There are so many side gigs out there, thanks to the Internet, and writers can take advantage of a side gig that is quickly growing in popularity. Writing books used to be a huge endeavor. You had one of two choices: hope that a publisher would take your work and sell your books for you, or spend thousands of dollars to self-publish your books.
Today we have Amazon Kindle, where it is free for anyone to self-publish their books. So, does this mean you can quit your job and have a full-time income just from selling books on Amazon? Well, that all depends on a number of factors, and how much effort you are willing to put into selling your books.
Today we are going to take a look at how much money you could make by selling your books on Amazon. Keep reading to learn more.
Great Earning Potential
If you are publishing your books on Amazon Kindle Direct Publishing (KDP), you can expect to earn at least $150 per month. Some authors are earning as much as $20,000 per month, but this is not the norm. You do need to keep in mind that KDP earnings are based on several factors, including:
- Selected Kindle category
- Audience size
- Preferred royalty program
- Type of book (e-book, paperback, audio book, etc.)
Now, this may sound like a dream come true, but you need to realize that you aren't going to become rich overnight. New authors need to understand that there are about two million books published annually, so there is going to be a lot of competition. As a writer, you will also need to take on some marketing strategies to help your book get plenty of attention.
Why Should You Publish on Amazon KDP?
Statistics show that Amazon KDP is an ideal outlet for indie authors. In fact, official data shows that self-publishers make up over 90 percent of all Amazon book listings. Self-publishers are offered a variety of perks that published authors aren't always able to access through traditional publishing methods. These perks include:
Lots of Customers
There is a huge customer base on Amazon, and when it comes to market share, Amazon has gone above and beyond traditional publishing houses. In fact, more than 50 percent of all book sales, and more than 60 percent of e-book sales in the US are through Amazon KDP.
Free and Easy to Use
One of the things most writers really love about Amazon KDP is that not only is it easy to use, it is also free. All you need to do is create your KDP account, format and upload your manuscript using the tools that are provided, and click on "publish". It's that simple! It is advisable that new writers hire professional editors, designers, and marketers to make sure their offerings are professional looking and get the advertising needed for the authors to make money.
Good Royalties
If you publish on Kindle, you can expect to receive higher royalties than you would from other publishing houses. While most will pay 10 percent to 30 percent, you can expect to earn as much as 70 percent in royalties when publishing on Amazon, as long as your work is copyrighted and not part of the public domain.
How to Earn Money Self-Publishing on Amazon
There are a few things to consider in order to make the most of selling your books on KDP. For instance, you need to find a niche that is currently selling well. Your niche will have a huge impact on your earnings. If you are looking to make a lot of money, find a niche that people are interested in. Just remember, you are also facing a lot of competition.
Rather than selling in a category that already has several hundred thousand listings, look for another niche that is profitable while being much smaller.
Some of the most popular topics are those that are timely, such as civil unrest. But, if you are a fiction writer, know that there is also quite a demand for romance, science fiction, mystery, etc.
Keep Prices between $2.99 and $9.99
If you want to earn the highest royalties, it is best to keep your book prices in the $2.99 to $9.99 range. Any books priced less than $2.99 will only receive 35 percent in royalties. This means you will need to sell a lot of books in order to enjoy any real profits. Ideally, books should be priced at around $6.00. At this price, you would qualify for a 70 percent royalty.
Use KDP Select
When you upload your e-book, be sure to enrol in KDP Select. This promotional program will help you to attract a wider audience, and you could make more money via the Amazon Self-Publishing Global Fund.
There is a 90-day enrolment period where you can use promotional tools such as Kindle Countdown Deals and Free Promotions. The only catch is that this is a very exclusive program, and you will not be able to sell your books on any other platform.
How do You Get Paid?
There are three ways you can be paid for your book sales through Amazon KDP. You can be paid through direct deposits to your bank account, wire transfers, and checks. For wire transfers and checks, you will need to meet certain criteria, so be sure to check the requirements for your territory before selecting a payment option.
Final Takeaway: Is it Worth it to Publish on Amazon KDP?
In 2021, writers publishing on Amazon KDP were paid more than $450 million, and that was just through unlimited e-book subscriptions. There is a huge and ever-growing demand for self-published books, and the demand is expected to continue increasing over the coming years.
If you want to earn some extra cash and you love to write, publishing on Amazon KDP may be just the thing for you. It doesn't cost anything, so there is absolutely nothing to lose, and everything to gain.