How I made $160,000 from non-fiction books
I've sold over 40,000 non-fiction books on Amazon and made over $160,000 in six years while writing on the side.
I have a full-time job and three young sons; I can't spend 40 hours a week writing. This article describes my journey.
I write mainly tech books:
Thanks to my readers, many wrote positive evaluations. Several are bestsellers.
A few have been adopted by universities as textbooks:
My books' passive income allows me more time with my family.
Knowing I could quit my job and write full time gave me more confidence. And I find purpose in my work (i am in christian ministry).
I'm always eager to write. When work is a dread or something bad happens, writing gives me energy. Writing isn't scary. In fact, I can’t stop myself from writing!
Writing has also established my tech authority. Universities use my books, as I've said. Traditional publishers have asked me to write books.
These mindsets helped me become a successful nonfiction author:
1. You don’t have to be an Authority
Yes, I have computer science experience. But I'm no expert on my topics. Before authoring "Beginning Node.js, Express & MongoDB," my most profitable book, I had no experience with those topics. Node was a new server-side technology for me. Would that stop me from writing a book? It can. I liked learning a new technology. So I read the top three Node books, took the top online courses, and put them into my own book (which makes me know more than 90 percent of people already).
I didn't have to worry about using too much jargon because I was learning as I wrote. An expert forgets a beginner's hardship.
"The fellow learner can aid more than the master since he knows less," says C.S. Lewis. The problem he must explain is recent. The expert has forgotten.”
2. Solve a micro-problem (Niching down)
I didn't set out to write a definitive handbook. I found a market with several challenges and wrote one book. Ex:
- Instead of web development, what about web development using Angular?
- Instead of Blockchain, what about Blockchain using Solidity and React?
- Instead of cooking recipes, how about a recipe for a specific kind of diet?
- Instead of Learning math, what about Learning Singapore Math?
3. Piggy Backing Trends
The above topics may still be a competitive market. E.g. Angular, React. To stand out, include the latest technologies or trends in your book. Learn iOS 15 instead of iOS programming. Instead of personal finance, what about personal finance with NFTs.
Even though you're a newbie author, your topic is well-known.
4. Publish short books
My books are known for being direct. Many people like this:
Your reader will appreciate you cutting out the fluff and getting to the good stuff. A reader can finish and review your book.
Second, short books are easier to write. Instead of creating a 500-page book for $50 (which few will buy), write a 100-page book that answers a subset of the problem and sell it for less. (You make less, but that's another subject). At least it got published instead of languishing. Less time spent creating a book means less time wasted if it fails. Write a small-bets book portfolio like Daniel Vassallo!
Third, it's $2.99-$9.99 on Amazon (gets 70 percent royalties for ebooks). Anything less receives 35% royalties. $9.99 books have 20,000–30,000 words. If you write more and charge more over $9.99, you get 35% royalties. Why not make it a $9.99 book?
(This is the ebook version.) Paperbacks cost more. Higher royalties allow for higher prices.
5. Validate book idea
Amazon will tell you if your book concept, title, and related phrases are popular. See? Check its best-sellers list.
150,000 is preferable. It sells 2–3 copies daily. Consider your rivals. Profitable niches have high demand and low competition.
Don't be afraid of competitive niches. First, it shows high demand. Secondly, what are the ways you can undercut the completion? Better book? Or cheaper option? There was lots of competition in my NodeJS book's area. None received 4.5 stars or more. I wrote a NodeJS book. Today, it's a best-selling Node book.
What’s Next
So long. Part II follows. Meanwhile, I will continue to write more books!
Follow my journey on Twitter.
This post is a summary. Read full article here
More on Entrepreneurship/Creators
DC Palter
3 years ago
Is Venture Capital a Good Fit for Your Startup?
5 VC investment criteria
I reviewed 200 startup business concepts last week. Brainache.
The enterprises sold various goods and services. The concepts were achingly similar: give us money, we'll produce a product, then get more to expand. No different from daily plans and pitches.
Most of those 200 plans sounded plausible. But 10% looked venture-worthy. 90% of startups need alternatives to venture finance.
With the success of VC-backed businesses and the growth of venture funds, a common misperception is that investors would fund any decent company idea. Finding investors that believe in the firm and founders is the key to funding.
Incorrect. Venture capital needs investing in certain enterprises. If your startup doesn't match the model, as most early-stage startups don't, you can revise your business plan or locate another source of capital.
Before spending six months pitching angels and VCs, make sure your startup fits these criteria.
Likely to generate $100 million in sales
First, I check the income predictions in a pitch deck. If it doesn't display $100M, don't bother.
The math doesn't work for venture financing in smaller businesses.
Say a fund invests $1 million in a startup valued at $5 million that is later acquired for $20 million. That's a win everyone should celebrate. Most VCs don't care.
Consider a $100M fund. The fund must reach $360M in 7 years with a 20% return. Only 20-30 investments are possible. 90% of the investments will fail, hence the 23 winners must return $100M-$200M apiece. $15M isn't worth the work.
Angel investors and tiny funds use the same ideas as venture funds, but their smaller scale affects the calculations. If a company can support its growth through exit on less than $2M in angel financing, it must have $25M in revenues before large companies will consider acquiring it.
Aiming for Hypergrowth
A startup's size isn't enough. It must expand fast.
Developing a great business takes time. Complex technology must be constructed and tested, a nationwide expansion must be built, or production procedures must go from lab to pilot to factories. These can be enormous, world-changing corporations, but venture investment is difficult.
The normal 10-year venture fund life. Investments are made during first 3–4 years.. 610 years pass between investment and fund dissolution. Funds need their investments to exit within 5 years, 7 at the most, therefore add a safety margin.
Longer exit times reduce ROI. A 2-fold return in a year is excellent. Loss at 2x in 7 years.
Lastly, VCs must prove success to raise their next capital. The 2nd fund is raised from 1st fund portfolio increases. Third fund is raised using 1st fund's cash return. Fund managers must raise new money quickly to keep their jobs.
Branding or technology that is protected
No big firm will buy a startup at a high price if they can produce a competing product for less. Their development teams, consumer base, and sales and marketing channels are large. Who needs you?
Patents, specialist knowledge, or brand name are the only answers. The acquirer buys this, not the thing.
I've heard of several promising startups. It's not a decent investment if there's no exit strategy.
A company that installs EV charging stations in apartments and shopping areas is an example. It's profitable, repeatable, and big. A terrific company. Not a startup.
This building company's operations aren't secret. No technology to protect, no special information competitors can't figure out, no go-to brand name. Despite the immense possibilities, a large construction company would be better off starting their own.
Most venture businesses build products, not services. Services can be profitable but hard to safeguard.
Probable purchase at high multiple
Once a software business proves its value, acquiring it is easy. Pharma and medtech firms have given up on their own research and instead acquire startups after regulatory permission. Many startups, especially in specialized areas, have this weakness.
That doesn't mean any lucrative $25M-plus business won't be acquired. In many businesses, the venture model requires a high exit premium.
A startup invents a new glue. 3M, BASF, Henkel, and others may buy them. Adding more adhesive to their catalogs won't boost commerce. They won't compete to buy the business. They'll only buy a startup at a profitable price. The acquisition price represents a moderate EBITDA multiple.
The company's $100M revenue presumably yields $10m in profits (assuming they’ve reached profitability at all). A $30M-$50M transaction is likely. Not terrible, but not what venture investors want after investing $25M to create a plant and develop the business.
Private equity buys profitable companies for a moderate profit multiple. It's a good exit for entrepreneurs, but not for investors seeking 10x or more what PE firms pay. If a startup offers private equity as an exit, the conversation is over.
Constructed for purchase
The startup wants a high-multiple exit. Unless the company targets $1B in revenue and does an IPO, exit means acquisition.
If they're constructing the business for acquisition or themselves, founders must decide.
If you want an indefinitely-running business, I applaud you. We need more long-term founders. Most successful organizations are founded around consumer demands, not venture capital's urge to grow fast and exit. Not venture funding.
if you don't match the venture model, what to do
VC funds moonshots. The 10% that succeed are extraordinary. Not every firm is a rocketship, and launching the wrong startup into space, even with money, will explode.
But just because your startup won't make $100M in 5 years doesn't mean it's a bad business. Most successful companies don't follow this model. It's not venture capital-friendly.
Although venture capital gets the most attention due to a few spectacular triumphs (and disasters), it's not the only or even most typical option to fund a firm.
Other ways to support your startup:
Personal and family resources, such as credit cards, second mortgages, and lines of credit
bootstrapping off of sales
government funding and honors
Private equity & project financing
collaborating with a big business
Including a business partner
Before pitching angels and VCs, be sure your startup qualifies. If so, include them in your pitch.
Jenn Leach
3 years ago
In November, I made an effort to pitch 10 brands per day. Here's what I discovered.
I pitched 10 brands per workday for a total of 200.
How did I do?
It was difficult.
I've never pitched so much.
What did this challenge teach me?
the superiority of quality over quantity
When you need help, outsource
Don't disregard burnout in order to complete a challenge because it exists.
First, pitching brands for brand deals requires quality. Find firms that align with your brand to expose to your audience.
If you associate with any company, you'll lose audience loyalty. I didn't lose sight of that, but I couldn't resist finishing the task.
Outsourcing.
Delegating work to teammates is effective.
I wish I'd done it.
Three people can pitch 200 companies a month significantly faster than one.
One person does research, one to two do outreach, and one to two do follow-up and negotiating.
Simple.
In 2022, I'll outsource everything.
Burnout.
I felt this, so I slowed down at the end of the month.
Thanksgiving week in November was slow.
I was buying and decorating for Christmas. First time putting up outdoor holiday lights was fun.
Much was happening.
I'm not perfect.
I'm being honest.
The Outcomes
Less than 50 brands pitched.
Result: A deal with 3 brands.
I hoped for 4 brands with reaching out to 200 companies, so three with under 50 is wonderful.
That’s a 6% conversion rate!
Whoo-hoo!
I needed 2%.
Here's a screenshot from one of the deals I booked.
These companies fit my company well. Each campaign is different, but I've booked $2,450 in brand work with a couple of pending transactions for December and January.
$2,450 in brand work booked!
How did I do? You tell me.
Is this something you’d try yourself?
The woman
3 years ago
Because he worked on his side projects during working hours, my junior was fired and sued.
Many developers do it, but I don't approve.
Aren't many programmers part-time? Many work full-time but also freelance. If the job agreement allows it, I see no problem.
Tech businesses' policies vary. I have a friend in Google, Germany. According to his contract, he couldn't do an outside job. Google owns any code he writes while employed.
I was shocked. Later, I found that different Google regions have different policies.
A corporation can normally establish any agreement before hiring you. They're negotiable. When there's no agreement, state law may apply. In court, law isn't so simple.
I won't delve into legal details. Instead, let’s talk about the incident.
How he was discovered
In one month, he missed two deadlines. His boss was frustrated because the assignment wasn't difficult to miss twice. When a team can't finish work on time, they all earn bad grades.
He annoyed the whole team. One team member (anonymous) told the project manager he worked on side projects during office hours. He may have missed deadlines because of this.
The project manager was furious. He needed evidence. The manager caught him within a week. The manager told higher-ups immediately.
The company wanted to set an example
Management could terminate him and settle the problem. But the company wanted to set an example for those developers who breached the regulation.
Because dismissal isn't enough. Every organization invests heavily in developer hiring. If developers depart or are fired after a few months, the company suffers.
The developer spent 10 months there. The employer sacked him and demanded ten months' pay. Or they'd sue him.
It was illegal and unethical. The youngster paid the fine and left the company quietly to protect his career.
Right or wrong?
Is the developer's behavior acceptable? Let's discuss developer malpractice.
During office hours, may developers work on other projects? If they're bored during office hours, they might not. Check the employment contract or state law.
If there's no employment clause, check country/state law. Because you can't justify breaking the law. Always. Most employers own their employees' work hours unless it's a contractual position.
If the company agrees, it's fine.
I also oppose companies that force developers to work overtime without pay.
Most states and countries have laws that help companies and workers. Law supports employers in this case. If any of the following are true, the company/employer owns the IP under California law.
using the business's resources
any equipment, including a laptop used for business.
company's mobile device.
offices of the company.
business time as well. This is crucial. Because this occurred in the instance of my junior.
Company resources are dangerous. Because your company may own the product's IP. If you have seen the TV show Silicon Valley, you have seen a similar situation there, right?
Conclusion
Simple rule. I avoid big side projects. I work on my laptop on weekends for side projects. I'm safe. But I also know that my company might not be happy with that.
As an employee, I suppose I can. I can make side money. I won't promote it, but I'll respect their time, resources, and task. I also sometimes work extra time to finish my company’s deadlines.
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Laura Sanders
3 years ago
Xenobots, tiny living machines, can duplicate themselves.
Strange and complex behavior of frog cell blobs
A xenobot “parent,” shaped like a hungry Pac-Man (shown in red false color), created an “offspring” xenobot (green sphere) by gathering loose frog cells in its opening.
Tiny “living machines” made of frog cells can make copies of themselves. This newly discovered renewal mechanism may help create self-renewing biological machines.
According to Kirstin Petersen, an electrical and computer engineer at Cornell University who studies groups of robots, “this is an extremely exciting breakthrough.” She says self-replicating robots are a big step toward human-free systems.
Researchers described the behavior of xenobots earlier this year (SN: 3/31/21). Small clumps of skin stem cells from frog embryos knitted themselves into small spheres and started moving. Cilia, or cellular extensions, powered the xenobots around their lab dishes.
The findings are published in the Proceedings of the National Academy of Sciences on Dec. 7. The xenobots can gather loose frog cells into spheres, which then form xenobots.
The researchers call this type of movement-induced reproduction kinematic self-replication. The study's coauthor, Douglas Blackiston of Tufts University in Medford, Massachusetts, and Harvard University, says this is typical. For example, sexual reproduction requires parental sperm and egg cells. Sometimes cells split or budded off from a parent.
“This is unique,” Blackiston says. These xenobots “find loose parts in the environment and cobble them together.” This second generation of xenobots can move like their parents, Blackiston says.
The researchers discovered that spheroid xenobots could only produce one more generation before dying out. The original xenobots' shape was predicted by an artificial intelligence program, allowing for four generations of replication.
A C shape, like an openmouthed Pac-Man, was predicted to be a more efficient progenitor. When improved xenobots were let loose in a dish, they began scooping up loose cells into their gaping “mouths,” forming more sphere-shaped bots (see image below). As many as 50 cells clumped together in the opening of a parent to form a mobile offspring. A xenobot is made up of 4,000–6,000 frog cells.
Petersen likes the Xenobots' small size. “The fact that they were able to do this at such a small scale just makes it even better,” she says. Miniature xenobots could sculpt tissues for implantation or deliver therapeutics inside the body.
Beyond the xenobots' potential jobs, the research advances an important science, says study coauthor and Tufts developmental biologist Michael Levin. The science of anticipating and controlling the outcomes of complex systems, he says.
“No one could have predicted this,” Levin says. “They regularly surprise us.” Researchers can use xenobots to test the unexpected. “This is about advancing the science of being less surprised,” Levin says.
Jim Clyde Monge
3 years ago
Can You Sell Images Created by AI?
Some AI-generated artworks sell for enormous sums of money.
But can you sell AI-Generated Artwork?
Simple answer: yes.
However, not all AI services enable allow usage and redistribution of images.
Let's check some of my favorite AI text-to-image generators:
Dall-E2 by OpenAI
The AI art generator Dall-E2 is powerful. Since it’s still in beta, you can join the waitlist here.
OpenAI DOES NOT allow the use and redistribution of any image for commercial purposes.
Here's the policy as of April 6, 2022.
Here are some images from Dall-E2’s webpage to show its art quality.
Several Reddit users reported receiving pricing surveys from OpenAI.
This suggests the company may bring out a subscription-based tier and a commercial license to sell images soon.
MidJourney
I like Midjourney's art generator. It makes great AI images. Here are some samples:
Standard Licenses are available for $10 per month.
Standard License allows you to use, copy, modify, merge, publish, distribute, and/or sell copies of the images, except for blockchain technologies.
If you utilize or distribute the Assets using blockchain technology, you must pay MidJourney 20% of revenue above $20,000 a month or engage in an alternative agreement.
Here's their copyright and trademark page.
Dream by Wombo
Dream is one of the first public AI art generators.
This AI program is free, easy to use, and Wombo gives a royalty-free license to copy or share artworks.
Users own all artworks generated by the tool. Including all related copyrights or intellectual property rights.
Here’s Wombos' intellectual property policy.
Final Reflections
AI is creating a new sort of art that's selling well. It’s becoming popular and valued, despite some skepticism.
Now that you know MidJourney and Wombo let you sell AI-generated art, you need to locate buyers. There are several ways to achieve this, but that’s for another story.
Olga Kharif
3 years ago
A month after freezing customer withdrawals, Celsius files for bankruptcy.
Alex Mashinsky, CEO of Celsius, speaks at Web Summit 2021 in Lisbon.
Celsius Network filed for Chapter 11 bankruptcy a month after freezing customer withdrawals, joining other crypto casualties.
Celsius took the step to stabilize its business and restructure for all stakeholders. The filing was done in the Southern District of New York.
The company, which amassed more than $20 billion by offering 18% interest on cryptocurrency deposits, paused withdrawals and other functions in mid-June, citing "extreme market conditions."
As the Fed raises interest rates aggressively, it hurts risk sentiment and squeezes funding costs. Voyager Digital Ltd. filed for Chapter 11 bankruptcy this month, and Three Arrows Capital has called in liquidators.
Celsius called the pause "difficult but necessary." Without the halt, "the acceleration of withdrawals would have allowed certain customers to be paid in full while leaving others to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities," it said.
Celsius declined to comment. CEO Alex Mashinsky said the move will strengthen the company's future.
The company wants to keep operating. It's not requesting permission to allow customer withdrawals right now; Chapter 11 will handle customer claims. The filing estimates assets and liabilities between $1 billion and $10 billion.
Celsius is advised by Kirkland & Ellis, Centerview Partners, and Alvarez & Marsal.
Yield-promises
Celsius promised 18% returns on crypto loans. It lent those coins to institutional investors and participated in decentralized-finance apps.
When TerraUSD (UST) and Luna collapsed in May, Celsius pulled its funds from Terra's Anchor Protocol, which offered 20% returns on UST deposits. Recently, another large holding, staked ETH, or stETH, which is tied to Ether, became illiquid and discounted to Ether.
The lender is one of many crypto companies hurt by risky bets in the bear market. Also, Babel halted withdrawals. Voyager Digital filed for bankruptcy, and crypto hedge fund Three Arrows Capital filed for Chapter 15 bankruptcy.
According to blockchain data and tracker Zapper, Celsius repaid all of its debt in Aave, Compound, and MakerDAO last month.
Celsius charged Symbolic Capital Partners Ltd. 2,000 Ether as collateral for a cash loan on June 13. According to company filings, Symbolic was charged 2,545.25 Ether on June 11.
In July 6 filings, it said it reshuffled its board, appointing two new members and firing others.