Self-publishing has become a popular route for authors who want to bypass traditional publishing houses and take control of their own writing careers. But one of the biggest questions that aspiring self-published authors have is whether or not they can actually make money through self-publishing. In this article, we’ll dive into the realities of self-publishing and explore the possibilities for making a profit.
The Advantages and Disadvantages of Self-Publishing for Making Money
One of the biggest advantages of self-publishing is that you get to keep a larger percentage of your earnings. Unlike traditional publishing houses, which take a cut of your book sales, you get to keep the majority of your profits. However, this means that you’re also responsible for all the expenses that come with publishing, such as editing, formatting, and marketing. These costs can add up, and they require a significant financial investment upfront.
Sales Figures for Self-Published Authors
The good news is that self-publishing is a viable way for authors to make money. In fact, a recent survey conducted for ALLi, the Alliance of Independent Authors, found that indie author incomes are higher than trade-published author incomes and rising fast. The survey found that 43.8% of respondents earned over $20,000 and 28% over $50,000 per year. And while the median income for self-published authors was only $12,749 in 2022, traditionally published authors reported median earnings of only $6,080 – back in 2018. Aspiring authors take note, the future does indeed appear bright, as interestingly, the self-reported income in the study showed a 58% increase in earnings year over year.
Self-Publishing Platforms
There are a lot of opportunities out there- and many self-publishing platforms to choose from, and the publishing platform you choose is an extremely important consideration. If you want to make money by self-publishing you need to be really honest with yourself because the best self-publishing platform for an author will depend on their individual needs and goals. Authors who want to have their books distributed to bookstores may want to consider a platform like outskirtspress.com. Authors who are looking for a more affordable option may want to consider Kindle Direct Publishing. And authors who want a range of services, including editing and cover design, may want to consider a hybrid publishing company like SheWrites.com.
Tips for Making Money as a Self-Published Author
If you want to make money as a self-published author, there are a few things you can do to increase your chances of success. First, focus on writing a high-quality book that readers will enjoy. This means spending time on the editing and formatting processes and making sure that your book cover is eye-catching and professional. Secondly, invest in marketing and promotion. For most writers, the easy part is writing the book, and the hardest part is marketing. Marketing and promotion is often the hardest part for writers to grasp, and unless you have a background in marketing, it can be a skill that takes time to develop. However, there are many resources available to help you learn how to market your book effectively. In fact, we’ve dedicated an entire section of Authors Buzz to marketing, so you can find all the information you need in one place.
The Importance of Patience and Persistence
Making money as a self-published author takes time and effort. You’re not going to become an overnight success, and it’s unlikely that you’ll make a full-time income from your writing straight away. However, by being patient and persistent, you can gradually build up your readership and your income. And the more books you publish, the more potential there is for you to make money.
The Bottom Line
So, does self-publishing make money? The answer is yes, but it’s not a get-rich-quick scheme. You need to be willing to put in the time, effort, and financial investment required to publish a high-quality book and promote it effectively. However, with persistence and hard work, self-publishing can be a worthwhile and lucrative option for writers who want to take control of their careers.
Conclusion:
Self-publishing has opened up a whole new world of possibilities for writers who want to make money from their writing. While the road to success isn’t always easy, by focusing on quality writing, effective marketing, and patience and persistence, you can build a successful self-publishing career. So why not give it a try, and see where your writing takes you?
