Let's Talk Money...Again

Tip of the Day: What would publishing look like if Hugh Howey was in charge? Check it out!

There's a lot of talk going around Facebook & the web about how much traditionally published authors make and how much self-published authors make. Wendy Higgins, a YA author, had a post up, but then was forced (?) to take it down, detailing her income over the last two years. Basically, she made $6,000 as a traditionally published novelist.

I can't link to Wendy's original post, but Google cached an image of it here:
http://webcache.googleusercontent.com/search?q=cache%3A6FHJqkM6ShQJ%3Awww.wendyhigginswrites.com%2F2014%2F01%2Fhonety-pot-average-traditionally.html+&cd=1&hl=en&ct=clnk&gl=uk

(Just more proof that nothing can ever be deleted.)

I think Wendy sounds like a total sweetheart. I also think she's very happy with the decisions she's made in her publishing career, for the most part.

Here's what we need to take from this: assume NOTHING about how much authors make. Some make tons. Some don't. Just because a book is on the shelf at your local Barnes & Noble, it doesn't mean that author is rolling in dough.

Most authors cannot make a living at writing. On top of that, most authors who make enough to support themselves have NO GUARANTEE they will be able to sustain it over the long term.

Publishing is a fickle lover. One day you're on top. The next, you're forgotten.

So, really, does income matter? Sure. It matters to me. I want to put my kids through college someday. If I can't make enough money writing, I'll have to get a job. It's that simple. I'm also lucky in that my husband is the primary breadwinner, so my income is a little less important.

In 2012 I made over $50,000 self-publishing.
In 2013 I made over $25,000 self-publishing.

Why the difference? Well, I put a lot more effort into 2012 than I did into 2013. In 2013, we had to deal with my husband's major health crisis and then we moved (and were between houses for nearly 6 weeks). I just didn't have the time or energy for as much writing and marketing as I did in 2012.

Even though it's less, my 2013 income was still more than what I would make at a part-time minimum-wage job (which is really all I can get since I've been an at-home mom for 12 years and my degree in medieval history is fascinating, but useless).

I hope to make more in 2014 than I did in 2013. With a little effort, I'm sure I can.

Now you know what I made. So what? It's not that big of a deal, really. One author's income doesn't correlate to another's. You can't assume you'll make what your friend does (or doesn't) make.

Publishing is a lot like gambling. You don't always get out what you put in. The best you can do is follow your heart, make the choices that work for you, and always remember that it's about the reader and entertainment. Try not to take yourself too seriously!

XoXo,

Megg, Miss Enchanted ePubber
www.meggjensen.com

Do Sales Totals Matter?

You see it everywhere in the indie community. It's like a headline news story.

I SOLD 5,000 eBOOKS!

I SOLD 10,000 eBOOKS!!

I SOLD 20,000 eBOOKS!!!

I SOLD 100,000 eBOOKS!!!!!!!!!

In the traditionally published community, total sales numbers are very hush hush. No one wants to talk about them. There's a few reasons for this:

(1) It can tank your career if you don't sell "enough."

I'm pretty sure the definition of "enough" changes based on genre.

(2) Publishers don't want everyone knowing their most intimate stats.

I can understand this from a business perspective.

(3) There's too much judgement without the proper framing.

Not everyone understands the economics of publishing and releasing such basic stats can skew understanding of what's successful and what's not.

(4) It takes away from the mystique.

We all know there's a bit of magic surrounding the industry.

(5) It's uncouth.

Yes, I was actually told this once by another author who shall remain nameless.

So why do self-pubs go around screaming their sales numbers from the rooftop?

(1) They've achieved something big.

Authors worry all the time about sales, so it's exciting when you've done it on your own.

(2) We want people to know.

If you know how much I've sold, then maybe it gives me some validation.

(3) Judge me, go for it!

People who've been rejected a million times or told they are failing by self-publishing want to prove the naysayers wrong.

(4) It adds to the mystique.

It's true. When you hear I've sold (not given away freebies) over 50,000 ebooks, I bet it makes you look at me a little differently.

(5) It's totally wicked.

Screw uncouth. Sales numbers are a validation that self-publishing is a viable business option.

Look, some people will always be uncomfortable discussing money. That's okay. No one HAS to divulge their numbers. I know my husband would ignore you if you ask him how much he makes as an electrical engineer.

But a lot of indie authors are loud and proud about their accomplishments. They should be! Many of them have achieved something unheard of five years ago.

Here's the rub (isn't there always one): Sales numbers don't indicate quality. I have friends who've self-published some really incredible novels. Literary quality, profound, the kind of books that never leave your soul. And yet where are their astronomical sales? They aren't there. Not even close.

Take everything with a grain of salt. High sales numbers don't indicate a particular novel is the best book ever written. What it means is a lot of people bought it. It doesn't even mean a lot of people have read it (unless they have a really high number of reviews). I don't know about you, but I have tons of unread books sitting on my bookshelves and in my iPad's Kindle app.

It also means nothing toward income. 100,000 sales of 99 cent ebooks is $35,000. I've sold around 50,000 and made more than double that amount. Don't equate high sales to high income.

So what do sales numbers mean? Nothing. Unless you're the author, then they mean everything.

Megg, Miss Enchanted ePubber

$100,000 or bust?

Tip of the Day: Considering self-publishing? Hang out for a while at the Writer's Cafe on the Kindle Boards. It's like a crash course in self-pub.

Remember back in June when I said I'd pull down $100,000 this year, but that I wouldn't consider quitting my day job?

"Publishing does not guarantee you a steady income. I know self-pubbers who were hitting big numbers last year, numbers that still beat my current sales, who are now languishing in the low-sales club.

If they had quit their day jobs, where would they be today? Frustrated with publishing because they can't seem to get their sales off the ground? Likely. Looking for a job in a crappy economy wishing they'd never quit their perfectly fine day job the year before? Definitely."

Wow, am I glad I'm a boring, practical person. I was easily on track to pull down big numbers in 2012. On August 6th, my Amazon sales were cut by 60%. Literally overnight. And I never got up that high again. The first seven months of year were incredible for sales, then faster than Batman's dialogue bubbles can say "Boom!" "Crash!" "Smash!" my sales took a nosedive.

I wish I knew why. Maybe then I could fix it. I've tried blog hops, ads, giveaways. Nothing worked and August ended up being my worst month in more than a year. Talk about painful...

Publishing is not a guaranteed stream of income unless you find someone to offer you a salary. It has its glorious up and wicked downs.

I didn't curl up in a ball and die. I kept writing. I have a new series coming out this fall under my other pen name Isobel Lucas.

I still love writing. That doesn't change no matter how many books I sell. I hope that you feel the same way about your writing.

As for hitting the $100k mark? There's always next year! ;)

Megg, Miss Enchanted ePubber

Time to Quit the Day Job???

Tip of the Day: Still think self-publishing is a bad idea? Check out Jessica Park's story on The Huffington Post. Jessica is a traditionally published author turned self-pub.

Warning: I come from a family filled with accountants, so money management is a high priority for me.

Before I started self-pubbing, I did have a quasi-day job (other than being a full-time mom). I worked as a freelance journalist for seven years. My articles appeared in national magazines like Parents and in many local parenting magazines. I worked about 15 hours a week - from home - and brought in a bit of income. It took me six months back then to make what I make in one month now. Fiction has not only proved more lucrative, but also more fulfilling. I'm chasing my imagination - there's nothing better than that.

Let's say you have a 9 to 5 job. Maybe you're making $50,000 a year. You might look at your self-pub (or trad pub) sales and assume that since you're making nearly the same amount selling books that it's time to quit the day job. You'll save money because there's no more dry cleaning, no more lunches out, and no more gas.

It's simple, right?

Wrong.

Don't quit your day job.

I'm making almost as much as my engineer husband, who has supported our family on his income for the last ten years (I lost my job while I was pregnant and never went back to working outside the home). Not once have we ever considered having him quit his job.

Publishing does not guarantee you a steady income. I know self-pubbers who were hitting big numbers last year, numbers that still beat my current sales, who are now languishing in the low-sales club.

If they had quit their day jobs, where would they be today? Frustrated with publishing because they can't seem to get their sales off the ground? Likely. Looking for a job in a crappy economy wishing they'd never quit their perfectly fine day job the year before? Definitely.

If you're publishing and considering quitting your day job, ask yourself the most important question: If I never sell another book after today, will I still have enough money to live my life the same way I'm living today? For most of us, that answer is a resounding no.

Yes, I'll probably pull down $100,000 this year. No, I will not ask my husband to quit his job.

What's my magic number?

$10,000,000


Yeah, you read that right. I'm in my mid-thirties and I have two kids who probably want to go to college someday. I have a mortgage and one car that desperately needs replacing. I fear taxes will only get higher to support our failing economy, not to mention the looming shadow of inflation. I can't even contemplate what health insurance will cost when I hit 65.

This topic isn't sexy. It ain't controversial. But it's important to your future and if you have a family, their future too.

So, unless your name is JK Rowling or James Patterson, don't quit your day job. Please.

Let's Talk Money

Tip of the Day: Read this post by Nathan Bransford and swoon. I LOVE it when trad and self-pub come together. I'm a fan of ALL books, no matter how they're published.

If talking about money freaks you out, then avert your eyes. However, I'd like to encourage you to read on anyway.

Let me make a statement first:

I DO NOT WRITE TO MAKE MONEY.

I PUBLISH TO MAKE MY BOOKS AVAILABLE.

I WORK MY <bleep> OFF TO MAKE MONEY.

I've been writing since I was seven - back when I thought a penny was the most valuable of coins because it was the same color as my hair. So, please, don't waste your time thinking I'm writing just to make some bank. No, I write because my over-active imagination needs an outlet.

Okay, let's get back to the today's topic: money, moolah, coin, bank, cash, the almighty dollar.

Self-publishing can be very lucrative.

I'm closing in on 20,000 sales overall, mainly spread across four books because I usually have two or three of my seven products free at any given time.

I'm on track to clear six figures this year.

Last year, I made under $5,000. This year I'm going to make over $100,000.

I've never made that much in any job. Granted, all of my jobs have been in the arts (bookstores, museums, libraries, teaching flute lessons, a stint at Hellmark, I mean, Hallmark).

Why bring this up? Am I trying to make you jealous? Ha, not close. Most of that money goes to business expenses, paying for my kids' education, and our house is aging which means every appliance is dying. If it weren't for this income, we'd be struggling a lot.

I wanted to share this because you need to know that money can be made in self-publishing. "They" say that less than 10% of all self-pubs make more than $10,000 a year.  Either I just happen to hang out with uber-successful indie authors, or the findings are skewed.

Many of my self-pub friends are pulling down double or triple or quadruple my sales, which leads me to believe their incomes are far exceeding mine.

When I wanted to get traditionally published, I expected, I hoped, I'd land a $5,000 or $10,000 advance - knowing full well I'd probably never earn it out. I'm not against traditional publishing. Self-publishing is not for everyone and I have no clue what my future will bring, so keeping all doors open is very exciting.

What I do want to stress are these points:

- Writing and publishing are two different jobs. Don't write for money, write for love of writing. But if you're going to publish, treat it as a business.

- Publishing is a business. Wait, I just said that! I cannot emphasize it enough. If you're going to self-publish, you are becoming a business owner. You must think like a businessperson.

- Network, network, network. Self-publishing is the biggest misnomer. Other than writing the first draft, there is NOTHING I do by myself. In fact, I could call myself a self-author and then say I run a small publishing business. That's more accurate (though self-author sounds really dumb - lol).

- Never give up. Last year at this time, I was selling just a few copies of my books here and there. Never in a million, billion, gazillion years did I ever think I'd make more than $500 a month. Seriously. My first goal was to make $100 self-pubbing. Then it was to make $550 a month to pay for my kids' tuition. Now, well, now I just hope it keeps up.

- Don't rest on your pile 'o' cash. Publishing is a fickle business. Last year's bestseller could be this year's dud. You never know what your income will be. It's impossible to predict when your sole income is based off the whims of the buying public. I grew up on a farm. Some years were better than others. Some years we barely made it. I use this mentality toward my publishing career. I'm saving money like crazy because I have no idea if it will be there tomorrow. I sit down at the keyboard every day and work around the clock.



I wanted this post to give you hope that maybe you could do it too. There are a million magical reasons surrounding my success. I can't quantify all of them and give you a clear path to success. I just want you to know - it is possible.