs, but what does that mean at a day-to-day level?
Authors can make enough money to make a living in a variety of ways. Here are some of the most common business models employed by successful author businesses.
1. Books Only, Single Outlet: Write Fast, Publish Often
Writing in a popular genre, writing fast, publishing often. Often Amazon only to take advantage of KU (Kindle Unlimited), and often ebook only, or with print and audio as an also-ran.
2. Books Only, Going Wide: Multiple Formats and Retailers
Referred to in the community as “going wide”, publishing through Kobo, Apple Books, Google Play and distributors like Draft2Digital and PublishDrive as well as KDP, and IngramSpark as well as Createspace for books. And multiple formats: ebook, print, audio. The idea is to reach as many readers as possible and build a growing readership, steadily, over time.
3. Books Plus Speaking Model: Information Products
Usually a model for nonfiction, whereby books and products arising are supplemented by speaker income. Offline, this is done as back-of-the room-book sales at a speaking gig. Online, it is typically higher-margin, information products connected to the book being sold after a free webinar. This is often supplemented with a Facebook group that supports the learning offered in the books and info products.
4. Books Plus Teaching/Mentoring/Coaching/Consultancy Model: Supported Learning
This is true teaching, not just an information product. The time-honored way is through an educational establishment, like a university or school, but now it can happen online too. It distinguishes itself from Model 3 by being active teaching in a supported learning environment, with the author, or another real person, correcting modules and exercises, giving feedback in a pedagogic framework, not information-plus-Facebook group.
5. Books Plus Reader Membership Model: Benefits For Close Readers
Keen readers are invited to subscribe monthly or annually to a membership program that offers various benefits. Again, this generally works better for non-fiction authors, although some fiction authors, especially women’s and romance novelists, have made a great success of these.
6. Books Plus Sponsorship or Patronage: Support from Other Individuals or Businesses
Wealthy patrons have never been as generous to writers as to fine artists, for some reason, and these days, it’s more likely to be a brand, arts council or other sponsor offering money, and wanting something in return for the investment. Often, awareness from your fans or followers.
Another new opportunity for this model is crowdfunding through Patreon or similar or asking for direct donations on your website.
7. Books Plus Affiliate Income
Supplement your book income by recommending products and services you approve of and believe are useful, entertaining or inspiring to your readership. The products are linked to your subject matter, theme or world, and you promote them through blog posts, articles, videos and podcasts with affiliate links to the products.
Multiple Streams of Income
The most common, and the safest, business model: to combine a number of the options.
Authors can also benefit from paid freelance writing gigs, prizes, grants and other options. Combining these is a workable way can take time, but when you get the mix right, it can be very rewarding, creatively and commercially.
Whichever business model we choose, indie authors have to develop skills in three distinct arenas: craft, management and enterprise.
The Three Aspects of An Author Business
Each of these functions requires us to wear a different “hat”:
- You put on your Crafter Hat for the work you need to do in your business: your creative projects, products and campaigns
- You put on your Director Hat for the work you need to do on your business: your creative business assets, processes and profits
- You put on your Entrepreneur Hat for the work you need to do about your business: your creative ideas, pitches and publications.
Success as an indie author is down to how well you balance these three.
Creative Business For Creativepreneurs:
I run a free online workshops on running a creative business the creative way on Facebook Live on the first Tuesday of every month.
Register here (you’ll also get a weekly Monday Motivator and a free Go Creative! ebook).