Are you thinking about becoming an author and wondering if it’s worth the effort?
Is writing a book profitable? This is a good question and a popular one. If you’re asking, that means you are looking beyond just having a book with your name on it. This puts you ahead of a lot of writers who are more enamored with the idea of writing a book than the reality of what it takes to be successful. After all, writing a book is a big investment of time and money, but if done the right way, it can be very profitable.
So here’s the truth: Asking if a book is profitable is like asking if entrepreneurship or selling on eBay or TikTok is profitable. Sometimes, it is. Sometimes, it’s not. Success is more likely an outcome of proper preparation, knowledge, and good timing.
In this article, we’ll outline the steps you can take to improve your chances of being on the right side of profitability after writing and publishing your book.
Book publishing landscape
If you are serious about making money as a writer, then understanding the book publishing landscape and how it works is a critical first step. A common mistake self-publishers make is not taking the time to understand what goes into the book publishing process and how they fit. This can include overlooking the key players and metrics like:
- Editors
- Designers
- Distribution outlets
- Presales
- Printers
- Timing
- Cost
- Profit margins
Without understanding who the key players are and how metrics fit into the book publishing process, it’s easy to miss opportunities to set yourself up for success. Knowing what every person does and how each key piece impacts the final product will help you choose the right team and the right strategy to maximize sales.
Whatever your budget, self-publishing is an investment. Whether small or large, you want to ensure that your choices maximize every dollar; otherwise, you will lose money in the long run.
For example, since editing impacts your reader’s overall experience of the finished product, finding a quality editor should be a priority. Unfortunately, some authors think they can skimp on this part of the process by either editing themselves or finding the cheapest editor possible. This might save you a few dollars initially, but how will it impact your book sales in the long run?
If you get reviews that point out poor editing (and readers will point it out), future buyers may bypass your book for another one in the same genre that offers a better reading experience. When this happens, you may feel the pressure to unpublish your book and have it professionally edited, which takes more time and more money to fix something that could have been avoided. Now, your chance at a good first impression has been tainted.
Genres
Creating a book that sells has a lot to do with timing and genre. Some genres sell better than others. This can be a direct reflection of societal shifts along with many other factors that play into a category’s popularity. For example, in 2023, romance was the bestselling genre. This doesn’t mean you should jump on the bandwagon and write whatever is popular. You should write what works for you; however, understanding where top sales are being generated within the market will help temper your expectations. While there are outliers, the books that generate the most money tend to fall into specific genres and categories.
Here’s a snapshot from Statista that shows the best-selling print books in the United States in 2023 based on unit sales. As you can see, most of the top 10 are fiction, and 3 out of the 10 originate with one author—Colleen Hoover. While she has contributed much of her success to BookTok, the popular TikTok hashtag, this shows how trends can impact sales. You don’t have to be in the top ten of overall book sales to be profitable, but it’s wise to keep these trends in mind when getting a realistic picture of how your book will do in the market.
Do you want to know which genres are selling the best? Search your favorite bookseller’s websites, like Amazon, or check published lists like New York Times Best Sellers or Publisher’s Weekly.
Marketing strategy
How you position your book in the market impacts purchases and profitability. Understanding book marketing and implementing the right strategy can make a difference in how potential buyers receive your book and whether or not it will sell.
A solid book marketing strategy will include the following:
- Your social media presence and participation
- Your website
- Author branding
- Email marketing strategy
- Book reviews
- Understanding your target audience
- Your book’s packaging
- Exposure, exposure, exposure.
Your marketing strategy can make or break book sales. If you miss any one of the above elements, sales could drop off the cliff; however, having a solid book marketing strategy can boost sales now and in the future.
Can you tell a good story?
Whether you write fiction or nonfiction, knowing how to tell a good story matters. Great marketing might get buyers to pick up your book, but the story will impact their loyalty to your author brand.
How do you write a good story? By honing your writing skills. There’s an art to great writing. For some people, it comes naturally. For others, professional support from a book coach or developmental editor can get you on the right track.
Whatever you need to do to make sure your book shines, do.
Here are some tips for improving your writing:
- Write every day. Practice doesn’t actually make perfect, but it can get you pretty close. Exercising your writing muscle daily helps you find your rhythm as an author and your voice.
- Study other people’s writings. What type of writing moves you? Who are your favorite authors, and why? Studying their writing can be one of the best lessons you can get in writing.
- Find a writing coach. Take a course. Join a writing community. Spending time with other writers who can give you honest feedback on your work is priceless. Writing can be tough, but when you’re in the company of others like you, it takes some of the pressure off so that you can focus on what really matters—getting better at your craft.
Know your numbers
Do you know which type of publishing would be best for you—traditional, hybrid, or self-publishing? It’s not always a clear-cut decision. You want to consider the pros and cons of each choice and which option provides the greatest return on your investment of time and money.
- Traditional publishing. Traditional publishers are generally well-connected, so if you get picked up by one, that may be a good thing. Their distribution channels and relationships with brick-and-mortar stores may get your book into places that are difficult to access if you go the hybrid or self-publishing route. Although you don’t have to come out of your pocket to get published, traditional publishers are known for notoriously low royalty rates (5%-25%). Even if you get a healthy advance, if you don’t sell enough books to recover the advance (called earning out), you end up with a book you wrote sitting on a virtual shelf in perpetuity with nothing else to show from it except your initial advance.
- Hybrid publishing. Hybrid publishers offer a middle ground between traditional and self-publishing. Like traditional, you receive royalties, but usually much higher than traditional publishers, and similar to self-publishing, you invest your own money into the final product. Hybrid publishing is a solid choice if you can find a reputable one with solid distribution channels and quality design partners on their team. Be mindful that some hybrid publishers have questionable practices, and you can spend a lot of money with little to no ROI.
- Self-publishing. Self-publishing works best for authors who want creative control over their book journey. With self-publishing, you can choose to participate a lot or a little in the overall outcome of your book. You decide on your budget and who to hire for the project. You can walk through this process alone or hire a company like selfpublishing.com to do the heavy lifting for you.
Book publishing is a numbers game, so having your revenue goals and budget set early on is crucial to developing a strategy that will get you from where you are now to where you want to be. Without a game plan, it’s easy to make careless mistakes and lose a lot of money in the process.
Takeaway
Can writing a book be profitable? Sure, if it’s done correctly and all outcomes are considered. For authors who want to make money, this means understanding how the publishing market works, selecting the best publishing options for their book, and knowing important numbers like royalties, profit, book sales, distribution and printing costs, and more.
Ultimately, authors who treat writing as a business will have the best chance of success, including profitability.
Do you want to learn more about self-publishing and the most profitable path for your book? Talk to one of our team members today.