Self-publishing has become an ever increasingly popular method for budding authors to get their publications noticed, especially if their writings have been rejected by publishers in the past.
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Royalties tend to be large also, with self-publishers gaining around 70% of profits rather than the traditional rate of 7-25%. Self-publishing also allows you to maintain the rights of your books, no matter where it’s sold in the world.
Although this all sounds great, it can be a tough start to your career and can take time for your efforts to come to fruition.
For some, it may take over 10 years to achieve, and some may only ever achieve a modest income from their publications.
It’s a well-known belief that success doesn’t happen overnight, and that’s no different when becoming an author. The research shows that 12% of authors achieved earnings of over $10k within their first year, while nobody achieved $100k. The largest proportion of authors earning the higher amount was between three and five years since their first publication, with 48%. So those wanting to make a substantial income from their writing must expect to keep at it.
According to the research, those earning $100k annually invest nearly 34 hours per week writing, whereas the lower earners spend almost 20 hours per week on it. The higher earners also dedicate more time to the publishing side of the business – over 33 hours per week compared to just seven hours per week for the lower earners. This means that the more time you spend writing and publishing, the more financially rewarding it is likely to be.
Read the full infographic created by Moneypod below and learn the keys to self-publishing success. Share your experience in the field with your peers in our commenting section below.