Books, Licensing and Franchising
Recently, while visiting a book store, I came across the Self Help Section, there were books with almost every possible book, How to win friends and influence people, Chicken Soup for the Teenage Soul, Chicken Soup for the Entrepreneur, Guide to Investing, Unleash the Power Within and even one on how to author a book, Guerilla Marketing for Freshers and many many more similar titles. Since, there was an entire section dedicated for Self Help Books, It does seem that this is one of the popular categories. Several of these books are New York Times Bestsellers and so on.
Globally, about USD 8.5 Billion (Rs. 42500 Crores) is spent on Self Help Books, but how much money do the publishers end up making, not much maybe about 10%. Now, it certainly doesnt seem too lucrative a proposition to author a book.
Now, one does wonder, how does the author monetise, all of his credentials, the time and effort taken to publish a book. The answer again is Franchising and Licensing. Maybe not all, but several Self Help Authors are releasing new titles of print books, eBooks and Audio Books. They are also launching customised training programs for individuals that want to learn further and execute all that they have learned. They also consult corporations. They also get into merchandising for clothing, stationary and other souvenirs.
Some of the licensed / franchised brands are
Dale Carnegie Institute India, They certify instructors who pay a fee for the training as well as a royalty to conduct programs regularly. So does Brian Tracy, he franchises a consulting brand called Focal Point. Similarly, Anthony Robbins licenses his videos, in India, an organisation called Peak Performance regularly conducts such programs. Robert Kiyosaki's Rich Dad series of books, already an astonishing success, also has Rich Dad's franchise. Donald Trump, an author, real estate tycoon not only has set up the Trump University, but is also licensing his name for the Trump Apparel. We also have a successful Indian example, Shiv Khera, the author of the best selling, You can Win, he conducts customised training for corporates as well as in exploring the franchising option, where he would have certified instructors, who would locally train their customers. Ditto for Franklin Covey, the licensee of Steven Covey. The last I know, there is a firm that is going to launch, a series of training programs, based on Dr. Spencer Johnson's Book, Who moved my Cheese?
As I would agree there is a definite market for such products and services, I have purchased a couple of Self help Books, but Seldom have I been able to finish it. Considering that a lot of people like me dont finish, maybe I would purchase audiobooks, cassettes, maybe go for a seminar. I am sure, book authors have a long way to successful franchise.
Stay tuned for more updates on the Franchising and the Licensing Industry in India.