Can I make money self-publishing books?
I’m working on my first book and want to know if I can make money self-publishing it. I’ve seen people claim they’ve earned tens and even hundreds of thousands of dollars with their books, and at the same time stories about how few people make even a thousand dollars at it. And can you make money self-publishing your books after you pay all the expenses?
This question pops up frequently online, and the true answer is “it depends,” and we’ll get into that later in the post.
First, if someone says they know a way for you to earn a lot of money self-publishing books, beware. They’re selling you something.
Speaking of which, did you know about my book, “Career Indie Author,” that can help you get off on the right foot for your author journey? (Yes, I see the contradiction. But at least I don’t promise you’ll get rich.)
One Path to Self-Publishing Success
Authors getting rich self-publishing books tend to follow the same path (it’s possible to not do this, but it’s harder):
* They’re writing and releasing multiple books in a series. Some write the first three or four books and use the “rapid release” technique. They publish every month, and if the initial sales are good, Amazon will put this book in front of more customers, generating more sales.
* These books are in one genre and embrace its tropes.
* The author is active online. Typically, they’ll have a newsletter which they build up using advertising and a reader magnet. They may also be a member of a Facebook group or two open to that genre’s fans.
* The author also advertises through Facebook and/or Amazon (I’ve seen authors succeed with either platform). He doesn’t it well enough to have a positive ROI (return on investment). Spend 50 cents and earn a dollar, that’s a 50 percent ROI, which is good. Spend a dollar and earn a dollar, that’s 100 percent ROI, which is bad.
* Some authors have an advantage. They have deep ties in their community, so they can hold a launch party. Their friends can mention the book on their social media. They can get news coverage.
* Finally, the novels are great reads.
As for expenses, it can vary from nothing to the sky’s the limit. One figure I’ve seen is about $2,000. This covers the cost of the cover ($400), professional editing ($1,500), and ebook formatting ($100). Print formatting could cost $300.
These are estimates only, and the quality of the work varies widely as well. As the boss, you’re responsible for hiring good workers and rebounding after the bad ones take your money and give you a substandard product. But that’s a another post.
Campbell Soup of Authoring
So a great many authors pump out books as fast as once a month. They’ve figured out the genre they’re working in, how many words to write, and are highly organized. Think of them as the Campbell Soups of the business. For their income, they’re relying on attracting a whale reader to book #1, and hoping they’ll go on to #2, #3, #4, etc. Their books are in Kindle Unlimited, and they can afford to spend more money on popular keywords, hoping to make it up in page reads.
Mark Dawson is a good example of this strategy with his John Milton series (except for writing a book a month; he takes more time). He also writes books so good a publisher cut a deal with him to distribute his novels to bookstores.
There are many writers who follow the same path with varying results. Their books are good enough to attract readers. Some of them may become fans. Many readers will not.
How well you do will depend on the quality of your storytelling, your marketing and promotional strategies, your alliances, and your luck.
