Earning $50,000

MCS24

Many authors want to earn millions of dollars, but have you ever considered earning $50,000 a year? That’s enough freedom to make writing your career, pay all of your bills, take a few vacations, and even have enough money to invest in marketing and publishing.

How many readers will you need to earn $50,000 a year?

It starts with gaining 100 loyal fans. These 100 people will buy your books and ancillary products, they will share your information on social media and talk about you during their lunch breaks at work. 100 loyal fans are the key to your success.

Those 100 loyal fans know about 20,000 people. Of those 20,000, you only need 1,000 to make $50,000 a year.

Let’s recap:

  • Focus on gaining 100 loyal fans. (Don’t focus on trying to gain millions of readers. Locate 100!)
  • Those 100 loyal fans are the gateway to gaining at least 1,000 loyal fans.
  • 1,000 loyal fans is enough to make $50,000 a year. (See more below.)

The key word mentioned six times so far is loyal. This means they have faith in you, trust everything you write even before they read it; they are devoted to your books and products, they are dedicated and you can rely on their purchases.

According to PEW Research, avid readers purchase 20-25 books a year.

What’s interesting about those numbers is that authors do not publish 25 books a year, so that means readers are purchasing books from 20-25 different authors each year. That gives you plenty of room to make money.

How much do those loyal fans need to spend each month?

Loyalty goes beyond the average reader. Instead, you have someone that is enthused about purchasing your books and products.

In short, you have fans!

Example

  • Loyal fan spends $10 a month purchasing your books and ancillary products.
  • Royalty/profits from one fan after your expenses are about $4.25 per month.
  • That means your yearly royalty/profits from one fan are $51.00.
  • 1,000 loyal fans x $51.00 = $51,000 per year.

Can you imagine if you extended that to 5,000 fans, or 10,000 fans?

How do you earn $50 a year per dedicated fan?

Think about a business that created an awesome new 50 page training guide book for teen football players. What can that business gain from that one training guide?

They can create an awesome logo that appeals to teen football players.

With that logo, they can create ancillary products that include t-shirts, wristbands, posters, hats, and cups.

From there, the business can create products based on the training guide that include a new kind of sports gear and training videos.

From there, the business can send the training guide to every high school and football program in the country, along with an order form to purchase the other products.

That one book turned into an entire business.

What about fiction authors?

Let’s say an author has 1,000 loyal fans and sells 5 eBooks, 2 printed books, along with ancillary products such as posters, t-shirts, wristbands, Tervis Tumbler cups, and a gift basket. That’s more than enough books/products to earn four bucks a month per reader.

And remember that these are loyal fans. They want whatever you have to offer!

Narrow your niche audience to 100, then expand to 1,000 and move on from there.

How do you get started on gaining 100 loyal fans?

Check out the new book, 12 Month Author Marketing Plan for only 99 cents!

Ron Knight

 

Ron Knight

Facebook Twitter 

Share

Comments

  1. Good idea thanks

Trackbacks

  1. […] Earn $50,000 a year as an author. This blog will show you the […]