| As a new author, you're going to have to | | | | Take into consideration printing and shipping costs, |
| determine how much to charge for your book. | | | | as well as cover design, artwork, editing, |
| What should be your selling price? That's a | | | | proofreading, etc. If you're using a print on |
| question you can't take too lightly and there are a | | | | demand service, your fees for printing will be |
| lot of factors which come into play. You want | | | | higher. If you're printing in bulk, it's going to cost |
| people to buy your book, so you must price it | | | | you more upfront, but the per unit price of your |
| attractively enough that they believe it's worth | | | | books will be less because the charges are lower |
| the cost. In addition, if your book is part of your | | | | per book when you print in larger quantities. In |
| brand, and it should be, it's your calling card and as | | | | addition, expect to be responsible for the shipping |
| such, is a tool for creating business and sales. So, | | | | costs when you send your books to retailers, |
| don't look only at how much money book sales | | | | bookstores, and organizations. Generally, you'll be |
| will bring in. If you do, you're probably going to be | | | | expected to pay for the freight. |
| disappointed. | | | | 3. Discounts. If your book is listed on (and it |
| Very few people get rich from writing and selling | | | | should be) and other online retailers, you'll be |
| books. However, they can get rich from the | | | | required to provide them with a discount. generally |
| exposure that book gives them. That should be | | | | takes 55% of your sales. That's a high |
| your goal, not trying to create wealth one book | | | | percentage which leaves you with only 45%, so |
| at a time. Yes, I know, there are expenses | | | | consider the discount when you're setting your |
| involved in writing, printing, publishing, and | | | | price. Distributors take a big cut, too, so get your |
| marketing a book. Don't try to recoup all of them, | | | | figures together and determine how much you'll |
| because you simply cannot. Like I said earlier, | | | | have left after giving distributors and retailers |
| your book is a tool and the interest it generates | | | | their discount. Then, deduct the per unit price it |
| in you and your business are going to be the | | | | cost you to bring that book to fruition. Discounts |
| ways you get your money back. That said, what | | | | also include quantity discounts, which you might be |
| factors should you consider and what role do | | | | expected to provide to groups or retailers who |
| they play in your book sales? Here's a list of the | | | | order your book in quantity. This discount is |
| main points which should be considered when | | | | usually set as a percentage off and often rises |
| establishing the retail price for your book: | | | | with the number of books ordered. Consider, too, |
| 1. The costs of competitor's books of the same | | | | that sometimes you'll be expected to offer a |
| size and topic. It's a given that people compare | | | | lower price to charitable organizations, events, etc. |
| costs, and someone looking for a book on your | | | | 4. Promotion and PR. How much is it going to cost |
| topic is probably looking at similar books, as well. | | | | you to promote and market the book? To get |
| The price tag could be the one deciding factor in | | | | posters, media kits, and press releases ready? |
| determining which book they'll actually buy. Don't | | | | These are all factors which will reduce the profit |
| discourage potential customers by pricing your | | | | you'll make from your book. However, they are |
| book too high, but do remember that pricing is | | | | factors which also have the capability of increasing |
| below market could cost you significantly. Can you | | | | exposure and the profit you'll make. |
| afford that? When comparing competitors' books, | | | | 5. Reductions in price for promotional events and |
| take a look at the content, the graphics, the | | | | sales. At some time, you'll probably lower the cost |
| number of pages, and use those factors to | | | | of your book, either to clean out your inventory |
| determine if your book is in line with theirs. If so, | | | | or to offer incentives to people to buy it at a |
| set your price competitively. If your book has | | | | particular time. This is great, however, take that |
| perks and other obvious enhancements, you can | | | | likelihood into consideration when you set the |
| probably price your book a little higher than the | | | | asking price for your book. Because of this factor, |
| competition. | | | | you might not wish to print your book's price on |
| You need to be careful, though, that setting your | | | | the cover, which will give you more liberty and |
| price lower than the competition in an effort to | | | | flexibility in changing it down the road. |
| win over the buyer can actually hurt sales. Set | | | | So, there are a lot of factors which will determine |
| the price of your book too low, and potential | | | | just how much money you should ask for your |
| buyers might determine that it's not worth as | | | | book. Be realistic. Unless you sell millions, you're |
| much as theirs-meaning that they'll interpret the | | | | not going to make a ton of money from the sale |
| lower price as a sign that your book will hold less | | | | of the book alone. Your price tag should be large |
| value to them. They want to buy a book which | | | | enough to help you recoup some of your costs |
| provides them with valuable information, so make | | | | but low enough that your book will attract the |
| sure your price reflects the value of your | | | | exposure and sales which will make you an |
| message. | | | | expert or authority in your field. It's a little give |
| 2. Your financial investment in the book. While you | | | | and a little take. You want to make sure you |
| might not recoup all of this, try to figure out how | | | | come out on top in the end. |
| much each book cost from inception to the shelf. | | | | |