I get a lot of questions from new authors asking about how they should price their book.
- Sometimes they want to give away a bunch of copies for free.
- Sometimes they want to sell it for $0.99
- Others price it as much as a new Stephen King novel.
While I want to state up front there’s really no wrong way to do this, and that you should follow your gut and get paid what you’re think you’re worth, you’ll definitely see different numbers of sales depending on how you price your book.
But you will also see different levels of profits.
This chart from Written Word Media shows that, but one thing you want to consider is this:
Early in your career, you might need more readers than you need more profit.
I’m not saying give your book away, but if you make the same amount of royalties on 5 books as you do 50, maybe you’ll end up with 50 customers – and be better off long term.
On the other hand, if you can make the same amount of money on five books, that’s a lot less work for the same amount of money.
So it depends on what you’re trying to do. Grow a new business or make money from the new business. Both are possible and everything in between those extremes is certainly there to be had, but at least this will give you more information to make a decision with.
Here’s the link to the rest of the article.