According to the US Small Business Administration, the average small business (companies making up to five million in revenue) spends about seven to 12% on marketing per year.
That means if you have a business that makes about $250,000 a year, you’re likely spending up to $30,000 each year on marketing alone.WOAH, HADN'T ADDED IT UP. BUT SHIT, YEAH, TELL ME MORE...
...Facebook and Instagram ads, marketing or PR agencies, copywriting consultants or anything else, these attempts have NOT moved the needle the way you'd hoped. Ah, well. At least you've had the tax write-off, right?
Becoming a bestselling author is different because it immediately establishes you as an expert, putting you in a different league than your competition. So we encourage you to ask yourself:
How much does a new client net you and how many new clients do you believe a book could help you land over the rest of your career?
While we're decidedly left-brain folks over here, we always encourage any entrepreneur who hasn't yet published a book to think about it like this...
Let’s say every client adds $40,000 to your bottom line.
Do you believe that a book that establishes you as the expert in your field would help you land 10 new clients over the course of your lifetime? Twenty? That’s really the best way to think about a decision like this. A book is a marketing tool, business card and salesperson all wrapped into one so it could be one of the largest business investments you'll make. And our goal with each client is for them to be able to earn back at least 10 times what they invest in their book.
You need to decide how important this is to you. As they say, you’re going to get out what you put in and this could be the most important business investment you make.