Tuesday, January 15, 2013
Let's do the numbers! (3rd edition)
The Numbers! I know, so many writers are freaked out and never talk about this stuff and each year I let it all out for you to see. Why? So you the writer, who wants to make a living can really see what you can do, make plans and write to the income you want, not cross your fingers and hope you hit it big.
Many of you know about my "Amway" speech, it goes something like this: Find your averages. That is what do you make per title per month. Notice that I didn't say per unit? That is because in the land of eBooks it is about your per month income NOT your per book or unit income. This is where a lot of authors get mixed up.
If you make 1K per title per month you have to write how many books to make the money you want? It is simple math and I HATE math, but this I can do. So, even if your averages are low you can still make a living, it just means you have to write more books. Now, don't you feel better knowing what you have to do? Do you feel more in control? Good, that is the point.
Now that I told you all that lets go over the last year, see what this may look like.
My average per book per month is around 4.1k. This means that on 5 books I will make 50K per year per book. These averages are good, not the best I've seen but not the worst. This means in the book world I would be a mid-lister, and most mid-listers don't make a lot of money based on 12-15% royalties. But me? I can make a good living selling what in the traditional publishing world would only grant me a 4K per year check.
Now, in case you are just as bad at math as I am, here is the end of the year total. 250K off 5 titles. Not bad for a home-schooled punk huh...
Now, what if I want to make more, build and grow this thing. What happens if I have 10 titles at the end of the year? That means I make 500K per year. Now lets keep going, 20 titles, will put me at one million a year based on these averages. But I don't count for the rollover that will happen by having that many titles out. I should hit a million a year with 12-15 titles as the chance for one hitting big goes up and the fallout from that gives me a boost.
So you see, anyone can make money as an author. The key is to get away from the big publishing model, and reach out on every platform you can. audio, E, print, bulk sales, book clubs etc... if you think publishing is just having a print and eBook you are missing out on a lot of money.
This is like Amway, the more books you write, the more you make and with eBooks it can keep going, nothing gets old, update your titles every three years and you have a new book to sell to new readers!
Author Aaron Patterson: Blog: The Worst Book Ever.