The big challenge in my publishing business is “steady” income. Some months the business earns $12,000, other months it earns $1,200. How does it survive?
Through diversifying its income streams.
January through March and June through September are slow times for book sales. During these seven months I schedule new illustration projects which generate $48,000 in illustration income. (6 contracts x $8,000 per book = $48,000)
March through May and October through November are peak months for elementary school visits. I schedule 36 school events. 36 school visits generate $18,000 in speaking income. (36 events x $500 per event = $18,000)
On average, 10% of the students I meet buy a book. Meeting 36,000 students in elementary schools generates $36,000 in book income. (3,600 students x $10 per book = $36,000)
Five weekends a year I attend book festivals that have a minimum attendance of 10,000 readers. On average, 1% of the attendees buy a book. This generates $5,000 in book income. (100 attendees x 5 events x $10 per book = $5,000)
Illustrating, speaking, book sales, and festivals are four ways my business creates a six figure publishing income. A book is a product of publishing. A publishing business is the income streams around the product it creates. Learning this helped me overcome my biggest challenge—“steady” income.
—Mark Wayne Adams, Award-winning Illustrator & Publisher of Nicholas, that’s Ridiculous! A Story About Being a Boy