Steve Chou is a service provider, blogger, podcaster, and coach. He’s now a e book creator with the discharge in Might of “The Household First Entrepreneur,” his HarperCollins title on enterprise, freedom, and priorities.
That is Chou’s third look on the podcast. In 2020 he mentioned Bumblebee Linens, his osCommerce retailer. In 2022 he described his desire for frugal dwelling regardless of having achieved monetary success.
On this interview, Chou addresses the method of publishing and selling his e book, now a Wall Avenue Journal bestseller. Your entire audio of our dialog is embedded beneath. The transcript is edited for size and readability.
Eric Bandholz: Inform us about your e book.
Steve Chou: It’s known as “The Household First Entrepreneur.” It’s about my values and prioritizing life in order that the enterprise doesn’t run you, and you’ve got the liberty to do no matter you need and spend time with who you need.
It’s at all times been a bucket-list merchandise to jot down a e book. That’s principally why I did it. It’s not a cash play. I dreamed of taking my youngsters to a Barnes & Noble and displaying my e book on the shelf. I did that two weeks in the past.
By way of enterprise and technique, hitting a bestseller checklist immediately provides credibility. Outdoors of that, it’s a reasonably good lead generator for the rest you do. If you happen to promote a course, digital product, or membership, of us can discover you that means. It’s a low-cost means for them to study extra about your work.
I received a e book deal, so I used to be given an advance. The method took a yr. I put collectively a proposal, which was round 50 pages. It had projections on what number of books I might promote. It had a top level view of the e book and included a pattern chapter. It was numerous work to place that factor collectively.
I had interviewed many bestselling authors on my podcast, so I hit them up and requested how I might get a e book deal. One among my buddies, Jeff Goins, was dabbling with a book-in-a-box service, primarily a e book guide. I employed him, and he coached me by the complete course of.
I needed to go the historically printed route — primarily for ego causes. I pitched to eight to 10 publishers comparable to Simon & Schuster, HarperCollins, and Penguin. You hop on a Zoom name, meet the personnel there, and see for those who get alongside. Then you definitely set a date when all of the publishers bid on what to pay you upfront to jot down the e book. You have a look at all of the gives and choose one. I went with HarperCollins — they gave a six-figure advance, which was the very best.
I get a 15% minimize on onerous copy gross sales and 25% for ebooks and Audible. I received’t make greater than the six-figure advance till the gross sales exceed that quantity, which might be tens of 1000’s of books.
If you happen to’re doing it for the cash, self-publishing is greatest since you get to maintain all of the proceeds. While you go historically printed, that carries with it some status. Plus, it’s a lot simpler to hit a bestseller checklist.
The publishing enterprise is like enterprise capital. Publishers put money into a bunch of writers, they usually want just one James Clear [“Atomic Habits”] or one Mark Manson [“The Subtle Art of Not Giving a F*ck”] to make their enterprise for the following 10 years. “Atomic Habits” sells round 22,000 copies each week. It’s unattainable to knock that man off The Wall Avenue Journal’s bestselling enterprise books checklist.
Bandholz: How does somebody produce the following “Atomic Habits”?
Chou: Step one is the launch. You wish to promote a bunch of books shortly to hit a bestseller checklist. I had a three-prong assault. I reached out to of us who had sponsored me and requested them to do a bulk e book purchase for his or her viewers. Finally, it’s a must to get books into the fingers of actual individuals. If you wish to promote 1000’s of books by launch, you’ve got an enormous viewers or leverage others. Most of the books I bought had been from contacts who purchased in bulk and distributed them without cost to their viewers.
My e book launch coach suggested me to go on 200 podcasts. I requested him what the most important bang for my buck can be with out sacrificing 200 hours of my time, and he advised me to do numerous good bonuses for my very own viewers, get firms to do bulk buys, after which go on at the very least the heavy-hitting podcasts — the ten or 20 which have gigantic audiences. That’s primarily what I did.
I interviewed as lots of the large podcasters alone podcast as potential and promoted the heck out of something they needed to promote. When it got here time for my e book to launch, I hit up all of them and stated, “Hey, keep in mind me? I used to be questioning for those who’d be keen to have me in your present. I’ve a e book popping out.” Virtually all of them stated sure. It’s a networking play.
The majority buys and bonuses ended up transferring probably the most books. I provided three bonuses with the acquisition of the e book. One was a three-day workshop on how one can get began with print-on-demand, which I think about a gateway to ecommerce. Then I had a two-day seminar on how one can get began and generate profits with running a blog, YouTube-ing, and podcasting, that are three issues I do. Then I provided a six-week “Household First” problem, the place I reside stream in a non-public Fb group to assist everybody with their aspect hustles.
If you happen to go the historically printed route, you will need to have an viewers. You received’t get a e book deal except you’ve got a following, whether or not it’s on YouTube or podcasting, if in case you have an in depth e mail checklist. Once I utilized, I believe my YouTube channel was nonetheless fairly small. I believe it was 90,000 subscribers. I had been podcasting for a very long time. I had an e mail checklist of 100,000, plus my weblog.
Bandholz: Listeners may recall your two companies. Bumblebee is a web based retailer promoting handkerchiefs. My Spouse Give up Her Job is a media and coaching web site. Have you ever seen a gross sales elevate with these?
Chou: Positively for My Spouse Give up Her Job. For Bumblebee, I don’t suppose so. We promote handkerchiefs. What are the possibilities that somebody desires a handkerchief? Fairly low.
I plan on making the e book a part of my general advertising technique as a result of I’ve a singular message in comparison with all the opposite make-money-online guys. It’s a method to differentiate myself, and having made The Wall Avenue Journal bestseller checklist provides credibility to all the pieces I do.
I wish to keep on that checklist for the long term. Nevertheless it takes time. I must go on numerous podcasts and make individuals conscious of my e book, and hopefully, down the road, it turns into a family e book, like “The 4-Hour Workweek” or “Wealthy Dad Poor Dad.”
Bandholz: The place can individuals purchase your e book?
Chou: Go to TheFamilyFirstEntrepreneur.com. To study extra about what I do, go to MyWifeQuitHerJob.com. If you’re getting married, I’ll hook you up with some handkerchiefs at BumblebeeLinens.com.