Monday, March 26, 2012

Should a writer also be a bookseller? Probably

Credit card reader for smartphones, from Square.
You can get one for FREE.
I've written that writers can't be too timid to sell their own books. I was using "sell" as an informal and perhaps more forceful synonym for "market" or "promote."

However, sometimes a writer should be involved in the actual selling transaction and exchange physical books for money.

(The following is from my now-being-updated Self-Publish Your Book Without Losing Your Shirt. Please don't order the version now on sale.)

On a 300-page, $18 book sold from a self-publishing company’s website, you’ll probably make 50% ($9).

Expect few sales, because of limited site traffic. When your publisher sells through Amazon.com and other booksellers, you’ll probably collect a measly 10% ($1.80).

If you are an independent self-publisher selling that $18 book through an online bookseller, you can make about $10. While this is better than what you could get by using a traditional publisher or a self-publishing company, there are ways to make more money.

You can probably buy books for $9 each from your self-publishing company. If you sell directly to readers, you keep what would normally go to the booksellers. You end up with $9 of the $18—if you can get your customers to pay for shipping, as they often do with Amazon or B&N.

HOWEVER, if you buy books right from Lightning Source, you’ll pay $4.80 plus shipping, and keep about $12 from the $18. The cost from CreateSpace is $4.45, so you can keep a bit more.

Even if you discount the price by a few dollars or pay for shipping to customers, you could still make more than you normally would, and you’ll get paid immediately.
 There are several ways to reach customers directly. They don’t apply to every book and they probably should not replace Amazon and B&N, but they could be a supplement.
  • Sell from your websites and blogs.
  • Sell during or after speeches.
  • Sell at flea markets.
  • Sell to friends, neighbors and business associates.
  • Sell at trade shows and conventions.
  • Sell at book fairs, craft fairs, festivals or events that tie in with your subject, such as boat shows or auto races.
  • Ring doorbells (just kidding).

Writer/blogger Sonia Marsh said, “Known experts should self-publish. Generally, they get $20,000 per speaking gig and sell 700 copies of a book after the gig.” I have no idea where she got her data. But even if her numbers are inflated ten times, the money is still impressive for an hour’s work. 

If you are going to sell, you’d better be prepared to accept credit cards. Some in-person purchasers may pay cash, and you may gamble by accepting checks or a promise for future payment, but most book sales are done with credit cards.

You need a merchant account. You can get one from a bank, warehouse club or merchant service provider. You will probably pay the company between 2% and 5% of each transaction. “Non-swiped” transactions, where you don’t actually see the card, cost extra; and there may be other fees.

For advice on accepting cards and evaluations of service companies, see http://www.100best-merchant-accounts.com/.

It’s also possible to process online sales by accepting payments through PayPal. It may be less expensive than credit cards, but some people don’t like PayPal.

You will need a terminal or PC software. You can get a wireless terminal for use where there is no phone connection from http://www.merchantexpress.com/. The company can even enable you to use a laptop for wireless authorizations.

Square offers a particularly innovative system for processing credit card sales. It’s a small FREE card reader for smartphones (shown up above) combined with credit card processing with fast funds availability and low fees. See http:///www.square.com

BAD NEWS: If you sell in-person, you’ll probably have to collect and remit sales tax. It’s an ISPITA if you sell in several states.

GOOD NEWS: Many thousands of books reach readers without booksellers. They are distributed—sometimes for free—by entities that want information or opinions circulated. These “special sales” can generate high profits, with no risk of returns.

A book you’ve already written may be perfect for use by an association, corporation, government, charity, foundation, university or a political party. Perhaps a book you’ve written needs just slight changes and perhaps a new title and cover to become perfect. Maybe the information in your book is fine, but the book needs a new point of view or emphasis to let you make a deal.

If you want to pursue the special sales market, get a copy of Brian Jud’s How to Make Real Money Selling Books. It includes a huge number of possible purchasers, pus step-by-step instructions for making a sale.

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