Reading books is one of the most favorite ways to enjoy leisure time for ages now. This trend was far more common back in the day with no digital equipment, TVs, computers, or cellphones around. Books, back then, were an excellent way to ignite the creative side of your brain and imagine the world being portrayed to the reader.
Books generally comprise under two umbrella terms – fictional and non-fictional. The former form refers to novels and stories that showcase things that are untrue for the real world. These books can be stories of extra-terrestrial powers or a fictional character who bypasses the strangest of troubles to enjoy a happy ending.
In the case of the latter type of books (non-fictional), stories are usually true events from real life, autobiographies, or factual events that took place in history.
These umbrella terms are further classified into different genres, so readers can pick what speaks to them. Fortunately, there is plenty of text for readers from each category, thanks to the centuries’ worth of work by countless authors across the globe.
Books have found a special place in the hearts of people, which is why no technology, be it television or the internet, can ever come near to the pleasure of reading books.
Can You Make Money Writing a Book?
Yes, you can!
Let’s assume you pen down a few thoughts about a non-fictional character, only to realize that you are good at helping readers visualize. That skill must be worth something, right? It is!
Thousands of authors across the globe today are minting money writing books for different genres, and people are paying hefty amounts to buy those books. All you have to do is make sure that you create a book that speaks to the readers; a book that is hard to let go of once started; a book that leaves the readers startled.
Thanks to the world of information present at our fingertips today, you can easily learn how to write a best-seller.
The real question is: can you make money writing a book? We have covered this part in detail in this article. So, sit back, and learn how your book can help you make thousands of dollars, if not millions.
How To Make Money with Your Book?
There are several different ways to earn from your book. We have listed some of the best and most practical methods that will help you turn your book into a golden egg.
Through the publishing company
Writing a book is taxing itself, which is why a lot of new and professional writers prefer hiring experts for marketing later. Once you have finished writing the book, you don’t want it to go on your shelf so no one could read it. Instead, you want as many eyes as possible to adore and praise your work.
The thing is reaching out to your readers, which may not be as simple as it sounds. This is where publishers come in. These publishers have broad networks of people who will be more than interested in marketing a potential best-seller.
You can find a publishing company that is ready to publish your book and market it on your behalf. If a publisher approves your book, the first and foremost way you will make money on your book is through advance!
However, to receive an advance, you need to make a contract with the publisher, which may bound you from seeking other publishers or even restrict you from publishing the next couple of books through this publisher. However, bear in mind that publishers take a significant cut of your book sales for doing the publishing and marketing.
We reckon you know about J.K. Rowling. When the author’s popular series Harry Potter was first accepted by a publisher, she was paid an advance of $4100 back in 1997. The Harry Potter series is now a multi-billion-dollar franchise, which goes to tell us that making money writing books is surely possible.
Make money through franchises
Once your book is released, its marketing will determine the number of readers who find it in-store and online. Top-grade publishers use their broad networks allowing your book to reach millions across the globe. The more people find it, the higher your chances of a sale are.
You don’t have to be a best-selling author to make money off your book. Even a decent hit can earn your more than enough to elevate your lifestyle. Once your book becomes a renowned name among your audience, you can start selling franchises for your fans.
Think Manchester United – a famous soccer club in the UK. The team sold 3250,000 million units in the 2018-2019 season, which amassed to a multi-billion-dollar sale. The same strategy can be applied to your book – start a revenue stream by selling jerseys and souvenirs of your book.
This is an excellent way to make money through your book since you will be able to sell your franchise on significant platforms like Amazon or through your website – the revenue from your franchise will have no one else’s cut. From Lord of the Rings to Harry Potter and beyond, every single popular fictional book starts a revenue stream through its franchise; you can too!
The best part is that it is quite easy to make money through franchising, thanks to the digital. You can take over the venture yourself or hire a company that can help you set up an online store where you could sell artifacts from your book. These may include mugs, jerseys, decorative pieces, or any other promotional item related to your book.
Augment your book
The world we live in today is full of stress and anxiety. Our entire lives revolve around hassle-filled routines, and coping up with such a lifestyle requires expert assistance. A lot of non-fictional writers create books on life hacks and lessons relating to mental, psychological, and financial issues.
If you are writing a book on a motivational topic, you can augment its sales by marketing on other mediums. For example, you can build your authority by writing a few books on a particular topic like motivation.
Later, you may host live sessions on YouTube, create a podcast, or host live events where you can talk about the lessons you teach in your book.
These sessions are often paid or sponsored, enabling you to make money from them. This is also an excellent way to market your book and bring it to the masses. In addition, you will create a revenue stream that keeps your financial standings stable. Meanwhile, you may get a cheque from the sales of your book every few weeks to boost your financial standing.
An excellent example here is that of Dave Ramsey, who did not bank on his book sales. He attended several podcasts and live sessions where he talked about his book and what he tries to teach through it. A majority of the online and offline sessions attended by Dave are paid. Since these sessions are about his books, Dave technically earns from his writing.
Enjoy lifetime royalties
One of the best ways you can make money writing a book is through royalties. Royalties are basically the money you make from the sales of your book. The percentage of your royalties depends upon the type of publisher you choose. Conventional publishers are known for taking a major cut out of your book sales.
Furthermore, the agent handling your account will take a percentage cut if you involve a conventional publisher. The point is, your royalty percentage might be a little too low. The good part is that these publishers have strong networks that help in marketing. In other words, although you get the short end of the stick, you get to make money from the extensive units sold.
On the other hand, you also have the alternative of contemporary publishers like Amazon that take a cut, but since there is no agent involved and a smaller marketing team, you get a major percentage of royalties. A lot of authors today use Amazon to sell their work and are making hefty royalties from their book sales online.
One critical benefit of publishing the eBook version is that you get to cater to larger masses across the globe. If you’re in the US, you will easily be able to sell a digital copy of your work to a person sitting across the globe in Australia.
How Much Money Do Authors Make Per Book?
A best-seller can end up earning millions within a year. However, if we were to take an average approach, we can say that you may be able to make around 70% of your sales. It depends on your publisher and whether you are selling soft or hard copies of your book.
eBooks usually earn the writer around 25% of the sales, and a similar amount in royalties. Amazon has a formula that enables it to keep 30% for books priced between $3 and $10 US. It keeps $35 if you are selling your book outside of this price bracket.
In short, the money authors make per book depends on various factors starting from the platform and publisher you choose and whether you are selling digital copies or physical ones.
How Much Money Can You Make Writing A Book?
There is no particular cap to how much money you can make writing a book. While some authors may just make a living, others like Stephen King and Agatha Christie went on to make a significant chunk of money from their books.
While creating a compelling book is the first step, it also depends upon your publishing and marketing strategy. If done well, your book may turn into a multi-million-dollar franchise, which is why it is always a good idea to take professional assistance when it comes to bringing your work to the limelight.
The following section will provide you with a brief idea about how you can go about marketing your book.
Bonus Tips to Market Your Book
Not everyone is on board to pay publishers and give away a significant cut of their potential earning. If you are confident about making good sales on your own, you can easily market your own book using the following strategies.
Create a digital version
The world is rapidly moving towards digital solutions, and the novel coronavirus expedited this move. People are avoiding the purchase of physical copies of their favorite books. While conventional copies are being avoided by readers, eBooks have become quite popular.
People have been buying digital copies of their favorite books. Furthermore, soft copies cost a lot less, and the publisher’s cut is a lot less as well. So, if you are planning to write your own book, make sure you opt for launching a digital version of it, so you could cater to a majority of your audience across the globe.
eBooks are also available across the globe, thanks to the internet, which will enable you to easily market your book to a global audience instead of resorting to local sales.
Create a marketing plan
You have put a lot of effort into writing your book. You don’t want it to go to waste just because you did not have a proper marketing plan for it in place. Experts recommend having a self-publication plan in place, particularly for social media.
You have written the book, so you know best who your audience is. Use relevant details to capture leads through inorganic marketing. Create a page and promote it. You can also make a video of yourself where you introduce the book and what it is about – users are likelier to check out the book once they watch the author talk about it.
In short, you need to develop a social media marketing plan in advance. The key here is to reach out to your audience instead of waiting for them to find you (your paid media will show on the news feeds of your targeted audience). In the case of confusion, you can always consult with experts.
Another great way of using social media marketing is to give a few samples of your book away for free. People love free stuff – all you have to ensure is that the people you are giving away your book to are actually interested in it and won’t just get it to increase their book collection.
Always take assistance
It’s great that you know a thing or two about digital marketing, but it is best to leave this one to experts. The reason being that you are looking forward to making money writing a book, which means you cannot take chances.
Having experts by your side will ensure that your book reaches an authentic audience with a call to action that helps you convert prospects into leads.
Is Writing a Book Profitable?
There is not even a single ounce of doubt about how profitable your book can be. As mentioned above, it begins with how well-written and compelling your book is, followed by marketing techniques that will enable you to make your book visible to your audience.
As far as profitability is concerned, the ROI of a book can is always great since you don’t incur expenses writing one. It is the time and the creativity you put into your work that creates a book worth a read.
Taking the same example of J.K. Rowling’s Harry Potter series: she did not invest a lot of money writing her book, but her creativity and the ability to pen down a story that captivates readers’ minds was worth millions of dollars.
The best part of writing a successful book is that you can always look forward to turning it into a big-screen movie. There are countless examples of successful movie franchises that originated from famous novels. In fact, one would argue that most of the box office hits are based on popular novels – yours could be one of them!
You invest your heart and soul into creating a book, and you want the readers to like it. That’s the first step – to create stories that are loved by your audience. This is followed by your publishing and marketing approaches, which will determine the percentage of profits you bag from your work.
If you want assistance with writing a best-seller, need an expert to edit it, or simply want a reliable publisher to bring your book to the limelight, Pro Book Writing has got your covered. We house a team of book writing and publishing experts that has already helped several authors find the limelight.
We provide a broad range of services including ghost writing, editing, script writing, book trailers, book design, book marketing and a lot more.
For information about our services, feel free to get in touch with us or get a quick quote here. We will love to assist you with your book!