A self-published author faces many challenges on their road to success, but by far, one of the most intimidating aspects of this journey is dealing with the business side of publishing.
Complex financial decisions like knowing how to best price your book is crucial to ensuring success and profitability. After all, although you may have loved writing your book, I’m guessing you weren’t doing it for free!
When it comes to deciding on the perfect retail price for your book – one that will entice readers into buying while also keeping you happy – unfortunately, there’s no one-size-fits-all equation to work with.
Below you’ll find several factors that are worth being aware of when it comes to determining the price of your book.
Book Production Costs
In order to get your book out there and ready to be purchased, it must first go through a series of checks, such as editing, proofreading, and formatting.
Sure, it’s possible to cut costs by doing all of these things yourself, but in my opinion, it always helps to have a second set of eyes on your work to catch any mistakes and make suggestions on how you can improve your writing.
Other costs to consider include purchasing an ISBN or barcode and registering copyright to protect your ideas and concepts.
When pricing your book, it is essential to pay attention to how other authors in your area of expertise have priced their books.
Charging too much can limit your prospective buyers and cause them to choose your competitors’ slightly cheaper book instead. However, don’t undersell your book either. Charging too little will make your book appear inferior and could end up damaging your credibility.
It’s important to remember that while your book may be better and more insightful than the others on the market, your potential reader doesn’t know this, and chances are they’ll be judging the value of your book based on reviews, design, and sales.
There’s a fine line between overpricing and underpricing your book.
By researching the current market and noticing what sells and what doesn’t, you’ll have a better idea of how much your readers are willing to spend and how best to price your book.
Digital & Printed Versions
It’s obvious that producing a digital version will cost less than producing a printed copy of the same book. For this reason, readers will rarely, if ever, pay as much for an ebook as they would for a paperback.
Considering the costs associated with a printed version of your book can give you a better idea when determining a price that works for you.
These costs are dependent on factors such as:
- Paper selection
- Book length
- Book size
- Ink choice
- Book cover (hardback/paperback)
When selecting a price for your eBook, it’s a good idea to choose one that is lower than your printed edition (if you have one) but also competitive compared to other eBooks in your niche.
All Seeming A Little Too Much To Handle? How Mind Potential Publishing Can Help
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