You may be aware that becoming a full-time career author is no easy feat. It is often a difficult decision to take the leap and pursue writing full-time. The question remains then: how can you turn this passion into a profit?
Common types of income for authors
To understand the ways that people make money from a writing career, it’s best to split the main methods of generating income into two categories: writing-based and marketing-based.
By branching out the ways in which you earn your income from writing, you are more likely to earn a stable income than if you only relied on book sales alone.
Breaking it down into monetary value
Royalties are the percentage of a book’s sale price that authors are entitled to via their contract with a publisher. At Rowanvale, the typical rate for royalties is 65%. For example, if you were to publish a book with Rowanvale and charge a market price of £8.99 for it, you would receive £5.84 on each sale. If you were to sell 1,000 copies of your book in a year, you would receive £5,840 that year in royalties (before tax).
The income from social media varies greatly, both on different platforms and between different accounts. It is difficult to calculate exact amounts of money that can be made through social media, but a lot of the money made through social media is due to brand sponsorship or affiliate links. Additionally, by creating an author website you can string together links to a Patreon account and all your social media pages, as well as places to purchase your books, all into one place.
Summary of some helpful tips for becoming a career author
Although many people create authorial careers, the way they do this varies and not every path suits everyone. If being a career author is something that you dream of, however, utilising some of the tips and ideas put forward in this article may be a good starting point.