OLD POST ALERT! This is an older post and although you might find some useful tips, any technical or publishing information is likely to be out of date. Please click on Start Here on the menu bar above to find links to my most useful articles, videos and podcast. Thanks and happy writing! – Joanna Penn
I'm finally back from my epic trip to Australia and New Zealand. After the 26 hour flight back to London, I feel like I have been run over. My soul is lingering somewhere over the Indian Ocean, slowly catching up.
But it was a good trip and although I didn't do much writing, I did do some thinking. Deep and meaningful thinking that might have involved a lot of South Otago Pinot Noir and Bluff oysters (the best in the world!).
I've been thinking about the past five years, and considering what I want for the next five.
We moved from Brisbane, Australia to London, England last June but we left behind a lot of stuff in storage and a house, just in case this move didn't work out. At the end of March we sold the house and so we flew back to Brisbane for a few days en route to New Zealand in order to finalize the shipping of personal effects.
Our physical move from Australia is now complete. London is officially home. I love change so this is all fantastic fun for me.
But inevitably, moving means reviewing accounts and taxes, and as I checked the paperwork, I felt depressed about how little we had achieved financially in five years despite earning well and attempting to invest.
My husband and I had tried to build up a property portfolio in Australia but with the global financial crisis and the Queensland flood, it didn't quite work out as planned. I'm sure many of you have similar stories.
Overall, I was looking at our time in Australia as one that reduced our assets considerably.
But my husband then pointed out that I had left Australia with a business, The Creative Penn, and this site, which now earns income through the sale of courses as well as my speaking. I had also invested in my own education in terms of internet marketing, writing and publishing that was probably equivalent to another Masters degree.
Plus, I have two novels and several non-fiction books that are intellectual property assets that will continue to earn money for me over time. I also have a business model to add to this IP with more assets that will create scalable income.
[Scalable income is when you create something once but the number of sales can be 1, or 1000, or 1,000,000. It's not dependent on your physical time. Books, and especially ebooks, fit this model.]
Clearly, I am as guilty as anyone in terms of forgetting to celebrate success!
This realization of creating intangible assets was a profound one. I hadn't seen my creations as actual assets before, as I thought the word applied more to physical things like property. But an asset is “anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value” Wikipedia.
You might think I had learned that lesson already but trust me, the penny has taken a while to drop.
That is incredibly exciting as we now have the tools to publish and market these ourselves, connecting directly with customers. We can create our assets and use them to create ongoing income, with much lower risk, lower overheads and lower cost of entry than something like property. [I'm not discounting property forever, but it is a good example in this financial climate.]
Books are intellectual property. They are assets. They create income.
Yes, we write because we love it and we feel a compulsion to create. But in a world where what was previously considered an asset may turn out to be false hope, a book is something that will last and may continue to earn money in your lifetime even after your death.
I know your writing journey may be different to mine, but I am now a full-time author-entrepreneur and I need to make money from my writing. Yes, I love the writing and the process but I also need to make it work professionally.
Yesterday, I returned home to a 4 figure check from Amazon for the sales of my ebooks from February. My physical property never left me with that much per month.
So where does that leave my 5 year plan?
Focus on creating intellectual property as scalable assets.
If you want to be a professional writer, making an income from your writing, it is now possible. I'm not making Konrath or Locke or Hocking money yet, but every month, the checks are heading in the right direction.
This is the Magic Bakery concept that prolific writer Dean Wesley Smith talks about. Each pie in the bakery is a book, and you can carve up the pie into different kinds of rights. But you won't make a decent living from one or two pies, you need lots. Each piece of each pie is a cash stream.
So, I'll be focusing on:
- Writing more books – fiction and non-fiction – and improving my writing
- Creating more of my own products
- Building a direct connection with readers through marketing
This doesn't seem world-changing, does it?
But the secret is consistency over time. There is no overnight success.
Most people give up because the first book isn't a runaway success and doesn't make thousands. Many writers stop at one book, or maybe two. But overnight success is a myth. We have to put in the time – to improve our writing, to write more books, to learn about marketing. We're so lucky because the journey is so rewarding.
My life has changed in the last 5 years. It can be summed up by this. When I came back through Customs and filled in my landing card, I entered ‘Writer' as my occupation.
I'm not giving up, because my dream is just starting to become a reality.
Here's to the next 5 years.
I'd love to hear what you think. Do you view your books as assets? How do you see the next 5 years working for your writing journey? Please do leave a comment.
Hi Joanna,
I’ve been following for awhile but never have got around to say hi–so “hi” 🙂 I felt like leaving a comment just now because I really liked this post; it sounds so familiar to me. And it’s encouraging. Yes, writing is like a compulsion for me.
I’ve also been going over the last five years and trying to see what I’ll be doing in the next five. Sometimes, some of the things I’ve been doing (including a lot of travel and stuff having to do with property–yeah, same story–in the few years before the current five), have felt like a waste–or as you put it, reduced assets considerably. But it’s not. Everything I’ve been learning in the last few years IS like another master’s degree. And same here–I’ve been calling myself a writer with a lot more confidence than I was 10 years ago and whatever–I’ve been dabbling for a long time. Now I’m serious. It’s what I do and what I am. And I wonder why I wasn’t able to stick with it–I started way back in 1996 when I finished my grad work. I just got discouraged and afraid, I guess, and felt like I should go for something more “usual” to make money and try to write on the side. But that hasn’t worked for me (like the universe has been pushing me to do what I’m supposed to do or something 🙂
Your three focus points are pretty much the same as mine. I just published my first book on Amazon a few weeks ago and, though sales are going slowly, I know it will pick up. And I’m planning my next. What else can I do? I am a writer–that’s all I’ve ever been and somehow, for some reason, spent time trying to do other things. None of it’s a waste, though. Everything gives me more to write about.
Love your attitude toward change and fantastic fun! And yes, I see everything I’ve done as an asset, even a book that might not sell so well. It’s all a process and building up business and learning and so many things–and on to the next one!
Next five years…not stopping! Have to work on the Nano novel I completed last November and so many other things…
Thanks 🙂
Hiya, Joanna!
What a very encouraging post. I had a major setback to my writing career when my little girl got sick with Leukemia in 2009. She’s fine now and I can finally try to focus on writing again. One of my biggest problems is my fear of failure, it’s almost debilitating, but I plan to push through and get a few books out this year–no matter what.
Thanks for sharing your revelation with us, it certainly has me thinking!
Hugs,
Monique
I don’t know how some people can give up after one or two books just because they weren’t breakout sucesses. I have so much to write that even if I never make more than $100 total I would still feel compelled to keep writing, even if only just for friends and family.
I definately agree that books are intellectual propety with the ability to continue garnering an income.
I hope you’ll come back to Australia from time to time to visit.
Your post is another great reminder to keep pressing on, even when the results seem so far off or not there at all.
Great post with a wonderful perspective.
I am now a subscriber to your site and have you pinned to my Reading List so I can reread this post in particular for ongoing inspiration and ideas.
I have one ebook out. It is an anthology of some of my favourite travel stories. Some have been previously published but in such diverse markets that I decided to compile them all in one book.
I’ve had my work published in five (sixth coming out soon) travel anthologies published by other companies and decided it was time to do it for myself.
But now I realize, I need to get going on the next one.
Thanks again for your generous suggestions and honesty in your process. Great stuff!
Adore this piece.As always your insights into the writerly life are spot on and timely. Like many others who have commented here, I came to writing late in life but realise now, that I wouldn’t have the vocie that I do unless I’d experienced the things I have. I haven’t had any proper income for two years now but one of my blogs was just made blog of the week on Netmums. It may as well have come with a pay check worth millions such is the amount of pride and validation I feel! Writing is an act of the soul and the heart not the head or the inner accountant but it’s great when it pays the odd bill! Thanks as always for your generous sharing of info, Sara x
Joanna, it seems your blog either confirms what I have been thinking/doing, or it adds another layer of understanding which fills in the strategies I have developed for my own future. When I wrote last, I was considering starting a publishing company which I have done, at this point only on paper and domain name registration. I have also put another book on the list. From my years as a trainier and consultant I have a LARGE volume of material. My focus and preference as a writer is the non-fiction sector. As I study the reading habits of those who buy non-fiction, I have decided to take the large body of material (intellectual assets as you say) and break them up into 8 separate volumes, each covering a separate, stand-alone segment of the subject at large. One is done already, the others are in the oven. Were I to gather them all into one piece it would publish at a whopping 500+ pages. It looks more marketable to me to produce 8 smaller works. Readers can purchase the volume they want based on a subject of immediate interest.
I honestly don’t expect to make much on the sale of these volumes. I do expect to market them as a tactical part of an overall strategy to build a presence, validate expertise, and gather an audience. The intent being back-end sales in consulting, teaching both personally and on-line, and eventually a membership site.
So thanks again for your blog. It remains a well done, always read part of my on-line excursions.
And it’s not just books: every article, every short story, every poem is an asset, and it can all add up to an amazing body of work. Each time, Joanna, you add to this site you build up your creative capital, and you add yet another excellent reason to come back and share both your journey and our journeys. Thank you!
This information is really inspiring–now back to perspiring
I’ve been using “Evernote” on my Mac to keep track of topics, clippings, notes and wonder if you use something similar?
Excellent article. I’m still writing my very first nonfiction book (years in the making during my lunch hour, etc) but getting there. Your podcasts, vids, and posts are always a great inspiration. They truly keep me plodding along.
Thanks!
You are an inspiration Joanna. Yes of course books are an asset. They are also assets that you can’t really loose too much on as opposed to property. I made some money from property over the years but I’ve also lost a lot. I now have a collection of 9 titles of text books for PNG schools. I am very fortunate because these books are bought when PNG and aid donors organise special education projects. The always include school text books of some sort. Primary school texts are best simply because there are more Primary schools of course. These books will be bought over and over for the next 10 years of so or while the current curriculum is retained. We then develop new editions for the new curriculum and the whole process starts over again. The competition is also limited. There are basically two publishers for the PNG school market, Pearson Education and Oxford University Press. I write for Pearson. My website is just an aside. I have had it for 4 years and not sold a single book! I should do more work on it.
Hi Joanna, thank you so much for this post. It validated my decision that I can make a viable business out from my passion as a writer and traveler. That this is the best business model for me. My plan for the next five years is to continue building my travel site as the ultimate resource for female travelers and to offer lifestyle and city guides (and who knows even video guides) to female travelers out there who want to craft their journeys.
That sounds great Prime – I know how active you are with your writing. I also think you understand what viable business and living is, since you are such a traveller. I have downsized a lot to move into this fulltime. It means more to me to live this way and have less stuff, then stick with my old job and have more money but less life.
You’ve convinced me that blogging will earn me both encouragement and companionship along the authorship journey. I would love to open my laptop every day and find so many enthusiastic and understanding replies!
This post has certainly got people talking 🙂
Hi Joanna,
Your blog came at just the right time to inspire me to not only get back to writing on my own blog, but also to continuing to do more writing and build up my assets. I also need to get back to your wonderful helpful advice to get my books onto Amazon etc so I can start to make income from them. A friend two days ago inspired me to put my Outback and Oz poetry into a book, so I have compiled that and am getting them printed in a limited format – will do more with poetry too – something I have neglected. The marketing is always the challenge, and I know you have much wonderful help on that. Keep inspiring us writers, Joanna. We love your stuff.
Hugs
Joan (formerly Gold Coast Writers, now Helensvale Writers)
Thanks Joan – and I will always remember you as you’re on my testimonial video from that day I spoke at Gold Coast Writers! Great stuff on the poetry – it is a wonderful creative art, less commercial but so rewarding. I may even publish my stuff one day 🙂
Adding more to my article, I have also been helping other people to build up their assets by publishing their books, ebooks, poetry books etc, and designing websites to sell /distribute their books. I love to see more books being putting out there – every one is different from the others, and reflective of the author. I am blessed to be able to add to the asset resources of the world.
Thanks again Joanna. Love
Joan
YES, YES, YES!!!! AGREE WITH YOU 100% ON THIS POST JOANNA. Books can put us in the same category as Julia Roberts, Madonna, Sting and Oprah!! Don’t laugh. J.K Rowling, Stephanie Meyers, James Patterson, Anne Rice, Danielle Steel, and Steven King are all living the dream. Now the door has been open to ALL for access. Check this list out of the best-selling fiction authors. They are STUPID RICH!! http://en.wikipedia.org/wiki/List_of_best-selling_fiction_authors
just a thought, My traditionally published roommate says she never calls herself a “Writer” but an “Author” because she has been published. she says people who consider themselves “Writers” write for themselves and no 1 else. it is an industry standard. You might want to change your occupation next time you go through customs because you have been PUBLISHED!
You are very inspiring, I also love to write and hope to put down occupation writer one day. There something about it that brings your soul outward. I feel more real and connected with my destiny thru writing. I know its my calling I just need to grasp it with both hands and a heart full of love for it.