Five Business Books Every (Indie) Author Should Read
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If you’re an aspiring writer, a struggling author, or a novelist who is ascending their way up the sales charts, then this article is for you. If you’re none of those things, this article also applies to bloggers, YouTubers, and anyone else who creates content.
You see, when I’m not writing and publishing crime fiction novels, I’m a commercial real estate broker. I’m also a real estate investor. On top of that, I run the Bumbling Millionaire. Well, you know that since you’re here. Due to those interests, I’ve read a lot of business-related books. I love them and they’ve provided me with a ton of advice that can be applied to subjects beyond finance.
Authors Are More Than Artists
Let’s get this out of the way. People are more than a singular definition. Just above, I gave you five for me—blogger, author, publisher, broker, investor. Phew. And there’s plenty more where that came from.
We don’t talk politics or religion here—it’s unproductive (and boring)—so we’ll skip those labels. Here are some other quick ones: boyfriend, father, friend, and son.
How many can you come up with for yourself?
If you’re an author, maybe you said things like creator, artist, innovator, or visionary. But did you say entrepreneur, businessperson, or capitalist? Why not?
Hopefully, it wasn’t because you thought those words are bad. Artists like to pretend they’re above the world of commerce, but they are some of the purest entrepreneurs out there. They get an idea, create something from nothing, and sell it.
That’s Capitalism 101, baby!
So, in the spirt of free enterprise, I thought I would recommend five business books that every author should read. This is especially true for those independently published authors I hold near and dear to my heart.
Authors Create Assets
Robert Kiyosaki’s Rich Dad, Poor Dad is classic entrepreneurial book. It has so many gems of wisdom that I’ll recommend it for almost everyone. However, there are two nuggets within it that I think are particularly helpful for authors.
Kiyosaki says:
“Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.” – Robert Kiyosaki
Do you know the difference between assets and liabilities? Because Kiyosaki gives one of the best and quickest definitions ever:
“An asset is something that puts money into my pocket. A liability is something that takes money out of my pocket.” – Robert Kiyosaki
Those are simple and effective definitions, yet people will insist that their net worth should include their golf clubs and a riding lawn mower. Uh. No.
Kiyosaki later states that assets break down into categories such as real estate, stocks, bonds, notes, and intellectual property.
Intellectual property! Hey, authors, that’s you! (That’s also you bloggers, YouTubers, et al.)
The book you create from the absolute recesses of your mind is an asset. It is something that should put money into your pocket.
Therefore, you are a businessperson. You are an entrepreneur. You are a capitalist!
Stop thinking of your book as a work of art and start thinking of it as an asset.
More Work Than You Think
Grant Cardone is the master salesman. If you want to learn how to sell, this is the guy to read, watch, or listen to. He’s going to help you understand not only the buyer’s motivation, but your own.
And that’s why I’m recommending The 10X Rule because it’s not about anyone’s motivation but your own. In a nutshell, here is what the principal of the books is all about:
“You must set targets that are 10 times what you think you want and then do 10 times what you think it will take to accomplish those targets.” – Grant Cardone
Everyone thinks they can write a book, but most never do. Why? Because it’s hard and they quit way too soon. They don’t keep after it long enough to achieve their goal.
Most writers who have finished a book never find an agent or a publisher. Why? Because it’s hard and they quit way too soon. They don’t keep after it long enough to achieve their goal.
Most self-published authors sell less than 250 copies of a book in its lifetime. Why? Because it’s hard and—well, you see the pattern now.
By the way, a number of sites quoted that statistic of 250 copies. I tried to find the original source for that statistic but failed. However, it doesn’t seem out of the realm of possibility. There are more millions of self-published books now and most authors are not doing any advertising/marketing for their assets.
The 10X Rule says everything you want out of life is going to require more thought and effort than you originally planned. You can apply that to saving money, losing weight, buying a piece of real estate, or selling your books.
“Your thoughts and actions are the reasons why you are where you are right now. So it would be reasonable to be suspect of both!” – Grant Cardone
Hating Sales Doesn’t Get You Off the Hook
I love Larry Winget’s It’s Called Work for a Reason. It’s one of the books that turned my life around more than a decade ago. And do you know what one of the major insights from his book was?
“Nothing happens until something gets sold.” – Larry Winget
Okay, maybe you’re thinking you aren’t a salesperson. Maybe you even hate sales. I wrote an article on this exact subject if you’re interested in taking a deeper dive.)
But here’s the problem. If you’re an author reading this, then we’ve already established that you are also a businessperson, an entrepreneur, and a capitalist. Hallelujah! Since that’s the case, you should probably start thinking about yourself as salespeople.
If tree falls in the forest, but no one is around to hear it, does it make a sound? What if an author wrote a book, but no one read it, would those words even matter?
How long does it take an average author to write the first draft of a book? Some authors can kick out a manuscript in a couple months. Others might take several years. Two months is a lot of work not to get paid for, but several years... Screw that!
If, as an author, you have no plans to sell yourself or your work, then stop writing now. Save yourself the frustration. Hell, save your family the frustration, too. Writing is a lonely business. Go spend time with your loved ones.
Otherwise, knuckle down until you finish that book then learn how to sell that asset.
Don’t Eat the Children of Your Investments
George S. Clason’s The Richest Man in Babylon is classic about wealth accumulation and one of my favorite books. It’s told in the style of a parables set in ancient Babylon. Every time I’ve read it, I’ve discovered something new. I think I was on my third time through the book before I caught this nugget.
“You do eat the children of your savings. Then how do you expect them to work for you? And how can they have children that will also work for you? First get thee an army of golden slaves and then many a rich banquet may you enjoy without regret.” – George S. Clason
When the money starts rolling in from the sales of your assets, don’t spend it like a ding-dong. I made that mistake with some of my early real estate investments. Money came in and I immediately spent it. Woo-hoo! Rock and roll, baby. But I wasn’t improving my situation.
Instead, what I should have been doing is reinvesting those proceeds and accelerating my wealth.
As an author, especially an independently published one, when your sales come in, start using that money to invest in yourself. You can invest in your education, your website, your books or your marketing.
Don’t buy toys or go out to dinner with it. Maybe you only earned $100 in sales last month. It’s not a lot to write home about, but you can invest in several newsletter promotions and try to raise awareness of your book.
If you eat the children of your investments (the money earned from your initial sales), then you will have nothing to invest back into your business later.
Reinvest in yourself and your assets to better position yourself for the long haul.
Being a successful author isn’t a sprint. It’s a long-term game. Play it as such.
Successful Authors Are Perpetual Students
Tom Corley’s Rich Habits is a quick, yet powerful read. It provides ten habits that he identified after surveying a number of wealthy individuals. It’s his third habit that I think authors should focus on.
I Will Engage in Self-Improvement Each and Every Day - Rich Habit #3
Successful people read. Truly successful people read for self-improvement. Now, as an author we’re one of the lucky ones because that means we can read books in the genre we write. I write crime fiction and therefore read it as well. Why? Because I want to know how a master of the genre like Elmore Leonard did it.
But I also spend time taking courses or watching videos on how to improve my marketing. I usually do this while I’m eating lunch. It’s a thirty-minute break that I could waste watching the latest update on my favorite football team. Or worse, I could spend it checking social media.
There you go. Five business books every author should read. What do you think?
Were there business books you think would make a good suggestion?
Let me know in the comments below.
