Three decades in the publishing industry will fundamentally change how you view a book contract. Peter Economy has written over 135 books and sold more than three million copies globally. Yet despite his massive backlist, traditional publishing advances and royalties currently make up just five percent of his income.
Early in his career, royalties accounted for seventy percent of his earnings. He eventually realized that the real money is not found in hoping a book earns out its advance at a traditional publishing house. Today, he pulls in well over six figures a year by dedicating 90 percent of his business entirely to high-end corporate ghostwriting.
Operating at the highest tier of the ghostwriting market requires a strict approach to pricing. Peter explicitly positions himself at the top of the pricing scale. This premium strategy means he takes on far fewer projects than he used to, but the massive flat fees he charges corporate experts and business leaders more than make up the difference.
He contracts directly with his clients on a fee basis rather than dealing with the slow bureaucracy of publishers. Once a project is finished and the invoice is paid, he walks away with guaranteed cash in hand without worrying about unpredictable backend royalty percentages.
Finding clients willing to pay premium rates usually requires relentless pitching, but Peter does absolutely zero active marketing. Instead, he relies entirely on word of mouth referrals generated by a thirty year track record of hitting strict deadlines and delivering quality work.
He also strategically uses his role as a leadership columnist for Inc. magazine as a virtual business card that constantly validates his industry credibility. By staying strictly within his profitable niches of business, leadership, and tech, and entirely avoiding financially precarious genres like fiction, he ensures his calendar remains fully booked regardless of how the broader economy is performing.
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