When you finally decide to write a book, you’ll understand why everyone’s been telling you to do it for years. The world of books is rich, rewarding, and full of opportunities. While there are many ways to enjoy the process of writing a book, the primary objective is to make money from it. But, how? That’s what this article is going to tell you.
The Many Ways to Make Money From a Book
If you’re worried about how you’re going to make money from a book, then you’ve come to the right place. Within this article, you’re going to learn about the various ways authors can make money from their book. Whether you’ve got an agent, a publisher, or are planning to go the self-publishing route, these are the opportunities available to you.
Ways to Make Money with an Agent
Agents are a great way to get your book published, especially if you’re new to the process. An agent’s job is to seek out publishers for your book. Once your agent has secured a publishing deal, she’ll work with a publisher to get your book in print and into the hands of book buyers.
An agent can advise you on the various ways to make money from a book. For instance, if your book is fiction, you might consider trying for a traditional publishing deal, as these can be lucrative. On the other hand, if your book is non-fiction, then you can opt for a digital publication or an audio book, which can also generate additional revenue.
The Traditional Publishing Route
If you’ve decided to go the traditional publishing route, then this is what you need to do. First, you’ll need to secure the rights to your book. Once you’ve got these, you can begin the process of pitching your book to various publishers. When pitching your book, make sure that you’ve got an entire novel, as a lot of publishers may pass on your book if it is shorter than 200 pages.
Your book may be accepted for publication, or it may require some tweaking before it’s accepted. When this is the case, your agent will work with the publisher to get your book ready for publication. Once published, your book will be available for purchase in all good bookstores.
Become a Consultant
Another way to make money from a book is to consult on the subject matter of your book. You can use your book to establish yourself as an authority in your industry, and then charge people for your expertise. Consulting is a popular way to make money from a book, as people are always looking to gain insight from those who’ve been there and done that. If you’re really keen to make some serious cash, then consider setting up your own consulting business. You can take your pick of industries, as there’s always work available for experts in every field. Plus, you can use your book to establish yourself as an expert in your industry.
Publish Online
If you’ve decided to go the self-publishing route, then this is what you need to do. First, you’ll need to set up a publishing company. You can then begin to look for online markets that will enable you to sell and distribute your book. Plus, you can use a variety of platforms, such as Amazon, to sell your book. You may also consider using a service like Bookscouter to get an idea of the various platforms your book may be accepted for publication on. Keep in mind that not all self-published books will be accepted for publication, so make sure you’ve got something unique and special to offer.
Sell Ancillary Products
A book doesn’t have to be available for purchase to make money. You can utilize a variety of ancillary products, such as apps, toys, or clothing, to generate additional revenue. For instance, suppose your book is about science fiction, and you’ve got an app that allows users to explore the universe with you as their guide. You can pitch the idea of this app to various game manufacturers, who may choose to use your book as a basis for their product. When this happens, you may earn a handsome revenue from this alone.
Royalty Earnings
A book can also earn you a royalty payment, which is typically around 10% of the book’s retail price. You’ll usually get this as part of your publishing contract. When you finally decide to write a book, the idea of earning royalty checks will seem incredibly appealing. However, be careful not to expect too much, as this may end up being a bitter disappointment. You may choose to forego royalty payments if your book isn’t selling well enough to make up for the 10% risk you’re taking by opting out of traditional publishing.
Strategic Publisher
A last option, which may be the best of all worlds, is to secure the services of a strategic publisher. A strategic publisher is an expert who has either handled or is handling the publication of several high-profile books. When you work with a strategic publisher, you’re essentially getting a get out of jail free card, as they’ll have the connections needed to secure you a lucrative publishing deal. Working with a strategic publisher is akin to having your book written by the pros, as they’ll have access to top industry experts who can shepherd your book through the publication process and help you establish yourself as an authority in your field.
To begin the process of securing a lucrative publishing deal, contact the editorial offices of your favorite publications. You may also consider setting up an author website, as this will act as a great platform from which to build your author network. When pitching your book to publishers, make sure that you’ve got an entire novel, as a lot of publishers may pass on your book if it is shorter than 200 pages.
Your book may be accepted for publication, or it may require some tweaking before it’s accepted. When this is the case, your agent will work with the publisher to get your book ready for publication. Once published, your book will be available for purchase in all good bookstores.
Writing a book is an incredibly rewarding process, as you’ll finally get to share your extensive knowledge and expertise with the world. While there are many ways to make money from a book, you’ll need to bear in mind the various ways that the publishing industry may eat into your income. Whether you’ve got an agent, a publisher, or are opting to go the self-publishing route, these are the ways that you can earn money from writing a book.