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So I have a unique asset, 50 IFRS
accounting workbooks in English and Russian that are out of date, with no site to host them. I cannot sell them, so is it going to be worth continuing my quest? My former colleague had left me with
one signpost that pushed me to continue: the earlier edition was on the Ministry of Finance website
– 50 of my books in Russian.
This was another unique aspect
of the books: nobody else (Russian nor foreign) had
so many books on its site. The first thought of how to monetise
the books came to me – they could be my visiting card to help me
find work training IFRS accounting.
I was providing various accounting
courses, both professional business and
university courses, but looking for more. I was looking for a site to host the
books, as a new site would not attract many readers.
Also, site costs in 2010 were
considerably more than today,
especially taking into account design costs.
Also, I found that I needed 8 new books
in each language for the new edition, plus other updates. From a course in my project days
(2003-9) came the answer to the hosting: bankir.ru This site is the first choice of bank
accountants, as well as accountants in other sectors. One of the course delegates, Marina
Korf, gave me the contact. Also, Adel Valeev offered to help update
the Russian books. Gulnara Makhmutova,
an experienced bank financial controller from Ufa, also known through my earlier courses, completed the team and continues today as the primary Russian writer. Russians are very kind and helpful
people and Gulnara and Adel moved mountains to complete the new edition. The books were loaded on the site and
the new Russian edition was proudly loaded on the site of the Ministry of Finance. These were proud moments for
us all, but how could we transform a hobby into a job and generate an income? It was clear that we would need
to update the books annually. I had talked to a publisher before
about the books, but made no concrete progress. In Russia, books are cheap
and many are pirated, so I realised that publication was NOT a profitable way forward. Then, it occurred to me that there is a
hierarchy of returns: on the base level is publication and
royalties;
on the next (middle) level is
securing courses:
one or two additional courses, generated by the books, would yield more than publication royalties.
The top level of the hierarchy was
securing a consultancy project, which would yield more than the courses. The net result is that the books have
helped me secure more courses, mostly in Moscow universities and two World Bank projects in Mongolia (with PwC) and Tanzania central banks, based on IFRS. Monetise your publications
My experience is that the reward for
the publications comes indirectly, from consultancy and courses, rather than royalties. Unless you have a profitable publishing
deal, use your publication(s) for promoting yourself. Do not spend excessive time looking
for a publishing deal, if you could
publish it on your site,
or the site of a friend.
Publish what you need. A two-page
article every year is better than a major work every five years. Writing my books allows me to avoid
writing academic articles (that are read by only a handful of people). After you have written enough for your
day job, save your wise words for your blog and other IM writing. From yesterday, if you missed it:
Silvia at IFRSbox.
If you are in finance and not on her FREE list (WHY NOT?): http://www.ifrsbox.com/ifrs-kit/?ap_id=Profmoscow
Click the link above and sign up NOW! Blogs
All mentors will tell you to start a
blog, even Dean Holland said that writing a blog turned his business (and finances) around. This free video gives you the chance to
learn from the master. Click here: While you still have the day job, I suggest
that you decide whether your site will
be for IM, or for your day job. When you have gained confidence with
the first one, download a second website. |
View John Thornhill, my mentor ‘s
FREE webinar
FREE webinar
CLICK here:
http://profmoscow.part2suc.hop.clickbank.net?page=live
This will help YOU understand IM and to
build a profitable business you control!
This will help YOU understand IM and to
build a profitable business you control!
Please ask your friends to sign up for
this letter at
this letter at
Thank you.
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