5 Important Steps to Make Money from Publishing your Book
So finally your book is ready to sell. But if you’ve been waiting to publish your first book for some time and can’t quite make up your mind to take the big step, then this article is for you. It offers the five important steps to making a book publication profitable.
After the enormous creative efforts and sleepless nights, it is time to publish the book and put it in front of the public and earn money. It seems like a very simple process: “the worst is over, now we just have to wait for them to read it”.
However, when days pass and not a single sale happens or very minimum sales take place, the frustration obviously starts building. And you are left wondering what is happening?
Publishing a book does not mean just writing it and relaxing and waiting for sale to happen naturally. Book publication involves enormous efforts and several factors are taken into consideration, such as your courage to be your own salesman.
So if you want to know how to make money by publishing a book, then consider the 5 key points as mentioned below.
(1) Investing in publishing your book
There’s a very simple rule, to earn money you need to invest money, even if it is a minimum amount. Sometimes authors don’t even look at how much it costs to publish a book or hire any publishing service.
Nowadays, co-publishing companies offer a multitude of possibilities that adapt to the needs of authors. And having a publishing house behind them makes the journey much easier.
There are flexible, complete publishing packages with rates that vary according to what they include. For example, a basic package usually covers paper and digital publishing, cover design and distribution.
The more ambitious package would also offer services such as distribution, proofreading, book trailer, etc. With more actions to be taken, the price would go up.
But the advantage is that there would also be greater sell, greater visibility and promotion, more printed copies and other advantages. In any case, these packs are designed so that the author can recover the investment made. This is the reason, it is worth to invest money in order to make your book and yourself famous.
(2) Promotional Campaigns
Diffusion is, without a doubt, one of the pillars of success in book sales. To go far, you have to make yourself known and on a continuous basis.
Everyday, hundreds and hundreds of titles are self-published on platforms such as Amazon, one of the largest distributors worldwide. And this space is dominated by some of the world’s renowned authors. Therefore, a book from a novice or an unknown author is just a grain of sand in a huge desert.
To make your book noticeable to interested readers, visibility is the key. And this can only be achieved with a well planned and consistent promotional campaign.
Considering the highly competitive market, authors have to make a double diffusion. On the one hand, they have to become their own representatives, leave the circle of friends and family, and go out and find their potential readers.
Websites, social networks, workshops, events… Any way is a new opportunity to make themselves known and they must take advantage of all of them. On the other hand, publishing companies have broadcasting services that include interviews, reviews, press releases, articles…
In addition, these publishers already have their own followers and the first buyers will be among them.
(3) Cost savings in printing
Taking up the different publication packages, depending on which one is contracted, the author will receive a greater or lesser number of printed copies.
You may think that they will stay piled up in your room and, therefore, you will not be interested in large quantities. However, think about it before you decide. The more copies printed, the cheaper each one is. This means that the profit from sales will be higher.
Also, bear in mind that these copies can be used to sell them at the presentation, to give them away to the influencers of the moment who talk about them, to get reviews, to hold draws and thus gain new followers or strengthen existing ones.
(4) Presentation of the book: the first and effective contact with the public
Every author who wants to make himself known and sell his book should be ready to make presentations in front of like minded audience and strategic places such as local library, a small bookstore, the neighborhood cultural center… There’s no better first contact with the public than this one.
A good presentation will attract buyers, generate curiosity and, finally, sales. Presentations are the right place to stimulate buying, because people feel close to the author, are interested and notice that they are part of a community.
Although not everything is there: other authors or literature specialists will surely come to the event. This translates into contacts, exchange of publicity and visibility. Even a publisher could look at the author and want to include him in its catalogue. As we said before, no opportunity should be missed.
(5) Participation in workshops and literary events
Similar to presentations; workshops, book fairs and writers’ meetings are a perfect space to meet and get to know each other.
The first barrier that every author has to break is shyness. You have to burst your personal bubble and go out into the world. The best way to start is to share interests and work with other writers.
So don’t limit yourself to just one presentation, do as many as you can in every possible place. You never know, where you will find audience to read your product. You can take advantage of the literary cafeterias, libraries, the town hall of your town, etc.
And finally, a practical tip: always carry a copy of your book in your backpack or bag, you never know where you will meet someone willing to buy it!
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries. He has authored many articles on this site (allonmoney.com).