Is Writing and Self-Publishing an e-Book an Easy Way To Make Money?
There are many reason why writing a book is a great idea. As for being an easy way to make money, not really. If you already know your nicheand have a good book idea ready, writing a book might be a good way to establish yourself as an expert, or even to make some money, but it isn’t easy.
Think of it this way:
Writing a book isn’t easy;
Writing a good book is hard;
Writing a book that people will buy is REALLY hard. It’s not impossible, but it’s a lot of work.
If you are a great writer and love the process of researching, writing, editing, re-writing and editing again then writing your book’s content might come easy to you. What you may not have thought about yet is your book cover design, page/font design and ensuring your book is formatted correctly to be ready by the right programs used by each of the various platforms.
Of course all of this can be outsourced very easily, but it’s not free. If you’re only concerned about the writing, you should still hire an editor, which will cost you around $2000 for a freelancer, depending on length of your book. On top of that, after you’ve outsourced your designs, formatting and editing, you’re looking at an investment of around $2500.
Writing a book isn’t easy; writing a good book is hard, and writing a book that people will buy is really hard.
Typically, eBooks sell best at prices between $0.99 and $4.99. You could raise the price, but will sell many fewer copies if you do. On the high end of this range, around $5/book, you will need to sell 500 books to reach your break-even point of $2500. If most of your sales come from a platform like Amazon, that number will be slightly higher, as the platform takes a cut.
The hardest part about selling a book is getting people to buy it.
How big is your market? How much are you looking to make? Are you planning on writing multiple books?
Iam not trying to talk you out of this idea. I think writing a book is awesome. There is nothing like it. You will learn about yourself and your ideas, you will share a bond with other authors and everybody else who helps you along the way.
Just don’t do it only to make money, because the money from book sales, even for many successful writers, is very slim. On the other hand, it is worth considering additional ways your book can help you monetize your ideas and your expertise.
Public speaking engagements are huge. They will help you build yourself as the expert in an area, and this will be validated if you have also written a book. Public speaking is a great way to test how well you know your stuff, and your Q&A can even help give you ideas for your next book.
It’s also important to develop a digital presence. For eBook writers, it’s important to have a website that your book readers can go to and get more information, or a discussion board for others. Today, you can even manage this using Facebook groups, but do not ignore the importance of growing an email list. Once you build an email list, you can mail out upcoming books or other promotions.
There are many great outcomes that result from self-publishing a well-written e-book. Some of these outcomes can even greatly increase your income. Just don’t expect the sales of your first book to be one of them. I am not saying that it won’t happen, but rather do not let that be your driving force.