Writing a novel can be a great way to make money, but it is important to understand the different options available to authors. Self-publishing and traditional publishing are two of the most popular routes for authors to take, and each has its own set of benefits and drawbacks.
Self-publishing is a great option for authors who want to have full control over their work. Authors can set their own prices and keep a larger percentage of the profits. Self-published authors can earn 40% to 60% royalties for the selling price of a book, which is significantly higher than the royalties earned by traditionally published authors. However, self-publishing requires authors to take on the responsibility of marketing and promoting their work, which can be a challenge.
Traditional publishing is the more traditional route for authors to take. It is often seen as the more prestigious option, as it requires authors to go through a rigorous selection process. Authors who choose to go this route typically receive a prepayment, usually around $10,000. However, traditionally published authors typically earn 10% to 12% royalties for the selling price of a book, which is significantly lower than the royalties earned by self-published authors.
For first-time authors, traditional publishing may be the best option. It can provide authors with a larger advance and the prestige of being published by a major publisher. However, it is important to note that first-time authors willing to publish traditionally will receive a prepayment that is usually much lower than the $10,000 mentioned above.
Ultimately, the amount of money an author can make from writing a novel depends on the route they choose to take. Self-publishing is a great option for authors who want to have full control over their work and keep a larger percentage of the profits. However, traditional publishing can provide authors with a larger advance and the prestige of being published by a major publisher. It is important for authors to understand the different options available to them and choose the one that best suits their needs.