Understanding how first-time authors get paid can seem complicated due to various factors at play. Here’s an overview to guide you through the process and make it less daunting.
The Earning Potential of an Author
Writing is both an artistic and professional pursuit, and earnings depend on several factors including the publishing route you choose, genre, and marketing efforts. Authors typically make money either through a traditional book publishing company or a self-publishing marketplace.
Royalties and Advances
Authors are often paid based on royalties and advances. Royalties are what the writer receives as earnings for books sold on an agreed percentage of book sales. On the other hand, an advance is an up-front amount paid to the author by their publisher upon the signing of contract.
The author starts earning additional income after book sales have reached the amount equal to the advance.
Traditional Publishing versus Self-publishing
The publishing route you take significantly influences your earnings. With traditional publishing, you get an advance and book royalties while self-publishing allows you to earn more money per book sold, but you are responsible for book cover design, marketing, and distribution.
- Traditional Publishing: Typically, you get an advance and royalties. However, you must first earn out your advance from royalties before you start making additional income.
- Self-Publishing: You earn more money per book sold but bear costs for cover design, marketing, and distribution directly.
Average Royalty Rates
Royalty rates vary. Self-published authors can make between 40% – 60% royalties on the retail price of a single book, while traditionally published authors usually make between 10% – 12%.
Author’s Salary
Most authors’ income varies from year to year as many are self-employed and work by book project. The Bureau of Labor Statistics indicates that the average salary for a writer/author was $73,690 as of May 2023.
Writing Dedication
To increase your earning capabilities as an author, consider publishing more books, knowing your niche, and writing to market. Treating your writing as a real job will also increase your chances of making it a full-time profession.
Conclusions
Writing is a career that demands hard work and dedication. Understanding how payment works for authors, knowing the differences between traditional publishing and self-publishing, and learning what factors influence your earnings can better prepare you for success in your authoring journey. Remember to focus on producing the best book you can and optimize everything related to your authorship beyond just book sales.