Guide to Earning Through Self-Authored Book Publication
READYTO MAKE BANK AS A BOOK-WRITER, EH? HERE'S THE SCOOP!
Ever dreamed of turning your way with words or that epic tale you've been holding on to into a profitable venture? Look no further! This quick guide spills the beans on how to rake in serious dough writing a book.
First things first, there are two main avenues to take: traditional publishing or self-publishing.
Traditional publishing is the old-school approach, where you pitch your manuscript to publishers or agents, hoping to land a book deal. Once in, the publisher handles most of the work like packaging and distribution. But hey, they only give you around 10-15% of royalties.
Alternatively, self-publishing lets you call the shots! With digital technologies, anyone can self-publish. Yeah, zero budget needed! You can turn your manuscript into a digital format like an ebook and get it listed in, say, Amazon without breaking the bank. And the best part? You get up to 70% of the royalties!
Let's weigh the pros and cons:
Traditional publishing boasts the "big money" with the potential for funding for marketing, even though some authors are expected to market their books themselves these days. But landing a contract can take forever, and there's no guarantee your book will ever be picked up.
On the other hand, self-publishing offers instant gratification on your terms. Yes, it takes more legwork, but the potential rewards make it worth the effort!
Now, about how much coin you can rake in writing a book...
The 2023 US Author Income Survey gives us some insight:
- Full-time authors raked in a median income of $10K from their books, with blogging bringing in another $10K.
- Self-published authors took home an average income of $12,800 from their books and an additional $15K from author-related sources like blogging. That's a 76% income surge since 2018!
Take a look at traditional publishing versus self-publishing side by side:
Self-publishing = higher royalty rate = more dough in your pockets. Just remember, self-publishing requires personal funding, but it's possible to market a self-published book on a budget!
So, let's break down the steps to make money writing a book:
- Write your book - Obvious right? You've got plenty of tools and resources at your disposal. Find inspiration in these podcasts for writers, and utilize apps like ebook software and AI writing tools.
- Edit your book - After penning down your magnum opus, review and edit your work extensively. Traditional publishers may provide an editor, but if you're self-publishing, hire a pro editor. Or self-edit (who knows, you might be a natural!).
If you're determined to get your print books into traditional bookstores and snag reviews from major entities, consider working with an agent (to boost your chances).
If self-publishing is more your speed...
3. Design your book cover -
Hire a pro for a fantastic and enticing cover, fitting industry standards. If funds are tight, DIY with tools like Canva. Learn how to create a book cover that catches eyeballs here.
4. Format your book -
Ebooks require a final epub or mobi file, audiobooks require mp3 files for each chapter, and print books need two pdf files. Convert your Word doc, or outsource the process.
5. Create a promotion plan -
Develop a strategy based on researching your market, IDing your target audience, and more. Choose tactics, create a timeline, and dive in!
6. Self-publish -
Choose the best free self-publishing platforms, reach readers, and maximize your income. Consider publishing wide with an aggregator to reach a wider audience.
So, to summarize...
- You can make bank writing a book through traditional publishing or self-publishing.
- Landing a book deal might take a while (or never happen), so opt for self-publishing to speed things up and call the shots.
- Traditional publishing offers lower royalties but potential marketing budgets, while self-publishing gives you higher royalties and full control.
- Put in the work, do your research, and stay organized to maximize your earnings!
- As an entrepreneur in the realm of finance and book-writing, venturing into self-publishing could be a lucrative strategy, allowing you to create an ebook listed on platforms like Amazon and retain up to 70% of the royalties.
- To further enhance your income as a book-writer, consider delving into various aspects of entertainment, such as writing screenplays for movies or television shows, or even publishing engaging business books that can offer valuable insights to readers in your target audience.
