5 Proven Ways to Generate Wealth as an Author

5 proven ways to generate wealth as an author

7/15/2016

Greetings to all!

It’s been several weeks since I last composed a blog post, and it mostly comes as a result of me taking time to engage in some training, not only to help me and the company; but more importantly to generate some wonderful, educational material that will help my clients become successful writerpreneurs. Now, in case you are unfamiliar with that term, it simply means a writer that is also an entrepreneur.

Before I jump into the many facets of these lessons, I want to give you some background regarding the teaching and training I received, and why I felt it was appropriate to share with my viewers, clients, and audience members.

Earlier in May 2016, I attended the “Book to Course Summit,” which trains individuals like you and me to discover ways of generating wealth as a writer and author. The material presented was actually very powerful and actionable; and while there were some less obvious flaws—particularly because my background in education revealed this to me—it was nevertheless a wonderful experience.

The company, Teachable®, put on this free virtual summit. According to their numbers, 16,000 people registered for it, although only about 2,500+ actually attended on a daily basis, including yours truly. Now, please keep in mind that as an educator, I will always have a passion for learning. At the same time, I am extremely skeptical of these “learning summits” when the people presenting have not actually earned a degree or other professional certificate that qualifies them to be experts. That’s just an automatic skepticism that I have with anyone calling themselves experts simply because I’ve seen too many of my clients become victims to scammers. But I will say that what the experts lacked in formal training, they more than made up in personal, hands-on experience, which greatly validated their expertise. And for this reason, and this reason alone, I believed it was a perfect experience for me to share with my tribe of writerpreneurs.

As an educator and expert writer/editor to clients, I have generated over $300,000 over the last decade. On average, that was about $30,000 a year, although each year fluctuated depending on the kind of work I offered for that particular time. Looking back, I realize that if I knew then what I know now, I could have easily reached the million-dollar mark before turning 30. This is why I am confident that their model, their approach, actually works…simply because I lived it, albeit not in the same manner as the experts of this Summit.

So, for this reason, I want to share the content and information with you, the loyal LAP Members and LAP Visitors. But I won’t simply regurgitate (pardon the expression) what they shared. I will also give you an honest evaluation of why their methods work, and how you can build upon their ideas and methods in order to create a successful venture of your own.

So, to begin the first lesson, I want to teach you 5 Ways to Generate Wealth as an Author. The subsequent blog posts in this series is also designed to give you a sneak peek into the Empowered Writerpreneurs Program Kit, which will be available for sale October 2016 ($149 for Members of my Network). I created this Program with one thing in mind: to give new writerpreneurs all the principles, tools, and resources they needed in order to begin and maintain life-long stability doing what they love. Visit the Products Page to learn more. And if you find yourself really learning a lot from this blog series, representing 10 out of the 50 lessons from the Kit, I am confident that you will want to make this investment. I don’t simply say this because I developed the Program. I say this because I know that from the moment you begin implementing the strategies within the Program and these 10 articles, you will see a high ROI throughout your writing career.

Are you ready?

To get us started, consider the following questions: What is wealth to you? What does it look like? For most of us, the answer is simple: lots of money to do whatever we want. As you think about what it means to be wealthy, consider everything that comes into play. In this lecture, you will be challenged to identify and specify what wealth is to you, and how you can use your writing as a means to help you obtain it. The Bible teaches us that it is God who gives us the power to gain wealth so that He may establish His covenant with us. Therefore, if we expect to gain wealth in the earth, we must receive the power that comes from God in order to see it come to pass. This power, dear writerpreneurs, is not simply a written check or immediate cash. Power is a word, an idea, a thought embedded in you; and as you develop and cultivate that word to see it manifested, then you will begin to see the wealth transferring into your hands. As you move through this lesson, keep that in mind. Every presented strategy is to help you identify what works best for you and your writerpreneurship.

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5 Strategies for Generating Wealth as an Author

One of the best ways to generate wealth as an author is to first identify what wealth looks like to you. Believe it or not, not every person will have the same monetary value that expresses the concept of wealth. For example, did you know that if you make at least $90 every day, you are in the top 1% of the global population? That amount may not seem like much to you in the United States, but it is a lot of money elsewhere. Depending on where you live, your dollar can go pretty far. And when you work as a virtual writerpreneur, you actually position yourself to become as successful as you want to be. Right now, the Internet is flooded with people, claiming to offer you the best and quickest way to earn 6-figures from a single project. And that’s not a reality for every person. At the same time, there are principles and strategies that you can implement, which I teach in the Empowered Writerpreneurs Program Kit, that will help you reach your wealth goals. To make this more personal, my wealth goal is to make $100,000 salary every year from my company. That’s it. Nothing more, nothing less. Every other dollar that it makes—which will eventually be in the 8-figures—is to go towards charity work, advancing the Kingdom of God, and hiring others to help the company succeed. These are my goals, and this is what wealth looks like to me. And because I now have a clear vision, I can move forward without any worry about whether or not I will reach them. Instead, it’s all a matter of when. In the same way, think about what it means to be wealthy for you and your family. Maybe making $50,000 as a writerpreneur is more than enough for you. Based on that, you can determine how much or how little you have to work at your business and as an author.
The second way that you can generate wealth as an author is to use your books to sell other products. In the case of LiyahAmore Publishing, I wanted to create a Program that would become one of the primary methods for helping the company reach its financial goals. So, instead of me focusing on selling just the many books that will be published, I’ve decided to give many e-books away…for FREE…to all #EmpoweredWriterpreneurs that join our growing network. The books are created to give each person some important insight regarding a topic related to writerpreneurship. And whether or not each Member participates in the Program, at least each person will have something to use to help him or her get started. In the same way, think about how your books can actually create another product or a stream of products. Perhaps you are someone that desires to start a non-profit. You can use your books to spark interest among potential donors, which will inevitably generate wealth for your non-profit project.
Another way that you can generate wealth as an author is to use your books to establish a consulting and coaching firm. Many authors have a way of ministering to other people in a given niche, whether it’s to motivate them to write books or to inspire them to be good parents. Whatever the niche, an author can turn that passion into profit by focusing on building a coaching and consultant firm, and using the books as a way to market that service. With me and LiyahAmore Publishing, I do offer coaching to potential clients. But my niche focuses on helping new writers break into the industry. Much of my content is geared towards that. Without question, if you are new to the field and industry, you must hire a coach, especially for the first year of business, so that you can establish a lasting career. I don’t simply inspire or motivate you with my coaching, but I educate you in terms of the technical skills that are necessary for continued success in your business. In the same way, you as an author may have something that you are really skilled in doing. How can you transform that skill into a coaching practice? What specifically can you do for others that they cannot do for themselves? As you think about this, be as detailed as possible. Don’t simply say, “I want to coach young women.” Be specific: “I want to coach teenage girls who have lost their fathers due to incarceration.” The more specific you are, the abler you are to develop a lasting, profitable business for your ideal clients.
Here’s the fourth way that you can generate wealth as an author: Create a subscription service for your writing/business. For example, LiyahAmore Publishing offers a three-tiered membership program for everyone interested in taking their writerpreneurship to the next level. (I share more of this in our Network.) The first tier is our General Membership program. General Members sign up for free, and receive free content including our blog posts, some e-courses, and some books. We then have the Senior Membership and VIP Membership tiers, which require a monthly subscription fee. At these levels, I provide more premium services that are not available to the public. There is much more direct coaching, consulting, and training for these Members. I don’t simply provide generic suggestions to these Members to help them with their writing business; rather, they have specialized, tailored sessions that specifically look at their individual plans and works. In like manner, you could develop a type of subscription service for your audience. Maybe you want to create monthly magazines; you could charge $35/month for each subscriber. Or perhaps you want to conduct weekly, private webinars for your audience. You could charge a monthly subscription fee for that.
Here’s the final suggestion in this lesson: freelance work. There are writers that have increased their revenue by providing freelance services to others. You can find these types of jobs through various platforms like FlexJobs, Indeed.com, and others. In 2015, I performed freelance work to an educational company that needed a curriculum writer. It was a virtual position, which allowed me to stay at home with Aaliyah. Many companies are looking for freelance writers who can perform work for them because the demand for skilled writers is higher than it used to be. The Internet changed that for us exponentially. Just as you would apply to a traditional job, you can use that same tactic to find virtual positions that will help other businesses with their writing needs.

Now that you have some ideas of how you can generate wealth as an author, think about what you want to do and what you’re skilled at doing. Maybe your desire is to have a coaching firm, but you are not in a financial position to do that full-time right now. Perhaps freelance work is needed just to help you save for your greater vision. Whatever the case may be, be realistic in your current endeavors. Don’t assume that just because you call yourself an expert that people will immediately want your services. It will take time, patience, and perseverance. More than that, it will take trust on the part of your potential audience.

What are your thoughts? Leave a comment below.

And as always, let’s grow together!
-Felecia

NOTE: This lesson is 1 of 50 powerful lessons from the Empowered Writerpreneurs Program Kit, available October 2016!