Do you dream of writing a book and becoming a best-selling author? It’s definitely an achievable goal, but it’s important to know that not all authors make a ton of money. Most authors don’t become wealthy from their writing alone.
But how much do authors make? On average, a typical author earns between $10,000 and $60,000 annually from their writing. However, some authors make much more than this, while others make very little. However, this number varies greatly depending on how many books the author has published, their price point, and how popular their books are
How Much Do Authors Actually Make Every Year?
It all depends on a number of factors, including the popularity of the author’s books, the price of the books, how many books have been sold, and whether the author is self-published or traditionally published.
For example, J.K. Rowling reportedly made $1 billion in 2016 from her Harry Potter books, while many self-published authors make very little from their work. It is important to note that the amount of money an author makes also varies greatly depending on the country they live in. For instance, authors in the United States tend to make more money than those in other countries.
What Does an Author Do?
An author is someone who writes books and some authors write fiction, which means they make up stories. Other authors write nonfiction, which means they write about true events or real people. Most authors have a college degree. Many have a master’s degree or a doctorate. To be an author, you must be able to write well. You must also be able to come up with good ideas for stories or books.
What Are the Factors That Affect the Author’s Salary?
The amount of money an author makes per book depends on various factors. The biggest factor is typically the author’s advance, which is the amount of money the publisher pays the author upfront before the book is even written. Here are some other important factors:
- Publishing Method: Traditional publishers typically offer larger advances than self-publishing companies. However, self-published authors keep a greater percentage of the book’s royalties (the author’s cut of each book sale). So, while an advance may be smaller, an author who sells many books can make more money in the long run by self-publishing.
- Genre: Generally speaking, authors of fiction books tend to make more money than nonfiction authors. This is because fiction books typically have a longer shelf life than nonfiction books; people are more likely to read a novel multiple times or recommend it to others, whereas a nonfiction book about a specific topic may only be read once and then shelved.
- Cover and Paper: The type of cover and paper used in a book can affect how much money an author makes. For example, children’s books and glossy covers tend to cost more, so the author’s royalties are usually lower. On the other hand, if a publisher uses lower-quality materials to keep production costs down, the book may not sell as well, which means the author could make less money in the long run.
- The Volume of Work: The more books an author has published, the more money they tend to make. This is because established authors have built a fan base and are more likely to sell multiple books to the same reader. Additionally, publishers are usually more willing to invest in an author with a proven track record.
What Are Royalties?
Royalties are the payments that authors receive for each book they sell. These payments are based on a percentage of the book’s sale price and are typically paid by the publisher to the author.
What Are Advances?
The author will receive this sum of money even if the book does not sell well. The advance amount is up to the publisher and depends on many factors, such as how popular the author is, how much promotion the publisher is willing to do for the book, and how much the publisher thinks the book will sell.
- The advance is paid out in two installments: half when the book contract is signed and a half when the manuscript is delivered.
- If the book sells well, the author will earn royalties on top of the advance. If the book does not sell well, the author will not earn any additional money.
How to Market Your Books
There are a lot of options for marketing your book these days. You can use social media, online advertising, or old-fashioned word of mouth. Finding the method that works best for you and your book is important. Here are some ideas to get you started:
1. Know Your Audience
Before you can start marketing your book, you need to know who your target audience is. This will help you determine where to advertise and how to reach them. Many authors make the mistake of marketing to everyone, but that’s a surefire way to waste time and money.
2. Create a Professional Website
A professional website is a great way to promote your book. It’s also an excellent place to sell your book directly to readers. Be sure to include information about your book and a way for people to contact you.
3. Use Social Media Platforms
Social media is a powerful tool that can help you reach many people quickly and easily. Create accounts on all the major platforms, such as Facebook, Twitter, and Instagram. Then, post regularly about your book and interact with your followers.
5. Create a Mailing List
A mailing list is a great way to keep in touch with your fans and tell them about new books, events, and special offers. You can start building your list by offering a freebie, such as an ebook or short story, in exchange for people’s email addresses.
6. Contribute to Forums and Discussions
There are many online forums and discussion groups dedicated to books and reading. These are great places to interact with potential readers and promote your book. Just be sure to follow the rules of each group and don’t spam people with your ads.
Being an author can be a very rewarding experience, both financially and emotionally. If you’re thinking about writing a book, don’t let the fear of not making money stop you. There are plenty of ways to make a living as an author, and with some hard work and dedication, you can be one of them.