How Do You Make Money From Your Book?
Let's talk about money. In this final blog post of, How to Write a Book in 2021 series I'm answering another #1 frequently asked question. I've been asked this question since day one "Can you make money with your book?" Absolutely! And "how do you do it?" If you're a first-time author and thinking about writing a book this is a great question. I've got you covered today. As a bonus I'm throwing in 6 additional tips if you want to expand beyond your book. Let's dive right in.
I get why people want to talk about the benefits of becoming an author. You spend time and effort to write and publish a book certainly you want people to read it and to receive compensation. Let's start with what questions you can ask yourself to get started?
Do I have a marketable book idea? A solution to a problem that people are searching for.
Do I have something of value? Quality over quantity.
Do I have a marketing plan? A clear plan of action to repeat which lead to results.
If you answered yes to those 3 things then you have positioned yourself to make money from your book. The main way to make money is by selling your book either directly to consumers or getting royalties from a retailer such as Amazon who provides Print on Demand services (POD).
Pro Tip: Don't forget about shipping when selling direct to consumers. Shipping costs can eat up your profit.
I highly recommend you presell your book. What is Preselling? It is bringing a product or service to market before it's ready. Asking the consumer to pay in advance.
When should you start to presell? As soon as possible. The sooner the better. You can start telling people you're writing a book before you even finish your first chapter. Yes this takes courage to put yourself out their but get use to it if you want to make money as an author.
Pro Tip: If you want to make money as an author you cannot be afraid to promote yourself.
Why Presell? Preselling can help you prove there is a market for your book and make the money upfront. You can use the funds to invest in self-publishing your book or other startup business expenses.
Have a Marketing Plan
You will need to promote and market your book to make money. I recommend you do three things 1) Have an Information hub- this can be your website, blog, YouTube, or whatever you decide as a place people can receive valuable information from you 2) Build Community
3) Have an Email list. These things will get you started making sales if the information is centered around your book or what you offer. For the email list, the simplest thing you can offer is a free preview of the first chapter of your book as a lead magnet than a newsletter to keep them updated.