Note from Mack”How much money will I earn when I write the book I get asked this frequently asked question. This blog post was written when I was working on my novel Think Like a Rock Star. After I finished my book I decided to share the lessons I’d gained from the experience involved when it comes to securing advance payments to your book, royalty payment after publication as well as other. The purpose of this article was to provide useful advice to others, particularly my numerous colleagues in consulting who were interested in the whole procedure of writing their own book.
But, I’m not in the publishing industry I’m currently not in communication with literary agencies and I am unable to assist you in securing publication for your book in any other way than what I’ve written in this article. I am a content and digital strategist who assists companies with their digital and content marketing and assist them to create programs that connect my client to their clients. This can be done through outreach for influencers, bloggers or blogger as well as branding ambassador programs. Here’s where you can find out more about the work I do and see some of the outcomes I’ve seen on behalf of my clients. Thank you for visiting and best of luck in your writing!
I’ve always attempted to be completely honest with you all in regards to the financial matters in this area due to:
1. It allows you to feel confident in the content I post here
2 – Being clear can be more relaxing for me.
3. Too many people who work in this field are misinformed about the amount of money that is or isn’t being made in this space that lead to bitterness and gossip that’s an absolute waste of time
Since the time I announced that I was working on the book, and more importantly, when it was released, people have been interested in the procedure. What time did it take? How did they begin? Yes, and what is the maximum amount they can earn?
I’d like to discuss the aspect of money in this article since I think there are some fundamental misconceptions. There are three methods by which an author can earn money directly through their book(This assumes that you use an established publisher, which is what I have done):
1. The advance
2. Royalties on sales of books
3 – Selling the book by itself (typically you can purchase the book for half the price of its cover and then sell it wherever the publisher doesn’t. For example, on your website however, you can’t sell it on)
Most of the time, if you’re creating your very first book you’ll likely receive an advance of between $4,000 and $10,000. The most important thing to keep in mind about this amount is the fact that it’s an advanced therefore you must repay the amount. Remember that if this is your first novel and you’re an unproven product to publishers, which means they’re less likely offer you a larger advance.
Books sales will be refunded in the form of royalties.
Most publishers will give you an agreement that gives you 10% of the royalties from every sale. However, there is a significant limitation to this amount. Certain publishers will give you an offer that is based on the price on the list (Gross royalties) while some give you a rate that is lower than the amount of profits they earn from their publication (net royalty). The net value is usually 50 percent of the book’s cost.
If, for instance, you purchase the book is listed with a price of $25.00 this is a sign that your contract stipulates that you receive 10% of the royalties from list and you are entitled to $2.50 per volume. If you’re getting 10 percent of the net profit that means you’ll get about $1.25 every book. In my conversations with other authors and getting multiple contracts to Think Like A Rock Star I’ve noticed that the majority of publishers in this field prefer net royalties.
In addition, you could receive a better royalty rate for ebooks. Additionally, you could be offered a higher royalty rate as book’s sales increase. It is recommended to ask the publisher for both. You might want to check this website for premade book cover and ebook covers for sale.
Let’s look at some quick calculations: Let’s say you receive a $5,000 advance for your book. You receive 10% royalty net profit. The cost of your book is $25.00. So you’re earning $1.25 per book. It also means that you’ll need to sell the book 4,000 copies in order to make it profitable. So, the standard estimates say that you’ll never earn one cent from royalties from the sales of your book (earn the money). The typical US non-fiction book is sold around 250 copies annually and around 3,000 copies during the course of its life.
Are you scared? We’ve not even discussed the time commitment required.