Did you ever dream about writing a book? Is it expensive to write a book?
I did, and on September 22, 2016 it want live on Amazon. It was an amazing feeling.
It all started a couple of years before when I started a blog about property management. As a real estate investor, I noticed that even though property management is an important part of owning properties, I could not find very much non-biased information about managing my properties.
I met with a marketing friend one day and he suggested I turn the blog posts into a book. I told him I did not have time, and did not want to commit the financial resources and money to a book at this time.
My friend bugged me for several weeks and I finally agreed to take on the project. It was a lot more work then I anticipated, and cost more than I expected, but well worth the time and money.
How much does it cost you ask?
I have to say that depends. You see book writing has several components.
#1 The book – which can be as simple as words on a word document stapled together. – This is the cost of time, or known as opportunity cost.
#2 Writing coach – this could be a friend offering encouragement, or an experience author consulting on how if you should self publish, the layout, what you want to achieve by writing the book and maybe even a shoulder to cry on, when you feel like giving up. I would count on $1000 to $$$$.
#3 The cover – could be as simple as a hand drawn cover on cardboard or a gig on Fiverr. Approximate cost $10 – $$$$$
#4 Art work – If you plan on having some pictures or drawings, you will need to hire an artist or pay for the rights to use certain pictures. I would count on approximately $100 – $$$$
#5 Editing – you could edit the book yourself or hire someone . Approximate cost $1000 – $$$$$
#6 Book design / layout and format – you could figure out how to format for Kindle, Create Space or wherever you plan to print and display your book – Click here. Approximate cost $500 – $$$$
#7 Inventory – if you plan to sell physical copies, you will need to order and buy some. Usually a minimum order, approximately $250 – $$$
#8 Marketing & promotion – this can cost zero to unlimited. At the very least I would count on $500 plus, even if you are just going to publish on Kindle and have a basic book launch.
#9 Pod cast, speaking events, videos – Building a brand as an expert, you will need to either make or become a guest on several pod casts, real estate events, video blogs, other blogs. You will likely have to offer your speaking services for free (until you build a brand people will pay for). The more you share your story, the more people will know you, and want to buy a book to feel connected to you and find out all about what you have to offer.
#10 Website or blog – you could use a template word press website (like this one). If you buy your own domain and make the website including hosting, approximate cost $300 – $$$$
I have read many articles about how inexpensive it is to write a book, however, I have never met an author (I am not saying they do not exist) that has spent less than a few thousand dollars on building and marketing a book. I do not have a ton of market research, however, I would count of somewhere around $10000 plus if you want to buy yourself a spot as a best seller, or enter into award competitions, basically if you want your book to be financially successful.
Can you do it on a budget, yes you could do a Kindle book and not promote it for pretty cheap.
I would argue if you are looking to help people, what is the point of a book that nobody reads.
What I have come to realize is that whoever spends the most on marketing and promotion usually has the greatest success.
please leave comments below about your personal experiences.
If you are a property manager, real estate investor, or own / manage any income properties, I hope you will download or order my book, read it, and write an honest review on Amazon.com