The dream of becoming a published author has never been more accessible than today, thanks to self-publishing. But can it help you to earn money while sharing your stories and ideas with the world?
In this blog post, we will share how you can turn your passion for writing into a profitable venture. Let’s get down to the business.
Is self-publishing beneficial?
So, is self-publishing beneficial? The short answer is yes. Self-publishing provides authors a platform to reach a global audience, keep creative control, and earn higher royalties than traditional publishing.
Regarding figures, self-publishing platforms pay authors up to 70% of each book sold. But not every indie writer is successful. The average author sells 250 copies and earns $1,000 yearly from their books.
But you can earn much more if you follow specific rules.
How to earn more money by self-publishing?
The main thing is that self-publishing requires time, effort, and a strategic approach. If you are ready for this, you will likely become one of those self-published authors who make over $100,000 yearly. So, what must you do?
1. Write a high-quality book
Your journey to success as a self-published author begins with the most critical step: writing a high-quality book.
This means crafting a captivating story without grammatical, spelling, and logical mistakes. A well-written book is the foundation upon which your success will be built.
To write such a book, you have to:
- Include themes that resonate with modern readers
- Add genre tropes that are popular today
- Hire a professional editor to polish your manuscript.
The high-quality book is also about its cover design, as poor design may make readers think the content is low-quality.
2. Reduce Your Costs
One of the great benefits of self-publishing is that it allows you to minimize expenses. You can write, edit, and format your book with minimal costs, especially if you’re willing to learn and do some of these tasks yourself.
To reduce costs on editing, you can use special software, turn to beta readers, and find an editor with an acceptable rate. If you want to get a fantastic book without breaking the bank, you can try to make it yourself using free tools, buy a premade cover, or contact Getcovers.
3. Publish a book in all available formats
To maximize your earnings, publish your book in all available formats, including ebooks, paperbacks, and audiobooks. Different readers have different preferences, so making your book accessible in various formats ensures you reach a broader audience.
In addition, you can translate your book into other languages to cover an even bigger audience.
4. Focus on marketing
Publishing your book is just the beginning. If you want to earn money, the world must know you. Unfortunately, even if your book is brilliant, nobody will discover it without proper marketing.
You must start promoting your book before publishing to warm up your target audience. Start with developing a strong online presence through a website, blog, and social media. Engage with your readers, build an email list, and intrigue them with a cover reveal or other hooks.
The great advantage of being an indie author is that you can use only free marketing methods. Thus, be creative. For example, Crystal L. Bass made T-shirts telling that she wrote a book, wore it everywhere, and sold books from her backpack or trunk of her car.
5. Expand your book distribution
Amazon is an excellent platform for indie authors, but don’t limit yourself to a single distribution channel. Explore other self-publishing opportunities, retailers, libraries, and bookstores. Even if you are new to this industry, there are platforms even an aspiring author can use.
You can utilize these websites to expand your book’s distribution network, reach new readers, and promote your book.
6. Create merch based on your book
A creative way to earn extra income is by creating merch inspired by your book. Consider notebooks, T-shirts, posters, mugs, hoodies, and more. You can sell unique boxes containing your book and thematic accessories.
Fans love to connect with their favorite authors, and merch offers a unique way to do just that. Moreover, you can use such stuff to create buzz around your book by holding giveaways or other competitions on your social media pages.
7. Teach people how to write books
If you’ve gained expertise in the self-publishing world, consider sharing your knowledge with others. Many aspiring indie authors are just at the very beginning of their way, and they don’t know where to start.
You can create online courses, offer coaching services, or participate in lives and offline literary events. This not only generates income but also helps you establish yourself as an authority in your niche.
While the path to earning money through self-publishing may not always be easy, it is certainly accessible. You can make more by writing high-quality books in various formats, focusing on marketing, creating merchandise, and teaching others.
Can you call self-publishing a profitable business? Share your thoughts in the comments.