I attended a networking event this morning as a guest of one of my clients who wanted to introduce me to his network and offer a testimonial. I’m not sure about you, but I love receiving testimonials, as well as supporting my clients in their businesses, so of course I agreed to go.
In this event, a Property Manager was the featured speaker, and as such, she was able to share about her business for 7 minutes. As I listened to her speak, I realized we had some things in common.
She mentioned that Landlords who don’t use a Property Manager think they are saving money (they aren’t paying the fee), but are actually losing it because they:
- May be using the wrong (overpriced and/or ineffective) vendors
- May be pricing the rental too low for the market
- Don’t know the law, and can make very costly mistakes
- Likely didn’t do a background check to determine if the tenant is a safe, reliable fit (which can cost them thousands of dollars over the course of the lease and, heaven forbid, an eviction)
As a book coach, I completely relate.
While my ideal clients are usually entrepreneurs, and not landlords, both want to make money from their investment. My ideal clients don’t always hire me because they think it will save them money if they don’t, but in reality, they lose it because they:
Book Coaches Should Align Themselves with the Right Vendors
Often, these vendors are predatory (say one price then hit you with a higher bill, or nickel and dime you to death.) This is because you likely don’t know what to buy, so buy what you think you need, or, buy it at the wrong time.
There are book production project managers who handle all the moving pieces of turning a manuscript (the words on paper) into a tangible book (or ebook), because there are a LOT of cogs. One wrong move will impact the others, so alignment with the right people is critical, or, just like a landlord, you will lose money on overpriced or ineffective vendors.
New Authors Don’t Usually Understand the Market
The writing and publishing industries are hard. Even as a seasoned, published writer and author, I find spec sheets, submission guidelines, and an abundance of jargon difficult to sort through. Grammar snobs want to knock you down, while those who don’t care about editing are more than happy to take your money and look the other way, letting you look like an idiot when your book goes to print.
Some of the most successful authors were rejected several times before being published. It is hard to pour yourself into something to have it rejected because you just don’t know the market. You need knowledgeable guides on your side. Not knowing the market can, and will, cost you.
Writers Often Don’t Know the Applicable Laws
Thankfully as an author (as opposed to a landlord), you won’t likely have to face throwing a tenant out of your home. However, there are some legal things, like copyrights, distribution right ownership, and royalties you need to understand in order to not lose your bread and butter. There are also certain things you just shouldn’t say in your book if you want to avoid a lawsuit. A book coach can help you side step these bombs so you make money, not line the pockets of a lawyer.
Book Coaches Help New Writers Know What They Don’t Know
First time (fill in the blank) often suffer the most from not knowing what they don’t know. That’s why having a guide the first time you do anything significant (like write a book), is so important. You will want to know the right questions to ask, the right boxes to check and the right purchases to make (and not make) in order to meet your specific goals.
There is a lot of hype and ‘shiny object’ syndrome happening in the book world from who to publish with, where and how to promote your book, endless awards and contests and promotions… Those of us who have been there, done that, and lost our assets… are here to help others not make the same mistakes.
Property managers help landlords manage one of their most valuable assets, ensuring profitability and success. Book coaches help to-be authors in much the same way – helping them navigate a life’s work for the author’s desired outcome, which is more than just profits; it is also to open doors, increase credibility, and even create a legacy.
If you are writing a book – ANY type or length, contact me for a free 30 min call. Whether or not we work together, you will get valuable information to help you move forward with more education and confidence.