How to Make Money SelfPublishing a Book

yahooBuzzArticleHeadline = "How to Make Money Self-Publishing a Book"; yahooBuzzArticleSummary = "Article discusses issues and details the process of how to make money by self-publishing a book. The critically components of the process covered."; yahooBuzzArticleType = "text"; yahooBuzzArticleId = window.location.href; This is a tough one. Very few books make money. The most profitable self-publishers use the book as a thick business card. They use it to introduce people to their concepts or ideas, and in exchange, the reader is enticed to buy their higher-end products and services. Thus, the book is a loss-leader used to bring in new customers to a business.

However, if you're writing a book of fiction, you can still do well with self-publishing. A well-written book that is interesting to a large number of readers will attract an audience.

If you can sell a couple thousand books on your own, then you stand a better chance of attracting a publisher. They'll see that your book sells. And, since publishers are in the business of making money by selling books, they may be inclined to make you an offer you can't refuse.
But the trick is to create a book that will sell.

Unfortunately, there's no magic formula or secret answer. Nobody knows what will or will not sell.

That's why it's so hard for a new author to get published. Publishers are risk-averse, and for good reason. It costs them a lot of money to print and market their books. If a book doesn't sell, they lose. They want seasoned authors who have a loyal fan base.

Publishers will take risks on new authors. What many people don't realize, though, is that these "new" authors have been around the block a few times already. Some have published short stories. Most attend writers conferences on a regular basis to create relationships with editors and agents. Few simply send in a unsolicited manuscript and receive an advance.
Your Self-Publishing Game Plan...

For nonfiction authors, do a marketing and business plan FIRST. Is there really a market for your book? YOU may think it's a great concept, but will anyone else besides your family?

Create a business plan that includes all your upsells, marketing strategies and tactics, and customer service. Most money is made on the "back end" after the initial sale.

Create a detailed marketing plan for your book before you write a word. Your plan and market research will dictate what you need to put into the book in order to attract the right audience.

Fiction authors have a tougher time of it. My advice: don't do it for the money. Write for the love of writing and because you feel you've got a great concept for a book.
The reasons are simple, but painful:

1. Expect to do between 8-12 drafts of your first book before you even consider turning it over to a professional editor.
2. Have your book professionally edited before submitting it to an editor or publisher.
3. Go to as many book conferences and writer's conferences as possible. Also sign up for writing workshops in which a high-profile author or editor is present. If they like your book, they'll help you get it published.
4. Stay with it. Many authors throw away their real first book. What you see on the book shelves is actually their second book.
5. Consider self-publishing as a way to get your feet wet in the publishing industry. The odds are that you'll have to do the majority of your marketing and sales, even if your book is handled by a publisher!
And mostly have fun. Write for the love of writing. Enjoy the creative process.

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