Here is how your residual income opportunity starts as you set out to write for profit:
When your book is published the royalties from home and export sales will home in at around 7.5% per unit. Say it quickly and it doesn’t sound like much but these basic royalties soon mount up to provide you with a handsome return year after year. When you start to hit reprints and multiple editions it gets even better and that’s when your residual income opportunity starts to take off.
But why settle for nugatory rewards when you can have it all?
There are other avenues open to you if you know how to milk them.
– Editions licensed for manufacture to another publisher
– Single issue or one-shot periodical rights
– Translation rights
– Sound broadcasting rights
– Merchandising rights
– Educational reprint rights
– Royalty-inclusive sales
– Mail order sales
– Book clubs
– PLR
Take translations for example: My first bestseller “Starting Your Own Business” has been translated in French, German, Spanish, Italian, Hindi and Urdu while “Starting an Internet Business at Home” has just broken the ice with its Romanian translation and is already providing me with additional residual income.
Chapter 13 of Writing for Profit in Your Spare Time reveals how to plan ahead to cash in on these additional incremental opportunities. Ignore the tried and tested strategies and you will lose out financially.
But never forget that your treatment of a chosen topic must deliver the following:
– Provide you with an extra income idea to make money writing
– Be capable of converting the idea into a residual income opportunity
– Progress this opportunity into other ways to make extra income
– Create in turn a residual income stream to earn extra income at home
– Culminate in ever-perpetuating residual income
Jim Green is an online enthusiast and bestselling author with an ever-growing string of traditionally published niche non-fiction hard copy titles to his credit. View his test marketing experiment at this website:
http://howtobecomefamousonline.howtoproducts-xl.com
