How to Make Money from Writing a Book?

How to Make Money from Writing a Book?

For a successful author, we think that they can write a book that sells millions of copies and then live on the royalties from that book for the rest of their lives. There is no truth that is more different from the truth.

If you write a normal book, you don’t make enough money to live on. If you write a book, you get an advance and 10% of the profit. A $5,000 advance means you’d need to sell at least 4,000 copies of your book to break even. If your book costs $25 per copy, you’d need to do that. When Mack Collier wrote Think Like a Rock Star, he worked 25 hours a week for nine months on the book. He made $15.63 an hour.

No, the book marketing services aren’t saying that writing books aren’t worth the time and money. Grisham, King, and Rowling have shown that you can do it, too, as they have done in their books. It doesn’t matter how little your royalties are: Even if you sold one million copies of a book, you’d still be rich.

On the other hand, few of us can sell as many books as James Patterson or Danielle Steele. Steve Piersanti, a publisher of nonfiction books, says that the average book in the US today sells less than 250 copies a year and less than 3,000 copies over its life.

No, this doesn’t mean that you should give up on your dream of becoming a successful author. Even if you don’t sell one book, you can still make money writing them.

Different Ways to Make Money from Books

It’s not the sales of your books that will make money for you as an author. It’s the relationships you build with your books.

They even make more money from book adaptations on TV and in the movies than they do from selling books. Because of the relationships they’ve built with their fans and the stories they’ve grown to love, producers pay them a lot of money.

As a “lesser” author, you and I can also make money from our writing. Readers will be able to form a connection with you by reading your book. If you want people to know, like, and trust you, let your book do the job for you. Your book will keep the wheels moving and open the doors.

It’s just the tip of the iceberg, but that’s all we know so far. A lot of people who read the free book found out about my consulting and training programs, which made me more than a quarter-million dollars over a few years.

Suppose I had chosen book sales over making friends with these people because I was so short-sighted!

Then, make your dream come true.

Get to know your readers on a long-term level before thinking about writing a nonfiction book that will pay for your retirement.

Consider how you’ve done well in the past. What can you do to make it worth your while to be there? How will it help you and your company in a way that isn’t just about selling individual books?

When you think about how to move the relationship forward, be creative. They give away the first book in a series for free from some authors, like those who write books about a certain subject. Others offer in-person events or extra products to their readers, and these services make more money than selling books alone could, so they make more money than they would alone.

That means that writing novels can be a good source of income for people who want to. Just not in the way you thought.

 

Blogloops

BlogLoops is a great platform for all of our readers where we provide the latest blogs in various categories such as business, entertainment, health, etc. It has high quality content on all the latest topics.

Sharing is caring!