Publishing used to be an expensive and exclusive industry to get into. With the shift to e-books and e-commerce platforms like Amazon, self-publishing is more accessible than ever to people who are looking for ways to earn passive income.
Book publishing has been around before Shakespearean times. It used to be the standard to pick up a newspaper, own magazine subscriptions, and visit bookstores. With the rise of technological consumption, this is no longer the case. In fact, many wonder if this industry is still alive.
The publishing industry is far from its death, in fact, it’s striving in today’s digital economy.
The publishing sector under Amazon alone is responsible for the $280 billion in revenue per year. Now is the big head-scratcher, is it possible for the average person to get a piece of this pie?
The answer to that question is yes, if you’re willing to put in the work. There’s an abundance of resources and tools out there that can help you get started. The virtual gig economy has facilitated the ease of using hiring platforms, virtual assistants, tech experts, and content creators to help you fulfill the necessary areas of a self-publishing business.
You don’t need to know how to do everything yourself. The key is to have a strong foundation and strategy, and the secret of moving fast is outsourcing the rest.
Here are reasons why the self-publishing industry is more lucrative than ever, and how you can get started.
The Self Publishing Life Cycle
Self-publishing differs from traditional publishing in the following ways. Instead of going through editors and having to invest an astronomical amount of time and money to publish a book, self-publishing gives you more control over the income you earn on the book. You are in control of everything from writing, to cover design and publishing.
With the booming virtual economy, it is now possible to hire skilled writers, editors, and content managers from virtually anywhere. So instead of spending your time writing and editing your own book, you can hire someone else to do that for you. Instead, your role is to manage the workflow so that everything is cohesive and integral to creating a polished product.
Kindle Direct Publishing (a subsidiary of Amazon) makes it easy to release your book on Kindle’s global distribution network. You can even have your book in paperback, hardcover, or audiobook format too. Leveraging this platform is a smart way to begin building a self-publishing brand.
Employing parts of this method is exactly how Christian Mikkelsen and Rasmus Mikkelsen, also known as the Mikkelsen Twins, were able to establish a million-dollar education company. They extended their success to help others quit their 9 to 5s and generate passive income from self-publishing through their company, Publishing Life.
Making Traction in Self Publishing
According to Amazon’s Kindle reports from 2019, thousands of self-published authors earned $50,000 in royalties, while more than a thousand earned six figures from their published works. This only goes to show how much opportunity there is in this upcoming industry.
One thing that is in the author’s control is the topic. Writing about something you have experience in is advantageous because it allows you to produce a book quickly. However, just because it’s a topic the author is interested in, doesn’t mean others will be. The key is to have a perfect marriage between an author’s experience and a topic that is constantly searched for, therefore in demand.
A tip for success in publishing is creating a book that not only is useful but one that people want. If there is demand, sales will follow.
The self-publishing industry is becoming as successful as it is because experts are realizing they no longer need to go to a publishing house to get their word out there. They are capable of doing this themselves.
Take your Business Seriously
It is crucial that aspiring self-publishing entrepreneurs remain vigilant to their goals of succeeding. If the first iterations of the product don’t seem to satisfy the market, see if you can make adjustments that improve your results. Treat the first book as a learning opportunity. The best way to think about your book is by asking yourself “would this be something I would be proud to show my friends or family? Would I buy or read this?” Answering these questions will help you get a better grasp on the mistakes you’re making and how to improve them.
The Mikkelsen Twins had a crystal clear outlook on the potential to succeed in self-publishing, and they focused all of their energy on perfecting the product. “Commitment and consistency were crucial to success in the industry. Most people don’t want to put in the work and stick it through, which is why they fail”, Christian says.
Business models are prone to evolve with changes in human behavior. As our society moves towards convenience and digitalization, the publishing model has moved with it. The self-publishing model allows authors to take the master seat of their own business. In a new age of Kindles and Audiobooks, it opens the doors for independent authors to take the stage.