This is still one of the most asked questions I get.
Here’s a podcast listener question:
Dan, Thanks for your 48Days podcast. My goal for 2015 is to go totally free lance, with the hope of writing more and selling my knowledge, possibly in the form of a book, and downloadable material through my own future website. I am meeting with a publisher next week. They have expressed interest in having me write a book. What questions I should ask and what pitfalls should be aware of as I pursue this possibility?
1. You could just get a fee for writing the book – end of story. Ghostwriters like my good friend Ken Abraham have done very well with this model.
2. You could get an advance and a share of the royalties – with you helping to promote sales. Traditionally royalties will be 15-20% of the net sale. This has been my model for 48 Days to the Work You Love and No More Dreaded Mondays.
3. You could get no advance and a bigger share of the royalties. Hybrid publishers like Morgan James give a small advance ($100) but you get a much larger royalty. I designed a special arrangement with another publisher for Wisdom Meets Passion.
4. You could chose to self-publish and just promote and sell the book yourself – enhanced with your continued magazine articles, speaking, teaching and consulting. Smaller sales numbers but with higher profits on each book sold. I’ve done this with tons of materials we’ve created – like Write to the Bank. That really doesn’t lend itself to traditional publishing.
No one of these scenarios is the “right” answer. They are all possibilities to be explored. So it depends on your message and your target audience. It’s great to have a publisher interested in talking with you. Don’t jump on a first offer – but have fun exploring the possibilities.
*Taken from my very popular resource: Write to the Bank