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This episode is a business coaching course that offers the downsides to self-publishing.

Results-Focused Training, Tools, and Workshops from Expert Business Coaches.

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • The Wrath of Khan:
  • The Cons of Self-Publishing: 1. No defined marketing channel or distribution
  • Truth Cannon:
  • Story Time:
  • Lesson Nugget: You need to figure out what your financial goals for selling the book are, and use that information to help determine whether to self-publish.
  • The Cons of Self-Publishing: 2. No guaranteed revenue
  • Fun Factoid: Less than 10% of current book markets are self-publishing
    (http://www.writersdigest.com/online-editor/the-pros-and-cons-of-self-publishing-traditional-publishing)

- Ok, so now we're gonna go ahead and get into the cons of self-publishing. Now Clay, you kind of alluded to some of them in the previous episode here. But let's get into it. Clay, what are the cons of self-publishing and why can this kind of be a scary territory? A scary landscape to kind of push yourself into. - Well as I get into it, I'd like to see if you can find the audio clip from The Wrath of Khan you know, where he yells, Khan! You know, cause I feel like after I name each con, if we could have "Khan!" that would just help me get inspired. Ok, so the first con though is "The Wrath of Khan", it's Star Trek 2, is that you have no defined marketing channel or distrubution at all. - [co host] Right. - Just no defined deal. And they'll all, they'll say whatever, not everyone but most self publishers I've met. Guys, I'm not attacking self publishing, I'm just saying you know, most hair stylists are gonna go, oh, you look great. You know, most personal trainers are gonna go, oh, you're looking good. Most insurance agents are like, you're my kind of customer. I mean, there's a little bit of Homerism there. But what they do a lot in self publishing is they're gonna go, your book really could just fit in tons of categories. I mean, it's really a mixture between self-help and fitness and mindset and Judeo-Christian, fathering, parenting, husband, I mean your book is like really it's multi-channeled, multi-category, it's one of the few books that I've seen that can transcend all of the categories. And so you're like, "yeah!" but you don't have a defined marketing channel. And good luck selling, if you're not aiming. So, it's kind of like the guy with the rifle, who's not aiming, and he just like, pffft. You might have an awesome rifle and an awesome bullet and your awesome gun, but if you're not aiming you're gonna miss. You have to have an aim of some kind. I mean, you just have to do that. Otherwise, it's really futile. So, that's, do you feel good about knowing what your channel is - I do, yeah. I think I'm zoning in. My target is getting smaller all the time. So, I know exactly what I'm going after. - As you write your pitch deck, and you make it more and more defined it'll get more and more laser focused. And then once it becomes so laser focused that almost nobody wants it, that's when you'll sell it. Because it's gonna apply just to the people that are looking for it. You gotta, when you're trying to be all things to all people, usually very little traction occurs. Marshall, does that make sense? - No, absolutely, and I think that's where a lot of the average Joe, not our thrivers, not you John, but the average Joe, it scares a lot of people, because there is no guaranteed hey, this is the path to selling the book. It's all on them. So, you're going to reap the reward of the time investment that you've put in. - I have a very good friend of mine, he's a New York Times best-selling author. He's sold two books that are New York Times best selling authors. He got cash advances to write them. And he now made more in the last 36 months off of self publishing than he's made off any of his books combined. So this guy's sold like, 300,000 copies of each book-ish. He's made more off of selling 50,000. Do the math on that. So, he's making $1 per book for 600,000 books. Now he's making like $10 per book off of, you start to see the value. But if you have a built-in audience, and you've got a market, that's a great thing to have. So that's kind of deal there. Marshall, did you find that audio clip? - I don't know, I'm just lip reading, so I think I have it. - [Clay] Ok, try it real quick, just see what happens. See what we got here. - I don't know, maybe. - [Kirk] Khan! - Oh, yes, yes, yes. That right there. See, now I'm more excited about the next Khan. Khan! Get it right cued up so we're ready at any moment just to hammer it home. And I realize you're trying to mix and find audio clips while we're trying to, but did that do something for you too? - [co-host] That was good. - Yeah, that was good. Maybe a little louder next time. - Ok, I got it. - Now the second one, we have here, Marshall, go ahead and tee it up for us, my friend. - Ok, is no guaranteed revenue. So, it's similarly related is, you don't know what the distribution channel is gonna be. But also, you don't have any guarantees on money coming back into the bank account. So Clay, break this down. - Well, this is for entrepreneurs or not entrepreneurs. So many people they get a job and they say, what's my guaranteed pay? I mean, if you're self-employed, nothing. I wake up every month having no clue what I'm gonna make. You know, that's kind of exciting. I mean, to me, it's exciting. Because the elephant in the room, our hair cutting business is killing it. Our photography business is growing. The fitness companies I'm working with, you know, I'm the COO of Bootcamp Tulsa. We have a chance to work with the brand called FFR, it's First Fit Responders, helping them, they train police and fire. I love not knowing what I'm gonna make every month, because I can make as much as I want.

Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Jargonization Translation: Moonlighting refers to having a second job in addition to your main job.
  • Boom:
  • The Cons of Self-Publishing: 3. You against the world
  • Definition Magician: "A person who is overly self-involved, and often vain and selfish."
    (http://www.dictionary.com/browse)
  • khaaaaaaaan!!!!!:
  • Editor's Note: Feel free to email or call us with any questions. info@thrive15.com 1-800-594-4457

- However, somebody says, "you know, "I'd like to have something I can count on." Which is why I highly recommend that every entrepreneur, if you're going to get into the world of entrepreneurship, you moonlight, you keep your full-time job while you develop traction on your part-time thing. The only time that I see entrepreneurs having huge meltdowns is when they quit their full-time job to start a business and their business has no traction before they quit. You can't do that. People ask me, "Clay, why did you do consulting "when you still built Thrive?" Because I'm not dumb? Because I'm realistic? Because everything always takes three times longer than you think and it costs five times more? I mean it always does, right? So what you've got to do is you've got to plan on that. I mean, "you're negative, you don't believe in your idea." "You're not burning the boats." No, I think you are burning your boats when you spend a million dollars on something, I think you are. I think you are burning your boats when you spend every waking moment thinking about something. I think you are burning your boats when you put your name on everything. I think you are burning your boats. I don't think you're burning your boats, I don't think you have to be insane though, I don't think you want to be in the middle of the ocean just setting your boat on fire going "I burned my boats, look!" You know, "Greg, we're gonna die. We're gonna die, Greg." That's true. I mean you don't want to do that. So just think about how you want to, at least get to land before you burn your boats. Make sense? At least get a little traction there. Is that helpful? - Yes. - Marshall, do we have that soundclip ready? I just... - [Voiceover] Cons! - Just one more time because I feel like the way that you played it, it started to take me to that level, but I need just a little more, a little more volume, just a little more. - [Voiceover] Cons! - Ohthat's a con, that's not what you want. - So then the third one is you against the world, okay, so Clay this is a con of self-publishing. What does this mean? - Google the word narcissism for a second and pull up that definition, because this is what you're going to run into. People say there's no i in team, but there's an i in narcissism. Actually a couple i's in there, but the thing is is that you really have to self-promote and be very comfortable with it. - Okay - I mean you have to become comfortable, so I'll just give an example of me self-promoting. The other day I'm working with a client and they said to me, "hey, do you know, I'm kind of looking to lease "a new office space and I want to talk to you about that. "I'm trying to find a space." They don't know that I own a real-estate company, they never asked me. So I said, hey, I highly recommend that you use our company. They said, "why?" Because we're the best. We'll take care of you. We'll treat you the way I want to be treated. I promise you we'll treat you the way I'd want to be treated the entire step of the way. I put my name on it, put my reputation on it. If I screw it up, just tell me, but I mean we'll take care of it. We'll knock it out. Then the person looks me in the eye and goes "are you really saying that you're the best "real-estate company in Tulsa?" Yeah. I wouldn't be doing it if I wasn't. I mean we have the best website, we've got the best tools, we have the best, yeah. But I don't feel uncomfortable about it because again I believe I do serve a good God who has made a great planet, a great God, excellent God, great planet, and I believe that work is worship, I believe that my quality of my work is, people associate it with my religious beliefs. Unfortunately, if I do a crappy job in every aspect of my life, people assume that I'm a mediocre guy and I serve a mediocre God. So I try in every area of my life, try, to operate with excellence. And I point back, people say, "wow, you're really good at what you do." I say no, no, he's built to give me a certain set of skills and he's the big shooter, you know? I am just the guy who's executing. I'm the tool, you know? He's the master plan, he's got the blueprint, I'm just the tool. So that's kind of the mindset, but if you're not comfortable with self-publishing or with self-promotion, I mean, self-publishing is not for you. If you're not comfortable with, seriously, self-promoting, it's not for you. So, is there any questions that either one of you guys have about that? I just want to make sure we're... - No, I mean that breaks down the cons of self-publishing, and we talked about the pros, talked about the cons. - Cons? - Cons. - Can you just one more time, I just, one more time, so sorry I just, to me it's-- - [Voiceover] Cons! Oh, wow. - [Voiceover] Cons! That was worth it, I'm sorry, hate to rabbit trail like that but short of watching Star Trek 2 again, that's all I needed to get me through today. - So Thrivers, thank you so much for tuning in about self-publishing. The pros and cons, and John, thank you for joining us today. - Thank you. - Marshall, thank you for being you. - Well thank you. - With a little sprinkle of other people.

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