How To Make Passive Income Using publishing and AI with Anthony Nwaneri

0:02Who's ready to rock today, Fire Nation? JLD here and welcome to Entrepreneurs on Fire, brought to you by the HubSpot Podcast Network, the audio destination for business professionals with great shows like Gold Digger Podcast. Today, we'll be breaking down how to make passive income using publishing and AI. To drop these value bombs, I brought Anthony Wynary into EO Fire Studios. Anthony is the co-author of the bestselling book, Podcast Made Simple, and co-host of the newly launched podcast, Why Your Podcast Isn't Growing. In today's foundation, we'll talk about passive income, guaranteeing money.

0:36We'll talk about the main reasons why people fail within this and so much more. And a big thank you for sponsoring today's podcast goes to Anthony and our sponsors. Nudge, hosted by Phil Agnew, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Ever notice how the smallest changes can have the biggest impact? On Nudge, you learn simple evidence-backed tips to help you kick bad habits, get a raise, and grow a business. Oh, and it's the UK's fast-growing business podcast. A recent episode on how to win any argument shares decade-long research into persuasion from a world-leading neuroscientist.

1:09Listen to Nudge wherever you get your podcasts. Are you looking to start or grow a successful business? Attend the world's highest rated and most reviewed business growth workshop taught personally by Clay Clark and football great Tim Tebow at thrivetimeshow.com slash EO Fire. Again, request life-changing tickets today at thrivetimeshow.com slash EO Fire. Anthony, say what's up to Fire Nation. and share something that you believe about becoming successful that most people disagree with. Yo, what's up, Fire Nation? Look, I've listened to this podcast for a very, very long time. Back, literally, what was it?

1:48Maybe five years ago, what's that? College, at university, hitting the gym, working out. So this is my daily motivation for a while. So it's awesome to be here. And in terms of a popular opinion that I disagree with that most people believe is true is slow and steady wins the race. John, I don't believe that, right? I believe the fastest winner wins the race. And I believe personally that that mindset can often lead to a lot of people staying stagnant, staying moving slow for way too long without progressing, without realizing, hang on a minute, something's wrong. How can I move faster? So to me, slow and steady does not win the race.

2:27The fastest winner wins the race. Great start to what will be a great episode, Fire Nation, all about passive income and utilizing it in publishing and artificial intelligence and more. And let's be honest, Anthony, passive income is the dream. I mean, back in the day, you were pumping those weights being like, what if I could be working out right now, listening to entrepreneurs on fire and making money? I mean, that's all the dream right there. But let's get real. How realistic is it to make passive income specifically from publishing? It is. Genuinely speaking, the honest truth is that's two routes we can go when it comes to publishing.

3:04If you're publishing audiobooks, that honestly, after you create the audiobook from the book, of course, and submit it to ACX, which is the platform you can use to upload your audiobook onto Audible, that I have to say is 100 % passive. like i.e. you know don't touch it don't look at it don't even like look at your dashboard and you'll still get paid every single month now will it stay and maintain all year round forever and ever and ever well you know that's debatable you know most things entropy but i've got to say the last time i uploaded an audiobook must have been two years ago and i still get you know a thousand here and there coming through the bank without me touching it then we have kdp this is more so the book on Amazon through Kindle Direct Publishing.

3:49That one is also very, very, very passive. And I guess the finding passive to me, because I think, you know, everyone says passive income, passive this, passive that, right? To me, it's putting in a certain level of work to begin with, putting that product to the world, and then not touching that product and still generating an income. So when it comes to the book side of things, honestly, we're at the point now where my business partner, he doesn't look at it all. So for him, it's completely passive. But for mean, I manage the ads account and maybe spend 30 minutes a month on it. And we still generate anywhere.

4:18We average around, you know, seven to$10 ,000 over the last, you know, six months from the business. So not bad for 30 minutes of work per month, right? Fire Nation, I really hope you're getting excited about this because there are possibilities out there where you do put the work in upfront. You do find a real problem that you can create the number one solution to. You work hard to produce that, and then you put it out there to the world. And yes, you can continue to get paid on that for days, weeks, months, years, sometimes even decades will go by. And now that I'm in the 12th year of Entrepreneurs on Fire, I'm literally still making money from certain things that I did 10, 11, 12 years ago.

5:03I mean, think about that. I haven't even thought about some of those things in 5, 10 years, but the money is still coming in. But there are no guarantees in life or one would think, Anthony, but you actually have a way that we can guarantee a book that we create will actually make money. Tell us more. I love that. So look, most people, where they go wrong when it comes to publishing a book is they believe they have a good idea and the good idea is going to make them money. It's not going to make you money, unfortunately. I wish. you know and I had made this exact same mistake where when I was getting to the podcasting space I put out a book called every podcast's biggest hurdles I thought you know what John there's no book out there helping podcasters overcome their biggest hurdles I thought my idea was going to make me a multi-millionaire I thought I was going to be a superstar but as soon as I published I literally was like my house racing was super anxious me and my business partner Ty Gauthier we're sitting down like two little kids waiting for Christmas you know Christmas presents to arrive But as soon as we hit our sales dashboard and refreshed, zero sales.

6:07And then again, zero sales. Our sales flatlined. And that's because we overlook a massive, massive, massive and key important part of publishing a product or creating a product, which is what is the demand out there? Because the market doesn't care about your idea. Your audience don't really care too much about your idea. no matter how good it is, it's what will your idea do for me? So we needed to focus on demand before we create a book. So how do we find out the demand for a particular topic? If you want to do a book about anxiety or maybe podcasting or maybe entrepreneurship or maybe make money online, there's a platform called KD Spy.

6:49Now KD Spy is a little software, a little cool gadget, you know, like my spyware, right? That allows you to look in a particular topic. So let's say you go into Amazon and type in, you know, podcasting or anxiety, and you go into the books category, Katie Spire filters out all the entire books, looks at their ranking, and then tells you how much on average each book is making each month. Now, from here, we can look at the reviews, because of course, if a book has 10 ,000 reviews, it's going to be very hard for you as an individual or an entrepreneur to compete with that book. So what you want to find is, is there proof of concept.

7:25Are there three or more books making, let's say, 500 to 1 ,000 each month, and they have under 100 reviews? If there are, and you look at Katie Spine, you see, wow, there's like seven books making 1 ,000 plus each month with less than 100 reviews. We know we can compete. We know there's massive demand there, and the entire audience, the customer base, aren't just buying from the top dogs. They're buying from independent publishers as well. And that is how you can guarantee your book will actually make money every single time by simply identifying the demand and then you supplying that with your own book and your own product.

8:06So Fire Nation, we have discussed this a few times on the show where there is a process where you identify a problem, but not just any problem, a real problem in this world. And then you create not just any solution, but the number one solution to that problem. Because the reality is people will beat a path to the doorstep for the number one solution to their problem. And they will ignore the second to 100th problem because they want the best solution to their problem, not the second best, not the 10th best. But the reality is, and Anthony was kind of touching on this earlier, guess what? You may have the number one solution to a real problem, but nobody may find out about it if you don't go about it the right way, if you don't build an audience, if you don't know how to distribute that solution in a manner that's meaningful.

8:54But here's the reality, Anthony. Most great ideas, like the ones that you're talking about right now, if they're fairly easy to do, they become saturated quickly because, of course, anything that's easy is easily copied. And if it's easily copied, then the market can become saturated. That's why I always love to say, you know, the higher the barrier, the lower the competition. When people are like, but John, that's so hard. It's so hard to do with that or hard to do what I'm doing. I'm like, good. That is a great sign because that means people are not doing it because it's hard and people are quitting before they get there.

9:30You want it to be hard. That's why I do a daily podcast because I'm the only person for 12 years that's doing a daily podcast interviewing entrepreneurs. I'm the only person because it's hard to do. That's what makes my show successful. So will this stuff that you're talking about, Anthony, become saturated in the near term future? I'll be honest with you, John. It's already saturated, baby. It's already saturated. But here's a key, key part. Just because something's saturated doesn't mean it's competitive. I'll repeat that. Just because something's saturated doesn't mean it's competitive. There are so many niches, so many podcast topics you can dip in and out of.

10:11Absolutely. Are there tons of people doing the same thing? Yes. But there's only one you and how we think, like you mentioned, John, is so important to create the best book, the best product for the audience, for the customers. Because when you do that, you stand at the top. The best will always be the best, no matter how saturated the market is. So for us, our intention should always be to provide the best quality product. In this case, the best quality book that's well researched, that's thoroughly done that's got a beautiful cover that's beautifully written and provide that to the market give that to demand and recognize that your competitors they may not have put that much effort into their books they might not care about all these other elements they're just focused on making money whereas we're focused on solving a real problem with our product so again it doesn't matter by saturation if it's not competitive and i'm telling you now after seeing hundreds and hundreds and hundreds of publishing businesses, the ins and outs of them, I can tell you confidently, it's not as competitive as what most people think.

11:15Fire Nation, Anthony dropping value bombs. And we got some more coming as soon as we get back from thinking our sponsors. Welcome to the world of entrepreneurship. More things added to your to-do list every day and less time to accomplish the things that matter most. Add to all that the number of tools it takes to run your coaching programs, online courses, growing team, and your physical product sales, and you've really got your hands full. Doing business has never felt harder. But what if there was a way to simplify everything, a way to manage your entire business with a single platform? Sounds like you'll need a miracle to make it happen, doesn't it?

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13:07Just fill out a brief questionnaire to get matched with a licensed therapist. Stop comparing and start focusing with BetterHelp. Visit betterhelp.com slash fire today to get 10 % off your first month. That's betterhelp, H-E-L-P.com slash fire. Are you looking to start or grow a successful business this year? Are you looking to learn the proven success systems that have been used to create thousands of millionaire success stories? See thousands of success stories and testimonials from real people just like you, who Clay Clark has mentored and coached into prosperity at thrivetimeshow.com slash EOfire.

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14:25Become the next success story. Schedule a free consultation and request tickets to join Tim Tebow and Clay Clark at the next business conference today at thrivetimeshow.com slash eofire. Anthony, we're back and listen, keeping our finger on the pulse is key. So how do we know if we're on the right track? Two things. The unsexy answer is basically look at your numbers, right? look at kind of like where am I projecting? Am I hitting my KPIs? So internally, am I hitting my KPIs? Am I giving my all? Am I doing and taking all the right actions? Am I focused on my inputs? That will let you know internally, okay, I'm doing the right things.

15:06And then externally, what does your bank balance say? You know, how many people have got through the door? You know, I think to me, knowing you're on the right track is simply tracking the numbers, the key performance indicators in your business if that's publishing and pod you know if that's publishing then focus in on okay how many books am i publishing this year what's winning to you is that four books or is it one a month you know and then from that is okay i've published the book did it generate some income yes it did how much did it generate okay how can i improve it and then you publish another book oh this doesn't do so well oh why is that did i get too distracted You know, was I not focused enough?

15:43Was I maybe slacking? Did I not think about the cover too much? And then that will, again, that failures, the wins and the failures along the way, that will tell you if you're moving on the right track. So that's how I kind of gauge where I'm going. So for myself is what are my inputs and then what are the actual outputs? What's the feedback telling me? And that's gonna help me stay on the right path. Anthony, I love talking about the main reasons that people fail. because then we as listeners, Fire Nation, we can learn from those mistakes, we can avoid them, we can improve upon what those bad ideas may have been.

16:20So let's talk about that. What can you share about other people's mistakes? Whether that's podcasters, whether that's people who are creating books and publishers and authors, whether that's entrepreneurs, is sometimes thinking our good idea is gonna make us millions, is going to be the next greatest thing on planet earth rather than actually looking for what's currently in demand this idea that i have has someone done it before has it worked did it work why did it work why didn't it work the biggest mistake that most people make is simply going off ideas that's not backed by data that is the number one thing that i see holding most people back when it comes to publishing books and making profits from their books.

17:09We have all types of creators listening to this podcast right now. I mean, Fire Nation is a diverse crew. But in your opinion, Anthony, what type of creator is this content that we're talking about today best suited for? This type of content creation, and I guess to break it down a bit more specifically the art of using already produced content let's say a podcast that's a long form or short form but podcasts will do or you have a newsletter or a long blog and you're creating an entrepreneur who has let's say an education based twist to it you know it's how to you're helping people solve specific problems in their lives and you have a bunch of content where you talk about these things in your own words, publishing a book and using AI specifically to actually consolidate and distill the wisdom from your podcast, from your blogs, from your newsletters, and distill that into a book, into a product that your audience can use, a product that can help you build authority, build more credibility, a product that captures the essence of your message in your words those entrepreneurs those content creators with a long form content that's really who is best suited for because there's so much work out there that they've produced in their words and they're writing ideas that are flushed out that they can use ai to actually help them start building out a book based on their ideas so those are the best people for this and i think podcasts specifically are incredibly incredibly valuable for converting podcast content into an actual authority building book that generates you an income that introduces new listeners who discover your book organically on amazon or in different platforms to your podcast that introduces your podcast again to potentially new clients and new customers so those are really the best people who are suited to apply this specific strategy.

19:17Anthony, today we've talked about how to make passive income using publishing and AI. What do you want Fire Nation to really walk away with from our conversation today? What is the one thing, the one key point you want to drive home? Entrepreneurship is already hard enough to make things easier for yourself by figuring out what's in demand. Don't just guess your way through and think that things are going to work themselves out they often don't it's really about pinpointing where the opportunity is seeing the demand for something and then being completely 100 obsessed with creating the best product in the market for this group of people for your audience and every single day iterating constantly until you get there until you can supply the market exactly what it wants and you're able to win at a game entrepreneurship again it's hard enough as it is so do not guess try to look at the data try to look at what's currently in demand whether that's with your podcast content what topics are currently in demand whether that's with your book what topics are currently in demand that i actually care for whether that's you know what um what internal products you create for your clients well what are they asking you for we're constantly getting feedback so don't just glaze over things, but really look to find out again, where is the demand and how can I produce the best product for my audience, for my clients, for my customers, for my people?

20:48Anthony, if Fire Nation wants to connect with you, learn more, what is your call to action for us today? If you're interested and you have a bunch of content, you've got to this point so far and think, you know what, the Anthony guy's making some sense. And you've been debating whether to create a book you've got a bunch of content maybe it's podcast episode maybe it's long you know long form show you know long form um newsletters and you're thinking how do i distill this into an actual book you want some guidance along the way from someone who's been there and done that i would recommend visiting get more listeners.com slash turn your podcast to book or if you want to connect with me personally, just go onto my LinkedIn, Anthony Winnerian.

21:30That's N-W-A-N-E-R-I. Fire Nation, you're the average. Of the five people you spend the most time with, you've been hanging out with A-N and J-L-D today, so keep up the heat. For links to everything we talked about, visit eofire.com. Type Anthony in the search bar and the show notes page will pop right up. Anthony, thank you for sharing your truth, your knowledge, your value with Fire Nation. For that, we salute you and we'll catch you on the flip side. Thank you for having me, man. Hey, Fire Nation, a huge thank you to Anthony and our sponsors for sponsoring today's episode. And hey, Fire Nation, do you want to accomplish your number one goal in 100 days?

22:07Well, check out The Freedom Journal. It will help you do just that. Thefreedomjournal.com. We're talking step by step. Holla. Catch you there. We're on the flip side. Nudge, hosted by Phil Agnew, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Ever notice how the smallest changes can have the biggest impact? On Nudge, you learn simple evidence-backed tips to help you kick bad habits, get a raise, and grow a business. Oh, and it's the UK's Fast-Growing Business Podcast. A recent episode on how to win any argument shares decade-long research into persuasion from a world-leading neuroscientist.

22:42Listen to Nudge wherever you get your podcasts. Are you looking to start or grow a successful business? attend the world's highest rated and most reviewed business growth workshop taught personally by Clay Clark and football great Tim Tebow at thrivetimeshow.com slash EO fire. Again, request life changing tickets today at thrivetimeshow.com slash EO fire.