We're back with another entry on our quest to answer the most asked questions related to publishing. As we sifted through the searches, we discovered this question rose to the top of the search engine queries. So, will writing a book make you rich?
Of course, writing a book does not guarantee financial success. While some authors are able to make a substantial income from their writing, many others do not.
There are many factors that determine the financial success of a book, including the quality of the writing, the author's platform and visibility, the marketing and promotion of the book, and the overall state of the publishing industry. Think about the Obama's. Their platforms by nature are huge because they are widely known, loved, and revered. Compare that to your average person with an equally brilliant idea, but not as much initial traction because of much smaller platform. What can the Obama's offer that your average person cannot necessarily guarantee? Readership.
The more potential readers a book can pull in, the greater the likelihood of being offered a traditional publishing deal, negotiating a higher percentage of profit, and in some cases, the larger the advance from the publisher. Michelle Obama's book, Becoming, sold more than 17 million copies worldwide, and her latest release is on track to hit similar numbers. Of course, we're not all household names like the Forever First Lady. So, we've done some digging to find the average number of book sales per title.
5,000. The average book sells 5,000 copies in its lifetime. A variety of factors influence that number, of course - publisher dependent, marketing strategy, author platform, etc. But yes, 5,000 copies. Keep that in mind as you seek to answer the question of whether or not writing a book can make you rich. Even if a book is successful and generates significant income, it may not make the author "rich." There are many expenses associated with writing and publishing a book, including editing, design, and marketing costs, which can eat into an author's profits. For book deals with an advance, remember you have to earn back the right to receive your share of the profit.
There are so many factors involved that we can only offer our food for thought. From our perspective though, it's most important to remember that the main goal of writing a book, creating something meaningful and fulfilling vs. making money. The former are the types of books we look for at LaunchCrate. If the book is well-written, resonates with readers, and is marketed effectively, it may have a chance of financial success, but there is definitely no guarantee.
Read more about Our Story, if you're interested in learning more about the type of books we're looking for.