Every day you put off publishing your book….
You’re losing money.
Don’t believe me? Maybe you’ll believe the math.
Many people who think they might want to write a business book tend to bury their heads in the sand and put it off until later — and later never comes. I’ve found this is especially true of people who start writing a book, but never make it past the first few pages. In my experience, once I show them how much money they’re losing, it lights a fire under them pretty quick!
A book on the back burner is nothing but wasted opportunity, and I don’t want that to happen to you. So, let’s run through a little exercise to see exactly how much you’re losing in cold hard cash every day you don’t have your book out in the world.
Here’s the formula:
(A * B) * C = Lost revenue
A = Clients
The first part of the equation is the number of clients or customers you think your book will bring you. With the right elements in place, your book can bring you a steady stream of new leads week in and week out. What do you want to happen with your book? Are you hoping for two new clients a month? Are you hoping for one new sale a week? Whatever that number is for you, write it down.
Let’s just say for our example here that you’re hoping for one new client a month.
B = Dollars each client is worth
The next thing you need to know is how much a client is worth to you in dollars. So maybe a new client is worth $5,000, maybe $10,000, or maybe a new account is worth $100,000. Whatever the number is for you write it down.
For now, let’s be conservative and say that a client is worth $1,000.
C = Time
The final piece of the puzzle is how long you’ve been waiting to put this book out. Have you been thinking about writing a book for a year? Five years? Or is this a relatively new idea for you? I find many clients of ours have been thinking about it for many, many years. It’s something that they keep meaning to get to and maybe they even start it, but eventually it goes on the back burner.
For illustration purposes, let’s say you’ve put this book off for one year.
Now it’s time to do some math (don’t worry it’s not hard math).
So the equation goes like this: A times B times C equals how much money you’ve lost already.
In our example, one client per month x $1000 per client x one year = $12,000.
That’s $12,000 that you will never get back.
You can never recover that money because you can never recover the time that’s already been wasted. Time is not a renewable resource. Once it’s gone, it’s gone forever. And that’s a super-conservative estimate. What if the book brought in two or three clients? What if your backend sales funnel was set up so well that each client was worth double his or her normal value? It’s important to think about.
So what do the numbers look like for you?
Many consultants, experts, coaches, and business owners go through this exercise and find they’ve lost tens of thousands, if not hundreds of thousands of dollars simply because they’ve procrastinated writing their books. That’s the value of getting your book finished.
This exercise is also a great tool for figuring out the return on investment for our Authorship Program. People find the investment in getting the book done is repaid many times over in new clients, higher revenues, and the sense of accomplishment that comes from being a published author.
Now that you know your numbers, you have three choices:
1) You can do nothing, and continue to lose money that you can never recover.
2) You can rededicate yourself to finishing your book as quickly as possible. I strongly suggest finding someone to keep you accountable and help you along the way. Joining our next Writer’s Retreat might be a great way to go for you.
3) You can hire someone to write it for you. Hiring the right ghostwriter is the fastest way to get your book out there and the clients and customers rolling in. If you’re ready to invest in the best, consider applying to become one of our authors.
So what are you waiting for? Every day you wait is costing you money!