I want to talk about why most people end up failing to make money with Kindle publishing. I work with KDP, but this advice should apply to any business where you are working for yourself and making money online.
I’m writing this in mid-2017, but the advice I’m about to give will be relevant no matter when you’re reading this. I’ve been in the sales industry for the last twelve years, and I’ve sold it all. Over the years I’ve developed a sense for who has what it takes to succeed, and I’d like to share those insights with you in this article.
If you are looking for one big secret that will make you automatically successful though, this isn’t the article for you. There’s no one secret or trick to business–and don’t believe anybody who tells you different. But If I don’t have a secret, I do know what it takes to succeed.
So you’re in the business of making money online. You might be a Kindle publisher, or you might be doing something different. What do you need to do be successful?
Have the Right Mindset
The fact that it’s a cliché doesn’t make it any less true: the number one reason people fail in this business is that they lack the right mindset. The mindset you need to be run your own business is different from the mindset you need to be an employee.
What do I mean by this? Well, as an employee there aren’t big highs and lows. Back in the day I used to work for a video store (remember those)? A low might be if I disliked the movie they were playing in the background; a high might be a pleasant interaction with a customer.
Nothing great happened during the day, but nothing unpleasant or stressful happened either.
But when you’re running your own business, the highs and lows are much more dramatic. The highs and lows are going to affect your income. It’s a roller-coaster. You need a resilient mindset to handle that stress.
You also need to be patient. As a society we tend to want instant gratification: to push a button and get what we want now. But building a business takes time and effort.
Most people go into Kindle publishing because they want a serious passive income. They want to be making enough money online that they can just go sit on a beach somewhere and relax. But that kind of success takes years to create.
Now, to get to the point where you are making a few thousand dollars online—that can take as little as six months to a year. But you still have put in a lot of hard work and be patient while you are getting your business off the ground.
Be Willing to Pay the Learning Tax
Finally, you have to be OK with messing up and making mistakes and then learning from those mistakes. I call this “paying the learning tax.”
Recently, I was reading the comments on one of my YouTube videos. One commentator had two books out but wasn’t making any money: he wanted to know what he could do. My answer was simple–publish more books.
That’s honestly the best thing he could do. Books three and four will be a little bit better, and the process of making them a little more streamlined. If he learns from his mistakes, each time he publishes a book, the learning tax will be a little smaller, and the book will be a little more successful.
And if he is willing to pay the learning tax again and again—and if he has the right resilient mindset, and is OK with building his success patiently—eventually he will get where he wants to go.
As I said at the beginning, I’ve been in sales for a long time, and I know what it takes to succeed in this kind of business, where you are your own boss and are making money online. Was this helpful to you? Let me know in the comments: what do you think it takes to succeed?