A while ago I attended a self published conference where they talked about how you can create multiple streams of income from a single book.
You can turn the book (which is one product) into 3 different formats:
- Print – print on demand through Createspace or IngramSpark
- Ebook – by distributor e.g. Amazon, iBooks, Kobo, NOOK, Google Play, Smashwords/Draft2Digital for subscription models and smaller vendors
- Audiobook – ACX.com for US and UK authors. Other options for authors in other countries – see Making Tracks by J Daniel Sawyer and Audiobooks for Indies by Simon Whistler
Multiply this by the number of countries you can sell in (globally) and you can ensure you have a varied income stream coming in. I’m really excited about these opportunities indie authors have today and will be looking to exploit all the above formats when my book is read.
Have you considered diversifying your income streams? How have you done this? I would love to hear in the comments below!