ACX has updated their payouts for through June. “To reduce the financial impact of COVID-19 on the creative community, we are temporarily paying an additional 5% royalty on all sales of your ACX audiobooks through Audible, Amazon, and iTunes for sales during the months of April, May, and June. If you distribute your title exclusively through ACX, your total royalties will temporarily increase to 45% during this period (22.5% for those choosing Royalty Share), and for non-exclusively distributed titles, your total royalties will temporarily increase to 30% on sales during this period.”
I set up an account with PayHip last week to be able to sell books directly. I have had more people ask where they should buy my books if they want to make sure I get the best value from the sale and now that answer is my PayHip store! https://payhip.com/MKWilliamsPublishingLLC
My current expectations for the economic impact on my business and what I am doing to counteract it:
I fully expect to see my sales stagnate. Right now when people are in quarantine or self-isolation they may be reading more books, they may be getting more audiobooks. Okay, I can capitalize on that. But as the pandemic runs its course and our economy is left at a low point, I expect that people will have less discretionary money to spend on my products, on my books. So I am thinking critically of how I can package and bundle my books. I’m making more use of Amazon Advertising to try to get my books in front of people who are ready to spend on books. I’m working on writing my next books. More books sell more books and when our economy recovers, I want to be poised to have these series further developed.
Ok for my consulting practice, I have had more inquiries than I have ever had before. More people want to get their books out to generate passive income. So I am happy to help them with my 1-hour free consults. I have these videos out to help them too. I have my AYA brand and books. I have new free online courses I am working to push out that will help people and help me grow my subscriber list. But, I know that people won’t have as much discretionary money to spend on my services. I have always priced my services fairly. I intend to continue my current prices because I know it is still a great value. But, I expect that in the long run, I’ll see this waiver. So I am starting to think about how I could do group coaching, could I charge less to each person who attends but still generate revenue by sharing my insights. How can I still help while not completely ruining my financial plan for my business?
With the podcast that I am on I am diving in to help with the crisis. We have switched to daily episodes and the focus is providing a sense of calm to the community.
Ultimately, I am doing okay right now with my business, but I am ready to pivot if I need to. My family and my financial security is more important and I don’t have too much pride to make a drastic change. Thankfully, I have amazing fans and clients who have been a great support.
Music from: https://www.bensound.com/ E.R.F.
Get my Top 5 Things To Consider if you are looking to narrate your audiobook here: https://mailchi.mp/e8e1707cdb7e/audiobooks
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