To make a living as an author, the number of books you need to sell depends on various factors such as the length of your book, the royalty rates you receive, and the costs involved in producing and marketing your book. Let’s break down the numbers to give you a clearer picture.
Firstly, let’s consider the costs involved in publishing a book. These costs typically include editing, cover design, formatting, and marketing expenses. On average, these expenses can range from a few hundred to several thousand dollars, depending on the quality and extent of services you choose. For the purpose of this discussion, let’s assume a conservative estimate of $5,000.
Now, let’s look at the number of book sales required to recoup these costs. If you price your book at $2.99, you will earn a 70% royalty rate on each sale made on platforms like Amazon. Therefore, you would need to sell approximately 1,786 copies ($5,000 divided by $2.80) just to break even on your initial investment.
However, breaking even is just the first step towards making a living as an author. To determine the number of books you need to sell to earn an average income for the time spent on the book, we need to consider the length of your book and the average earnings per sale.
For instance, let’s assume your book is around 80,000 words, which is considered a standard length for a novel. If you price your book at $2.99, you would earn a 70% royalty rate, resulting in an average royalty of $2.09 per sale after deducting delivery fees. To earn a modest annual income of $50,000, you would need to sell approximately 23,923 copies ($50,000 divided by $2.09).
However, it’s important to note that the average earnings per sale can vary significantly based on factors such as genre, market demand, book promotion, and competition. Therefore, the number of copies you need to sell to make a living can fluctuate.
To illustrate the impact of pricing and royalty rates on your earnings, let’s consider a scenario where you increase the price of your book to $9.99, which allows for a higher royalty rate of 70%. In this case, you would earn $6.99 per sale after deducting delivery fees. To achieve the same annual income of $50,000, you would only need to sell approximately 7,152 copies ($50,000 divided by $6.99).
This example highlights the significant difference that pricing and royalty rates can make in your earnings. It’s worth noting that higher priced books may attract a smaller audience, so finding the right balance between price, sales volume, and royalty rate is crucial.
Additionally, it’s important to consider other avenues of income as an author, such as speaking engagements, merchandise sales, or the potential for a book series that can generate ongoing sales.
In conclusion, to make a living as an author, you would need to sell a considerable number of books. Breaking even on costs may require selling around 1,786 copies, while earning an average income for the time spent on an 80,000-word book could require selling approximately 23,923 copies. However, it’s important to keep in mind that these figures can vary based on factors such as pricing, royalty rates, genre, and marketing efforts.