The saying that the only way to “really” get published is through traditional means simply isn’t true, you can self-publish a book and make money. Some people believe that the only way to make money off of writing is to go through a publishing house as they will market and sell your book for you. However, this is not always the case.
If you’re looking to make some serious money from your writing, self-publishing could be the way to go. Though it may surprise you, there’s a lot of potential for financial gain when you take this route. However, you must know how to approach self-publishing in the right way if you want to see success. With a little bit of effort and the right strategy, you can easily self-publish a book and make money from your writing!
The Benefits of Self-Publishing
Are you an aspiring author looking to get your work out into the world? If so, self-publishing might be the best route for you. In this article, we will explore how and why you should self-publish a book and make money out of it.
Self-publishing can be a great way to get your work out there, but it’s important to know what you’re getting into before you start. This method is often seen as a last resort for authors who can’t find a traditional publisher, but there are plenty of reasons why self-publishing might be the ideal option for you.
Self-Publish a Book and Make Money Through Royalties
One of the key benefits of self-publishing is the ability to earn higher royalties than you would if you went the traditional publishing route. Traditional publishing involves an advance, which is the sum of money the author receives before publishing. The author does not earn any royalties until they have made back this advance. This can be a difficult feat, as you not only have to sell a lot of copies of your book but also do so at full price. In some cases, it may even be impossible to make back your advance, which means you won’t earn any royalties at all.
If you receive a $10,000 advance for your book and have a 10% royalty rate, you will need to sell 5,586 books before you start getting royalties. Your book is listed at $17.99 means that for each book sold, you will earn $1.79 in royalties. To reach the point where you are earning your full royalties from each book sold, you must sell enough copies to make up for the initial advance.
Authors who self-publish their work do not receive an advance, but they do earn approximately 60% of the royalties from each sale. This means that instead of earning $1.79 per copy sold of a book priced at $17.99, they would earn closer to $11 per copy, which is a significant difference. In general, if you manage to sell the same number of copies as a traditionally published author, you could make around six times more money.
Being Able to Exercise Creative Control
If you were to go down the traditional publishing route, you would have very little say in how your book is presented to the public. With self-publishing, you can make all the decisions regarding your book’s cover, content, and marketing strategy. This means that you can produce a truly unique book – one that perfectly reflects your vision and meets your specific goals.
You will also have a great deal of control over some of the most important marketing tools available to you, not to mention the work itself. This is extremely beneficial as it allows you to tailor your marketing efforts more specifically to your needs and objectives. In addition, you can also implement new strategies and ideas more quickly and easily.
When you self-publish, it’s crucial to hire your formatter, cover artist, and editor. This way, you can choose the professionals that you want to work with, rather than having someone else dictate who you should use. Keep in mind that self-publishing does require some upfront investment, but it can be worth it in the long run if done correctly.
Having to Manage Your Own Business
Shifting to self-publishing gives you complete business control. For instance, if you want to publish another book, you can do so without waiting for a second book deal or worrying about whether your publisher will keep you on. This freedom allows you to respond quickly to market trends and take your career in any direction you choose.
As a self-published author, you have control over how your books are sold and distributed. You can choose to sell them through online retailers, brick-and-mortar stores, or directly to customers. You also have control over what goes into your books, from the cover design to the type of paper used. This freedom allows you to publish whatever you want, without having to worry about pleasing a publisher or meeting sales targets.
Step-By-Step Guide on How to Self-Publish a Book and Make Money
With the numerous benefits that self-publishing offers to authors, it’s no surprise that many are considering the option. Now, let’s discuss how to self-publish a book and make money.
Step 1: Write a Good Book
You should always remember that, at the end of the day, your primary goal is to sell your books. And it will be very difficult to do that if your books are not good. Readerships, platforms, sales, and marketing are all important factors, but if the writing itself is not up to par, none of that other stuff will matter. Make sure that you’re putting out the best possible product you can, and the rest will follow.
The most important thing you can do when writing a book is to make sure it’s the best it can be. To do this, start with an outline, then draft your story a few times. Revisions are key to ensuring your book is ready for readers. Ask beta readers for their feedback and take their suggestions into account to create the best possible book.
Furthermore, hiring an editor and a proofreader are both great ways to help make sure that your book is high quality and something that people will want to buy. By ensuring that your book is well-written and free of errors, you increase the chances that readers will enjoy it and want to purchase future books from you.
Step 2: Establish a Launch Team
A launch team is a group of individuals you get together to help you launch your book. These people can help with many things, such as getting reviews and helping to plan events. Essentially, your launch team’s job is to create excitement and awareness for your upcoming book release. They are like town criers, spreading the word far and wide that your book is coming out soon and that people should pre-order their copy.
Recruiting your launch team through social media is a great way to ensure that they are passionate about your book and its success. Keep in mind that while some members of your team may be experienced writers, others may not be. But as long as they have enjoyed reading your book and want to see it do well, they will likely make great assets to your launch team.
Your launch team can help connect you with content creators for reviews, generate buzz on social media campaigns, and leave positive feedback on sites like Amazon to help improve your book’s ranking. Furthermore, they can assist with tasks such as creating graphics or video content, writing blog posts or articles and sending out email newsletters. By lending a helping hand with these essential promotional activities, your launch team can give your book the best chance for success.
Lastly, thanking your launch team is essential to maintaining a good relationship with them. Consistent communication is key to making sure that they know how much you appreciate their efforts in promoting your dream book. Keep in mind that they are doing this for free, so make sure that you express your gratitude often.
Step 3: Have a Clear Marketing and Publication Plan
When exploring how to self-publish a book and make money, there are many details to keep track of. Having a marketing and publication plan in advance will help ensure that you stay on schedule and publish your book according to your ideal publication date. Planning will also make the process of self-publishing much smoother and less stressful.
In terms of marketing, you should take a look at examples of other self-published writers who have run effective campaigns on social media. Examine how they approached their marketing, what content they used, and how they engaged their audience. Cover reveals, challenges, and giveaways are all great ways to build anticipation for your self-published book. By planning these activities several months in advance, you can generate a lot of excitement and interest in your book before it even hits shelves. Also, consider other strategies you can borrow and adapt to fit your book and goals. By studying successful examples, you can learn what works and put together a plan for your campaign that stands a good chance of driving interest and sales.
Meanwhile, to ensure that you have everything you need to get your publication off the ground, include production costs such as editing, formatting, and cover art design when creating a budget. Choose your editors, formatters, and artists carefully. Find out how much time they will need to complete their respective tasks, and then begin mapping out a production schedule. In general, you should plan for about three months of production time after you finish your draft. This will give you a realistic timeline for completing the project and ensuring that everything is done to your satisfaction. Developing a plan for how you will manage these different aspects of production will make the publication process more efficient and streamlined.
Step 4: Build an Audience for Your Self-Published Book
A lot of people who self-publish don’t know the ins and outs of how to do it effectively. The most important element of making money from self-publishing is to build a career by developing a dedicated readership. Without this, you’ll struggle to make any real money from your self-published work.
Building Your Audience
There are countless ways to build an audience for your work. The sooner you begin, the better! The more people that are aware of your book before it is released, the greater the chance of its success. By building a large audience in advance, you increase the visibility of your book and create a buzz that can lead to increased sales. Some simple things you can do to get started include:
1. Establishing a social media presence
Creating a social media presence is a great way to get started in promoting your self-published book. You can create a Twitter account or Facebook page to reach out and gain people’s interest in your book. Researching which platforms are most popular with your target demographic is a good way to make sure you’re using the right tools to reach them. For example, the younger generation will trend toward apps like Tiktok and Instagram, while older groups of people tend to stick with Facebook.
You don’t have to post about yourself on social media if you don’t want to—you can keep your posts strictly related to business. However, we recommend that you post regularly and play around with different types of posts to see what works best for you. Additionally, try to connect with other self-published authors as this can be beneficial for networking purposes.
2. Email newsletters
People often doubt the usefulness of email newsletters, thinking of them to be ineffective. However, they are one of the best ways to stay in touch with your readers.
Make sure to advertise your newsletter in a place where people will be able to see it. This could be on your website, in your email signature, or on social media. If you’re looking to grow your newsletter subscribers, one way to do so is by offering an incentive for signing up. This could be in the form of a free short story, a set of writing prompts, or something else that would be appealing to your target audience. You can also offer incentives in future newsletters to keep new subscribers engaged. Make sure your content is valuable and relevant to your audience so they keep coming back for more!
3. Author websites
A website is a great platform to connect with your readers, promote and sell your books, and offer other services that might be of interest. By having a centralized location for all this information, readers can easily find everything they need to know about you and your work. Having a good website is essential for any author who wants to build a strong platform and reach a wide audience.
If you haven’t already set up a website, it’s pretty easy to do so using Squarespace, Wix, or WordPress. If you don’t plan on publishing anything shortly and you don’t have the money to invest in a domain name, no need to rush into anything and you can always do this later. However, having a website ready to go will be very helpful further down the road.
Step 5: Continue Publishing New Work
If you’re serious about this specific route, one way to self-publish a book and make money is to continue publishing new work. This way, you can reach a wider audience and build up a loyal following of readers who will be interested in buying your future books. Plus, by publishing more than one book, you’ll be able to generate more income from royalties and other book sales.
It’s important to keep your reader base engaged by regularly publishing new work. If you’re a one-hit wonder, your readers will eventually lose interest and move on. By continually putting out new material, you give your readers a reason to keep coming back for more. This not only helps to maintain their interest but also encourages new readers to discover your work.
While some self-published authors may publish a dozen books in a year and make a good amount of money from doing so, this pace is not for everyone and it is also not required to be successful.
If you can only publish a book every few years, don’t worry—you can still build an audience. You can do this by releasing other forms of content more regularly, like podcasts or YouTube videos. This way, your audience will always have something new to consume from you, and they won’t forget about you in between your book releases.