Ticker Banner

Monday, October 19, 2020

Benefits of Writing Your Own Book as an Entrepreneur

As an entrepreneur, I have been pretty ambitious to working many side hustles of my own. I have many ideas that I can one day monetize. One of the side hustle I am working on is actually writing a book about personal finance and stock investing. I have been writing this book during my spare time from working in my dad's company. It is currently not finished yet at the moment, but I have written close to forty-five pages so far.

I have zero experience and knowledge of becoming a book author. I do not expect for it to become successful at all. I enjoy working on this since it can be a great time to express the knowledge and experience to others out there. I already planned a mindset not to be discouraged if it does not succeed. I will be happy enough if people out there are willing to read the things I wrote. I hope the book I am currently working on can somehow help people out there.


I know readers probably think that writing a book of my own is a waste of time, and it is not easy to be monetized. A typical book author barely makes more than minimum wage. You receive an advance and 10% royalties on net profit from each book. If your book retails at $25 per copy, you would need to sell at least 4,000 copies just to break even on the $5,000 advance. 


 Yes, indeed, publishing a book is not an easy task. However, this does not stop me from working on it. I think there are many benefits to having a written book of your own. This is why I decided to write this article in regards to my own curiosity and a topic that I would like to share in this blog. From my research, I learned that writing your own book can make you some money on the side and come with many beneficial factors on the side. 

1. Attention from the Public.
A book of your own is great for getting attention. It is a multi-purpose marketing tool with unique and special abilities to create attention that you can turn into almost anything else you want, such as sales, media, word of mouth, and more. 


In today's world, a book of your own is like having your new business card. A book sets you up to be judged. It is effortless to go through college and to get your degree. However, you cannot fake your way into writing a good book. When people read your book, they can tell whether you actually know what you are talking about or you do not. So a written book of your own can be an excellent way to show your credibility to the public.


Furthermore, a book raises awareness about you. If you want visibility in your field and media coverage, being a book author is the key. Having a great book brings people to you. They can know who exactly you are and show how you can help them. It is a great marketing tool you can use to build your brand and attract clients. 


Brand awareness about you will result in having people talk about you. A well-written book causes people to repeat your terms, phrases, and ideas to other people. If you can write a valuable book to a person, they will want to talk about your book to someone else who has the same problem. For instance, let us say you wrote a book about stock investing. If your book is excellent and teaches readers what they want to learn, this can be excellent brand awareness. Moreover, having a written book can result from people being aware of you.

Getting attention from the public is one of my favorite reasons for writing my own book about personal finance and stock investing. I believe that having a book of my own can help me get the attention of the public. Since I am a part-time blogger and a soon to be YouTuber, I want people to know more about me. Moreover, I want people who read my book to know the values and knowledge that share with the world. It is a great way to introduce myself to others without having to actually meet them. If someone wants to learn about me, they can easily read the book I have written. This can result in understanding my character as well as the values I believe in.


I hope the book that I am currently writing can help me get the attention of the public. Getting the public's attention can someday help me market other products or services that I'm offering. I can have an easier time convincing others to try out my other products or services when they already know about me. For example, someone is more likely to try out an investment course that I create compare to someone else that does not have the credibility.

2. Books turn Attention into Opportunity.

Attention is great, but most entrepreneurs don't just want attention and nothing else. The reason why entrepreneurs want attention is that they can turn it into money. Remember, as I said earlier, a book of your own is a multi-purpose marketing tool that creates attention that you can turn into almost anything else you want.


During my research, I learned that writing your own can help you be a small timer actually to build an actual business. A great example is the story of Dorie Clark. In only a few years, she went from an out-of-work journalist to such a well-respected marketing and branding consultant that she is now a professor at Duke and speaks to such groups as the World Bank and the IMF. You might ask how she did that. Of course, it requires much hard work, but she attributes most of the success to her two books, and they really put her on the map.


Another example is Melissa Gonzales. She doubled the size of her business because of writing her own book. When she wrote her first book on pop-retail, every retail media outlet wanted to interview her, and the book led to clients seeing her in totally different ways. Her book positioned her expert in a hot new field. She put a lot of information on the things she knew in her book, which was the only reason she got hired by major retailers. People who hire consultants and coaches hire them to reach them and their team and implement their knowledge. They are often not looking to learn the knowledge in the book. The book is how you show them why they should hire you.


I think this information makes me believe that writing a book of my own is really beneficial. I hope that the book I am currently working on can get me noticed by the public. Who knows that maybe someday someone out there wants me to manage their portfolio or be interested in signing up for my online course. I believe someone is more willing to work with me when they know the kind of person I am. A book of my own can help me get the information and the credibility out there.

3. Help You Sell Products or Services You Offer.   

When you have a book written by yourself, it can help you sell products or services you offer. A great example is a book written by Dave Ramsey. Dave Ramsey is a personal finance coach that helps people get out of debt and becoming wealthy. I read some of the books he wrote, which helps me get to know more about him. Because the information and value inspired me he has written, I now become his fan on YouTube. I always watched all the YouTube videos he has till today.

His books did influence not only me but also many people out there. People had signed up for his course on managing personal finance. Dave Ramsey had become a multi-millionaire because of the value he had provided to many people. He did make not only a lot of money but also create value for society. Having his own book helps him sell products and services that he also offers. His books let others know about him as well as the things he had to offer.


I believe this benefit reason is why I am so interested in finishing writing my book. I'm not so focused on making a lot of money from people buying my book, but actually, the benefit of having them trust me. If the book I am currently working on can help me sell other products and services I offer, this can help me build the business I always wanted. For example, one of my side hustle projects is creating an online course on investing. If my book can help me get recognized by many, it can help me get clients and students willing to pay money to try out the online course that I have. 

4. Generate Passive Income.

A small number of books indeed make blockbuster levels of revenue; however, most do not. The good news is that you do not need your book to become an all-time bestseller. You are having your book published means that you are already in the business.


If you release a book that generates a small, consistent passive income level, you have opened up a viable new revenue stream. This can give you a lot more options for the future. Even if the monetary impact is relatively small, knowing you have released a book, people are willing to pay for it is incredibly rewarding.


The good news is that once you have published a book, you do not have to work for it anymore. The number of books sold is passive income. This means you can scale your work to many others without having to write another one. 


I'm not expecting to make a large sum of money from the book I am working on. I will be content with having someone actually read the things I write. This shows that I have created value for others and should be proud of it. Of course, I will be happier if my book actually becomes viral. I can potentially make more income on the side of the book I have written.

5. Know Yourself Better.

The last reason for the benefit of writing your own book is actually to know yourself better. I have a lot of fun and joy when writing on the book I'm currently working on. By writing a book, I was able to know myself better. I am able to express my thought and feeling in the book. This helps me become a better writer, as well as an investor.


It is enjoyable writing a book of my own. It is actually pretty cool, in my opinion. I can brag to people out there that I have a book of my own. And when someone wants to know more about investing, I can always refer them to the book I have written.


I hope that my book can be read by my children or to my loved ones one day in the future. I want to pass the knowledge and experience as an investor to them. If my children can learn something out of the book I have written, they can also be successful investors one day. It is like passing the knowledge you already have to the next generation of your blood.


I know that if my children read the book I have written, they can also be successful and wealthy. That means a lot to me. I want my kids to be more successful and wealthier than me. It is not very meaningful to be wealthy and not pass it to the next generation. I hope that my kids can learn things early in life, so they too can start creating wealth and reach their own financial freedom.


After researching why an entrepreneur should write their own book, I concluded the benefits it comes with. I did not regret a single bit of starting writing my own book on personal finance and investing. Even when I know the success rate is slim, I believe writing my own book has many benefits.


Writing my own book helps me get a brand to recognize to the public. I hope that my book can somehow help me get notice of the people out there. It is like having a business card. People who read my book can know more about me and the value I believe in. It also can be an opportunity for me in other aspects of the business. For example, I hope someone who reads my book can be more willing to try out the products and services I also offer. This can result in me making some money out of it.


I am not expecting to make tons of money from the book I'm writing. I will be happy if someone out there willing actually to read it. I'll be content just with that result. And of course, if someone close to me like my future children or loved one willing to take their time to read my book means everything to me. I want to be able to pass down my knowledge in stock investing to the next generation. If they can be a great investor, they can potentially be successful and wealthy.


Writing a book of my own as an entrepreneur is really fun and enjoyable. I felt great about myself to be able to write a book of my own. Moreover, it's also really cool to be able to brag to others about having a book of my own. I hope that this article provides the benefit of why an entrepreneur should write a book of their own. Do not focus on the income, but rather the value you can provide. I think this should be the reason if you are thinking of writing your own book. It would help if you were passionate about writing your own book and treat it more as a hobby and leisure. This way, you do not feel it as a burden to you.


I will continue writing the book I am working on when I have spare time. I hope it will get published in the future and can be bought by others. So be patient, and I will keep you guys updated!

No comments:

Post a Comment