5 Ways To Monetize Your Book Idea
Written by: Tunji Olujimi, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Once you have written your book idea, you need to find of ways to get it published and in the hands of readers. When it comes to writing, publishing, and launching a book, many people only think of a paperback book because that is all we see out there. Your book can be turned into at least 5 formats which gives you more options to make more money.
5 Formats You Need For Your Book:
1. Ebook - You can turn your book idea into an ebook which you can sell either on your own website as a downloadable pdf copy or you can turn it into a epub file to upload and publish online. It can be published via lulu.com, ingramspark, bookbaby.com, smashwords or blurb.com and can be purchased on apple books, google play, kobo, nook and so on. You can charge anything from $0.99 - $9.99 for an ebook.
2. Kindle - Your book idea can be converted to a kindle version which is a mobi file format, making it easy for people to purchase on amazon and the kindle store. This is one of the best ways of getting a book out there because it’s easy to do and can be published within 24 hours. The platform needed to get a kindle book out there is called Kindle Direct Published owned by Amazon. Kindle books are sold around the same price as an ebook from $0.99 - $9.99.
3. Paperback - This is the most common ways of publishing a book because people love to hold a physical copy in their hands. You can make more money with a paperback book then you can with ebooks and kindle because you charge more for printing cost. You can get your book formatted as a pdf file and upload it to kindle direct publishing, lulu.com, ingramspark, bookbaby and blurb for publishing to distribute to your readers. You can sell your book from $6.99 - $19.99 each as a paperback version.
4. Hardback - its more expensive to produce but can be sold at a higher price to your paperback version. I think a hardback copy gives you more credibility because of the feel of the book, when you see most traditional published authors, they have this type of book. Most self-published authors use ingramspark or lulu.com to publish their hardback copies but now kindle direct publishing is rolling out their hardback cover version which is a game changer for the industry. A hardback book is seen as higher value and can be sold from $14.99 - $29.99.
5. Audiobook - This is an option that most people don’t go for because it can be every expensive to produce due to hiring a professional narrator to record it for you or you must pay for studio time to get it done yourself. Why most self-published authors have found a way to get it done professionally without breaking the bank. You can use audacity or find a way voices to record your book but you need to make sure you have quality audio equipment to get the best results. Turn the other formats into an audiobook and give people even more ways to purchase your knowledge. The best platform to publish your audiobook on is ACX which is an Amazon company. You can sell your audiobook from $4.99 - $49.99.
Be creative and start making money from your book in all of these formats.
Tunji Olujimi, Executive Contributor Brainz Magazine Tunji is a speaker, pastor, author, and CEO of Accelerated Authors Academy. He has worked with over 100 people to write and publish their books and has coached over 1000 people through workshops and speaking. He helps faith-based coaches, consultants, business owners, speakers, trainers, and entrepreneurs to create authority, profitability, credibility, and visibility using the power of writing and publishing their first book in 90 days or less to build their business, profile and brand. He is also the CEO of Accelerated Properties Ltd, where he finds and secures below-market value deals for property investors to build their portfolios. Tunji was born premature and weighed 1 pound with no hope of living along with his twin sister, but he also had a hole in his heart and needed an operation. In addition, growing up with Dyslexia made it difficult for him to excel in education. Still, it also gave him the determination to make something of himself, and he has now written and published five books, started two businesses, and running a ministry. He is married to Elizabeth Olujimi, and they have a beautiful daughter called Janaya Olujimi.
