This is a continuation in the author entrepreneur series of articles. Recently, I posted the arc of the indie author from first book to CEO of your global business.
Today we’re focusing on the various business models that authors can use to generate revenue and satisfy customers.
Of course, many authors have day jobs which is a great way to pay the bills and writing can then be for fun or extra income, but this article is aimed at authors who are intent on going full-time in this business.
Why do you need to define your business model?
Defining your business model can help keep you focused. Opportunities expand as your profile grows and keeping your business model top of mind can help you say no to things that distract you. [I need to remind myself of this all the time!]
For example, renowned indie author JA Konrath states, “I gave up on public appearances a few years ago, because of diminishing returns. They were indeed fun, but the cost and time away from writing wasn’t worth it to me.”
My business model includes professional speaking as well as being an author, but recently I have started to turn down speaking work in order to focus more on the writing and only taking interesting speaking events, like Sweden in September. I’ll be sharing my business plan at some point soon, but in considering where to focus my efforts, these were the most common business models I discovered – and some people mix and match between them.
Business model 1: Non-fiction books with info products, speaking and consulting