One of the biggest questions in the writing community is, “how much can authors make?” This is especially common for those just entering the scene. And while the answer to this will be different for everyone, it may be useful to learn how authors get paid, and get ideas on how to maximize your earning potential.
Typically, authors earn from royalties, which is the amount paid to them by the publisher in exchange for rights to publish their book. The royalty rate can be anywhere from around 10% to 60% depending on which publishing route the author takes- traditional or self-publishing.
Now 10-60% is a big difference, and that’s without considering other variables like publishing times, book price, or the number of books sold. All of which are crucial factors in determining how much an author can make. With so many variables out of your control, you may want to look for concrete ways to increase your earning potential.
Think of books as a launchpad for other endeavors that can increase your income.
Get your readers interested in you and what you have to say. A blog will allow readers to get to know your personal brand and keep them engaged. You can also include links, which will help drive more traffic to your book.
With today’s technology, you don’t need much to start your own podcast. Getting people to listen to you talk is a lot easier than getting them to read, so take advantage of this medium to show your story and convince your listeners to become your readers.
Many successful marketers rely on their email lists to build and execute effective sales funnels. Using your book as a lead magnet in exchange for email addresses is a good way to grow your audience and get potential readers to trust you.
A well written book can have readers view you as a thought leader in your field. If you can be viewed as an expert in your subject matter, people will look to you for advice and you can get paid to become a professional speaker.
These are just a few examples of what authors can do to increase their earnings. Of course, like any other job, you want to make sure you get a return of investment for the amount of work you put in. So, we hope these ideas encourage you to continue on the path you’re on and inspire you to find creative ways to increase your earning potential.
If you are just starting out and don’t know where to begin in your writing journey, check out our article, How To Become An Author.
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