Business lessons for musicians from book publishing

From Shades Of Solveig:

A few weeks ago I went to a seminar by best-selling author and public speaker Patrick Snow on creating a successful career as a self-published book author. I was invited by a friend of mine, Randall Broad, who wrote a memoir and is now working as a motivational speaker. At 41, Patrick makes a pretty good living (six figures of some kind) as an author, public speaker, and coach/consultant to other authors.

As I sat listening to all this interesting stuff about self-publishing a book, surrounded by middle-aged people with big dreams – many with really interesting life stories, and all of whom want to become best-selling authors and public speakers, rake in a six-figure income and quit their day jobs – I realized that a lot of the same business ideas apply as well to DIY musicians as they do to DIY authors.

It costs about the same to self-publish and promote a book as it does a CD. About $10-15,000 altogether. For many, that is money they will never recoup.

It takes ten years to build a career as a best-selling author. 95% of books will not sell more than 3,000 copies.

Writing a book is 15% of the work. The rest (85%) is promoting it. Patrick is pretty successful, but he is still constantly hustling, looking for speaker leads and new coaching clients. He is a high energy person and works hard.

Your book is a lead-generating tool and your calling card – no more, no less. If you want to be taken seriously as an author and paid as a public speaker, you need to publish a book. It establishes your credibility as an expert, some one who can make something – because publishing a book is hard work. But the book is not the product. You, the person, are the product. Your book tells people who you are.

“Best-seller” is a manipulated term. If you want to be a best-selling author, take out a $100,000 loan and buy 15,000 of your own books from Amazon.

Continue reading the rest of the story on Shades Of Solveig