You’re dreaming of writing a best-selling book, right? In the final quarter of 2011, I was in your shoes. I spent countless hours crafting a book proposal for my guide to negotiating severance packages, "How To Engineer Your Layoff". After quitting my job three months prior, I had grand visions of securing a literary agent, landing a book deal, and spending the next year writing. Plus, writing a book was on my bucket list, and what better time to tick it off than while relaxing on a Hawaiian beach?
Sadly, things didn’t go as planned. Despite sending my proposal to around 15 agents, I didn’t receive a single response. But, with the backing of my father and wife, I wasn’t discouraged. I chose to self-publish, and it was one of the best decisions I’ve made.
From 2009, I started documenting my journey towards early retirement on my blog, Financial Samurai. Here, I shared my fears about leaving a steady income behind at a young age. I also connected with hundreds of people online who were wrestling with similar issues. We discussed overcoming the fear of leaving a job and even shared tactics on how to persuade our partners to prolong their working lives so we could retire earlier – although, I must admit, I didn’t have much success in that regard!
Then, an idea struck me. What if more people had the means to leave their jobs with a financial cushion? A severance package could ease the transition into early retirement, entrepreneurship, parenthood, education, or even a new career. From that moment, I knew publishing the book was a must.
Despite my book proposal being rejected, I now look back and realize things turned out just fine. Writing from personal experience always resonated with me, and negotiating a severance package gave me the financial confidence to leave a job I disliked at age 34. That decision changed my life for the better. The chronic lower back pain, sciatica, and TMJ I suffered due to the stress of working in finance disappeared. My hair stopped falling out and greying. My wife and I were finally able to have children after years of trying. Plus, I got to explore my creative side while enjoying freedom!
Since 2012, "How To Engineer Your Layoff" has generated over $550,000 in profits. It taught me an important lesson: If the gatekeepers won’t give you a chance, do it anyway! Don’t let rejection deter you – embrace it!
Sure, the book only generated around $10,000 a year in profit during the initial years. But, after continuously expanding and revising the book, profits have grown by 5X. You might think that $50,000 a year before tax isn’t much to live on. Indeed, it’s not enough to comfortably support a family of four. But for me, $50,000 is an excellent source of passive income that was created from nothing.
Fast forward to the end of 2019, after eight years of writing, I finally landed a book deal with a major publisher, Portfolio Penguin Random House. This opportunity came unexpectedly through a cold email outreach, and no book proposal was needed. Once the pandemic hit in February 2020, I decided to write my next book, "Buy This Not That".
Looking back, I appreciate all the rejections I’ve faced in life. They make any success you have all the more satisfying. Rejections also serve as strong motivation to prove your doubters wrong! If you want to become a published author, don’t be discouraged by rejection. Instead, use it as fuel to keep going and prove your rejectors wrong.
So, if you’re dreaming of becoming a published author, don’t lose hope if your book proposal gets rejected. Remember, having a platform is a great way to land a book deal with a traditional publisher. Build a platform and a brand, and you’ll increase your chances of achieving your dream. Keep going, and who knows, you might even stumble upon your proposal one day and feel proud of how far you’ve come!
