Just starting out as a self-published author won’t generate a full-time income by itself initially, but it will if you open your eyes to all the possibilities they will reveal themselves. First and foremost, for individuals writing their brand/business non-fiction book, the money is in what will follow your book: speaking engagements, collaborations with others in your field, and much more. Above all else – the most important thing is to ‘land’ on your message. Need help with that? Watch this short video.

In today’s article, I’ll show you exactly how you can make money as a first-time author.

There is a difference in book revenue models based on if you self-publish or with a traditional publisher. If you choose the self-published route there will be initial costs to publish your book but the earnings per book will be higher.

A traditional publisher’s costs are usually higher as they offer wholesale discounts to their retailers which means fewer earnings per book for you. Let’s take a look first and how exactly this works through this publishing method.

Getting Paid From a Traditional Publisher

The upfront advance payment

Once you have a contract that has been reviewed by a professional literary attorney you will sign a contract that states a certain amount of money upfront in advance of royalty earnings. If the sales are low then the author may have to be on the hook to pay back some of those funds. Of course, a successful start means keeping the advance money and any profits thereafter.

This can all be arranged even before the publisher reads the full manuscript.

Going beyond the initial advance

Typically a certain royalty percentage will be agreed upon beforehand and can range anywhere from 15% to 30%. The higher your influencer and successful publishing background the more you could potentially earn. Some high-profile authors can receive as much as half of all book sales.

One-time payments

In certain circumstances, there could be a set of authors, which would require creating a contract that pays one lump sum based on potential profits instead of a percentage of the sales. This could make sense for a book published for educational purposes, for example.

Can you make more money as a self-published author?

Taking on the role of independent publisher role requires an author to carry the initial expenses of putting together a book and getting it ready for publication like paying a graphic designer, editor, etc. You will also pay for your marketing costs, which will include advertising on places like Google, YouTiube, Facebook, and Instagram.

Amazon and any e-commerce platform that you choose to sell on will require a certain percentage of the book sales in exchange for visibility to their customers. Printed books will also come at a certain cost, and must be factored into your overall remaining profits.

What about digital books?

Anyone can publish an eBook for free, which is what makes them so popular for authors just starting out. Keep in mind that you still may need to invest in prep services like editing, book design and covers to help you make your book attractive to your readers.

Because of the low upfront costs, digital publications could generate more income. The content from your book can also be used in courses, video offerings, and email marketing which could bring in other money-making opportunities.

Which platform is the best for you? The top-performing website is Amazon print-on-demand/Amazon Kindle, but there are also other popular services like Apple iBookstore, Barnes & Noble, Kobo, and Google Play.

Each one has its own policies and fee structures, so it is best to start with one, master that, and then move on to the other platforms.

Can you really make any money on Amazon?

Let’s face it – Amazon is the top choice for people who love to read books. It is still a great choice for authors to start on; however, always read the current policies and royalty structure first before publishing there. For example, Amazon has exclusive distribution rights because you are using their website and Kindle Direct Publshing software. The average royalty rate can range from as 70 – 35 percent of each book sold.

You have full control as the author and can choose which programs work best for your project. As Amazon continues to grow and expand they are always offering different incentives to make money, but be sure to know how each one operates and what to expect in return for your efforts.

Your earning potential

Not everyone is going to be at the earning level of someone like J.K. Rowling, and this of course all depends on whether you have an established business or brand name, have previously published other books successfully, ect.. This is the case whether you have a traditional publisher or choose to be self-published..

Always remember that you are in control of how much exposure your brand receives through marketing, content, design, and networking. Going the independent route may take longer, but it can be combined with your other products or services depending on what your long-term goals are.

Hiring an agent

Finding a solid agent who can go to bat for you can not only be difficult to obtain but also could be very expensive. Usually, this takes knowing someone who can refer you, or paying a service online to find qualified professionals to send query letters and pitches to.

One great way to accomplish this is to attend writer’s conferences and to engage in groups through places like Facebook and LinkedIn. Connecting with a good agent can help secure a great book deal with a traditional publishing house. It can take a long time to convince a publisher that you are the right fit for them, and having someone on your side who can help you move forward can propel your idea to the right company.

Independent authors are in charge of their own publicity, promotion, and networking. The more connections you make the more word of mouth you can generate without paying a lot for online advertising.

The advantage of publishing right away

Maybe you don’t have time to wait on getting your book out to the public via a traditional publisher. Self-publishing provides the opportunity to get this done much faster than a publishing house.

Focus on setting up your online sales funnel on your website, Amazon, and other places. The higher visibility you may have the better chances you have of keeping more profits from each sale if sold directly from your website.

How to increase your earnings

Invest in online marketing

You need to stand out from thousands of other authors who are popular in your niche. A well-executed marketing plan can help you get there.

Here are a few strategies you can start today in order to gain more visibility for your book.

Make sure you have a professional website

Your website is the main hub where your readers will go to find out more about you and how you can serve them. All of your promotions should point to this place, including your social media accounts.

Consider creating a dedicated sales page just for your book(s) with a well-crafted sales message and optin-form to capture leads. This is also a good place to offer giveaways, share teasers, and attract ready buyers.

Social media groups for networking

If you already have a Facebook Page you can use this as your own personal promotion tool. Groups; however, function differently and are more about building relationships with others on a more personal level. LinkedIn is another great place to do this — choose groups that are relevant to your target market and that are active and engaged. Leave helpful comments, offer resources, and answer questions.

The more you communicate in these groups the more people will check out your profiles and recommend you as a leading authority.

Online book promotion events

Many others publish up-to-date content on their blogs as well as on other websites such as a guest blogging opportunity or publishing platform like Medium or LinkedIn. Videos are also very popular, and you can secure interviews on various YouTube channels or even host your own. Social media is still the best and fastest way to get noticed and spread the word about your book.

Once you establish a book promotion campaign stay committed to “cross-promotion” as well as communication with those who interact with your content.

Should you create a book trailer?

What better way to draw people in visually than with a dramatic trailer that conveys the message of your book? A great teaser can compel readers to want to know more. These need to be short, to the point, and engaging to the viewer who must be able to quickly understand what your book is about.

Take a look at other book trailers in your niche to gather creative ideas and formulate a video that stands out from the rest.

Think beyond book sales

Once you gain traction in the marketing, publicity and publication of your book you will start to build a loyal brand following. This could lead you in many different lucrative directions including online courses, product offerings such as t-shirts and mugs, and professional speaking engagements.

When planning your self-publishing journey always have the end-goal in mind – what exactly would you like to accomplish other than just selling books online? It’s important to create a multi-faceted plan in order to maximize your earning potential.

Educating others

People want to know things like how to accomplish their own career goals, make their lives better, how to improve their finances, etc. Thankfully you are the expert who has the answers for them, and a successful book will establish you as an expert.

In order to get invited into places like TED Talks and other popular conferences, consider putting out videos where you discuss various topics related to your book. The content is ready and waiting for you to repurpose it into something that is actionable and engaging.

Becoming a consultant

There are certain professional organizations that may be willing to hire you based on the information presented in your book. This could open up consulting opportunities and referrals, which is another way to make sales beyond just selling online. 

Do your research and make a list of the companies you would like to work with. Sometimes attending a few meetings at your local chamber of commerce can be very helpful in making those connections.

Online courses

You’ve got the knowledge, expertise, and audience. As a published author you could take your efforts to the next level with online courses, which have been very popular over the last two years.

Reach people globally on various learning websites such as Teachable, Skillshare, Coursera and more.

Alternatively, you could present these courses right from your own website as a part of an exclusive membership program.

Are you ready to make money as an author?

Publishing your first book is just one part of your earning potential, which goes well beyond your initial sales and business that grows as a result of your new message and platform (which your book creates). The best way to actually create a lucrative career is to use your book as a launching pad to the other goals related to the future of your brand.