In this blog post, I published last week, I shared the first step to creating a Million Dollar Author Strategy. In this blog post, I’m picking up where I left off…
7 Ways to Create a Million Dollar Author Plan
Two things I talk about a lot here at Bestseller Publishing is authority and credibility. Both of these ideas are crucial to any successful business owner.
My previous clients Joel and Julie are a great example of using consulting to establish authority and credibility. They were both involved in a ministry full time for many years. Eventually, Joel decided he was ready to leave the ministry and move into consulting. He knew he was not going to get a consultant job and a high five-figure or even six-figure check from a fortune 1000 company by just being a minister and having worked with people for the last 20 years.
So we helped him write this book, Rewired, that he then used to attract high-level CEOs of companies that were doing $20 million to $100 million in revenue. In the very first year of his consulting business, Joel did over $300,000. He was only able to do this because he established himself as an authority figure in his space.
An attorney, for example, would have a difficult time moving into the consulting business without establishing herself as a credible consultant. Being a successful attorney doesn’t necessarily give her the power and ability to now be able to consult attorneys.
She would need something to establish her as an expert in her field. How would she be able to move from a practicing attorney to serving other attorneys? She would need to write a book.
A well-written book would allow her to reposition herself from one expertise to another.
This is also true in the world of coaching. One needs credibility to attract clients. I’m not going to go into how to set up coaching or consulting the business in this blog post. That’s another training for another time (which by the way, I do plan to write).
- High-ticket Services
Here at Bestseller Publishing, we primarily focus on high-ticket services.
In a previous blog post, I shared that we’ve been testing a free Facebook group where we offered a $997 course. That’s not typical for us. We’re not interested in selling high quantities of low-priced products/courses/etc.
We want potential clients to come to us, write us a check, and let us work our magic for them. Out of 1,000 people who purchase my book, Publish, Promote Profit, maybe 20-50 of them can actually write us a check for our “done for you” services, and that’s totally ok.
Because of my book, I’m helping all 1,000 of those people and I’m able to further serve those 20-50 people who choose to work with us.
Another way one can use their book is to land speaking engagements.
One of our clients, Richard May Bun, worked with us on his book Red Flags. Richard used his book to get a speaking engagement which resulted in over $700,000 in new business.
His book positioned him as the leading authority in the space, which got him the speaking engagement and then he used the book to generate leads with the people that were sitting in the audience. From that one speaking engagement, he was able to land 14 sales, each sale being worth an average of $50,000.
Because he was talking to an audience that was essentially completely made up of his ideal clients, he was able to make some really great sales and work with some wonderful people.
- Raising Money
There are a couple of different ways to do this. One of my favorite stories is from a previous client of ours who is an anesthesiologist. He also has a side hustle where he helps doctors invest in real estate.
He started doing this with his close friends, who were also doctors. When he shared the success that he found through doing it himself, they trusted him enough to give him $100,000 – $200,000. One he felt more confident in what he was doing, he realized he needed more money. So he decided to write a book with us specifically for doctors to show them how to use real estate investments for their retirements.
This is an incredibly narrow space he chose to work in. He’s really only talking to doctors who are interested in taking care of their retirement and are open to investing in real estate.
Once he had his book published, he was able to position himself as an authority figure in his space. He’s only done a handful of speaking engagements that we booked for him.
Instead, he preferred to send his book to doctors so he could raise the money he needed. After three months of sending his book to potential clients, he raised $2 million dollars for additional real estate.
Now, he continues to use his book and he continues to raise money for his side hustle.
If you haven’t already, check out the first part of 7 Ways to Create a Million Dollar Author Plan HERE. The final part will be posted this week.