Many of us have heard the term "residual income" many times before. It simply means getting paid over and over for the effort you have put forth one time. In sales, I may sell a product that a customer will need over and over for many years. I can expect to earn residual commissions for that one time effort.
Imagine now, writing your own book and earning on-going royalties for many years off of that effort. Now I know the thoughts that are going through your mind, "Yeah, that would be nice, but I'm certainly no John Grisham."
Well, you really don't need to be in order to make an incredible living at writing and publishing. Sometimes, all it takes is a great idea. Here's an example-Cindy Cashman took a simple idea and made over $1 million from marketing her book, Everything Men Know about Woman by Dr. Richard Harrison (her pseudonym). Here's the funny part: All 96 pages of the book are completely blank! Women were buying her book by the caseload to give out to friends. Cindy has made enough off that one idea to completely retire.
The Chicken Soup for the Soul books have been one of the most popular series around and they are nothing more than a compilation of individual heartwarming stories. The authors, Jack Canfield and Mark Victor Hansen don't have to write a word. For them, it means gathering these true stories under a particular theme and then having them edited.
I'm currently reading a book a friend recommended entitled Conversations with Millionaires. In it, the authors Mike Litman and Jason Oman interview several millionaires to find out their wealth producing secrets. Here's the interesting part: The whole book was originally recorded on the Mike Litman radio show. The show was then transcribed to book format and has become an international bestseller since!
Everyone has an idea or story that could be published. The challenge is learning to market your story.
I spoke with Dan Miller recently and he reported his trip to the annual Mega Book Marketing University seminar in California proved to be very beneficial. The seminar is designed to help those who are interested in publishing information, market their books. Anyone who is interested can get this year's audio of The 2005 Mega Book Marketing University at a fraction of what it cost to attend the actual event.
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