Financial freedom is a dream we all share, though our take on what that means is different. For some, financial freedom means buying everything you want, when you want. For others, it is becoming free of debt. The technical definition is affording your living expenses so you can focus your time and energy elsewhere. Regardless of your description, self-publishing is a means to achieve that dream.
Self-publishing provides another source of income while you continue your day job. Self-publishing puts extra revenue in your pocket when first starting. With enough popularity and published books, you will no longer need your day job so you can focus more on self-publishing. The income you obtain from self-publishing is a passive income called royalties.
Royalties are payments made based on a licensing agreement to use intellectual properties (IPs) like copyrights and trademarks. In this case, authors receive royalties whenever third parties sell their books like Amazon and Barnes & Noble. The percentage you get from the sales is an agreement made between you and the platform you sell your books. Most platforms offer roughly 70% royalties, with the rate determined by the unit’s price.
The 70% royalties are per book, so the more books you sell, the more you make. These royalties are how self-publishing leads to financial freedom. There will always be an audience and curious consumers around to pick up your book, which means you can expect a steady stream of royalties every month. When you pursue financial freedom via self-publishing, you must have an audience and their interest in mind. You want to add value to your reader’s life that draws them back every time. Your audience gives you that financial freedom, so dedicate your efforts to building your audience through marketing and writing quality content.
Myths about Self-Publishing
There are many myths about self-publishing that make people hesitate and lose out on the financial freedom they deserve. First and foremost, there is a stigma about self-publishing being for people without talent. There is a belief that unknown authors choose to self-publish because they cannot impress publishers.
This claim is blatantly false. If self-publishing meant you had no talent, then there would not be entire markets with indie authors making over $100,000 every month. There are whole Facebook groups and other communities built by such successful authors. One such group is 20Booksto50K on Facebook and has successful authors offering their stories, advice, and encouragement to aspiring authors.
Another myth would have you believe that all self-published work is of low quality. This claim is also false because, once again, many successful authors self-publish every month. Quality leads to sales, so dismiss this false notion when you realize customers find value in your writing. There are examples of low-quality self-published books, but low-quality work is in any industry, detectable among entry-leveled and skilled labor alike. These authors either give up when they realize they impressed no one, or they change their ways and improve the quality to achieve their financial freedom.
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