How to make money from book sales

How to make money from book sales

As a book author, it is very easy to imagine that your books will sell millions of copies while you retire at a private island and spend the rest of your life on the royalties made from your book sales.

In reality this is not so. What is easily obtained is that a book author barely makes more than minimum wage. 

Traditionally, you receive an advance and 10 percent royalties from the net profits.

For instance, if you got an advance of $5000, you will need to sell 4000 copies at $25 each to breakeven. Do not be dismayed. It is still possible to make money from writing. Let the stories of JK. Rowling, James Patterson and Daniel Steel inspire you. You definitely can still make a living as an author even though you have not sold a copy of the book.

There are other ways to make money from your book and one of the ways is the relationship you build with your readers. For instance, JK. Rowling and John Grisham made more money from TV and film adaptations of their book.

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Producers key in to reap from the successes of your relationship with your readers and seize the opportunity to give your fans a deeper experience with stories or authors they've come to love.

This is one avenue many lesser authors key in using their books as an ambassador. Your book can be used to open bigger doors you never thought of.

Once you have a good relationship with your readers and can contact them through emails or any other means, though email is the best way currently, you can actually sell anything to them.

So work on your relationship with your readers and try to get their emails. Getting their emails means you have successfully created a new market for your self. That market can be used to sell anything related to what you do.

To get their emails, you need to be creative. You will need to design a landing page and give out something of value for free in exchange for their emails. There are authors who have given out the first series of their book. Just look for something of value and give out, you will never regret you did.

Use these emails to create a new budding relationship with your readers.

I know that it is difficult to give out something after spending hours to create, but this is one way that can guarantee your financial freedom.

In conclusion, you don't necessarily need to make money from actual book sales, but from the relationships created. So, go ahead and build relationships and trust around your personality and business.

6 Benefits of turning your book into an audiobook.

6 Benefits of turning your book into an audiobook.

You might want to ask why go through the stress of turning your book to an audiobook. Here we bring you 6 reasons why you should turn your book to an audiobook.

1.       You can make money using your audiobook as an extra source of income.

2.       People like listening to music or audio on the go. Why not tap into that.

3.       Audiobooks saves space because it is attractive to people who buy lots of books.

4.       There are people who prefer listening than reading a book. Tap into this large market of readers.

5.       Audiobooks like any other digital product, can never sell out.

6.       You will encounter less competition selling audiobooks.

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12 tips to price your book on Amazon

12 tips to price your book on Amazon

When you price your book incorrectly, you may either be pricing your book out of the market or under-pricing it there by reducing your profit and value both in the short and long term. Here are 12 tips that would help you price your books profitably.

1.      Check factors like the trim size, page count, the competition, the unit manufacturing cost for printing the book, the target end-user income, whether it's for corporate or individual use. All these factors play an important role in fixing the final retail price.

2.       Once you have ascertained your costs and expected profits, use your intuition to fix the price.

3.       Books are priced based on it's value to the end-user. Fix prices according to the perceived benefits of the book.

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4.       Price your books slightly below the competition until you are an established author.

5.       Set your profit, say $1000 and price your books to meet up with the expected profits, taking other factors into consideration.

6.       In case of a discount, how much will you be willing to give and calculate how much you will make on each book you sell.

7.       Remove your books from price competition.

8.       Choose a low price for a mass produced book with a simple distribution channel and fast title turnover. Choose a higher price if the opposite is true.

9.       If the book contains recent research, statistics, charts, color interior and other details that make the book unique, feel free to price the book higher.

10.   Note that pricing your book can be emotional, so you may need to consider the buyer's emotions before fixing the final price.

11.   If you can position an influencer to speak on your book, then you can leverage on that to sell at a higher price.

12.   Understand the royalty formula for books sold on Amazon Kindle. 35 percent for books priced $2.98 and below and a whooping 70 percent for books priced between $2.99 and $9.99.

Now that you have these knowledge, use it and live the life of your dreams as an author.