by Susan Gable
For all the indie authors out there—whether you’re seasoned or just starting—here’s a 2024 look at what’s working best for financial success in self-publishing. With input from over 1,500 independent authors, the latest Written Word Media survey (and I encourage you to go and look at the full survey report they’ve posted!) reveals powerful indie author success tips to help you build your author brand, sell more books, and make real strides towards the kind of income every writer dreams of.
If you’re serious about making it as an indie author, these insights and strategies are your ticket to unlocking more income. Let’s dive into what you should be doing to achieve financial success and long-term growth as an indie author in 2024!
1. Treat Your Writing Like a Business
Want to make money writing? The survey shows that the authors who are most motivated by financial goals tend to make more. This means investing in professional cover design, editing, and marketing to give your books a polished, marketable edge. Beyond that, it also means working every day on different aspects of your business. Plan, strategize, market – those all have to be verbs beyond write that you embrace. But writing every day is part of it. If you want full-time writing success, you have to commit to full-time writing work.
2. Focus on the Most Lucrative Genres
According to the survey, Romance, Cozy Mystery, Paranormal, and Paranormal Romance are the most profitable genres for indie authors. Romance continues to lead the way, drawing loyal fans eager for the next book in a series. If you’re writing in these genres, you’re in a great spot. If you’re in a different niche, don’t worry! The survey shows success can come in any genre when you prioritize audience engagement, quality, and consistency.
Pro Tip: Series are especially lucrative in Romance and Mystery, as readers love to binge. So, if your genre and story lend themselves to a series, consider plotting for multiple books!
3. Prioritize Professional Appearance: Editing & Book Covers
Your book’s appearance is the first impression you make on readers, and indie authors who invest in professional editing and cover design see higher returns. A polished, well-edited book with a genre-appropriate cover signals quality, helping you stand out in a crowded market and attract more readers.
Invest in Professional Editing
A professional edit ensures your story flows well, your grammar is flawless, and your book is free of distracting errors. Many successful indie authors budget for editing as part of their publishing expenses, viewing it as a worthwhile investment in their brand and reader trust. Even if you start with beta readers or lower-cost editors, gradually investing more in editing as your budget grows can dramatically improve reader satisfaction and reviews.
Key Editing Tips:
Developmental Edits: Great for overall story structure, plot consistency, and character development.
Copyediting & Proofreading: Essential to catch grammatical errors, typos, and improve readability.
Budget-Friendly Options: If full professional editing isn’t within reach, consider working with reliable beta readers or joining critique groups as a first step.
Self-Editing for Fiction Writers: This book is a classic and a must have for all writers! Learning how to edit your own work, from POV to show don’t tell, will give you a massive head start.
Stand Out with a Professional Cover
According to the survey, high-earning authors understand that a quality cover can make or break their book’s appeal. Spending even $100–$500 on cover design can give your book a professional edge and help attract your target audience. For genres like Romance, Cozy Mystery, and Thriller, a genre-appropriate, eye-catching cover is essential.
Cover Tips to Boost Sales:
Hire a Designer: Invest in a cover designer with experience in your genre; they’ll know the trends and visual cues readers expect.
DIY Options: If budget is tight, consider pre-made covers or beginner-friendly tools like Canva, but be mindful of quality.
Test Your Cover: Show cover options to potential readers for feedback to see which resonates best.
Why It Matters
In the end, editing and cover design are investments in your book’s success. The survey highlights that as authors earn more, they tend to allocate more budget to both of these elements. (Which makes sense, right? Reinvesting earnings into your business?) A professional look not only makes your book appealing but also establishes you as a serious author, helping to convert browsers into loyal readers and increase overall sales.
A polished book and an eye-catching cover can be your biggest assets in an increasingly competitive market. Remember, the quality you invest in your book today can pave the way for a lasting, profitable writing career!
4. Go Wide for Greater Reach, but Don’t Forget Kindle Unlimited
Amazon remains the dominant player, with 87% of indie authors relying on it as their primary revenue source. Many authors are succeeding with Kindle Unlimited (KU), especially in genres with high reader engagement, like Romance. However, “going wide” by publishing on other platforms like Apple Books, Kobo, and direct sales from your website can diversify your income and reduce reliance on a single platform.
Consider rotating books in and out of KU as a potential strategy.
Quick Tip: KU can be highly lucrative for authors with series, as readers often want to devour every book!
5. Embrace Strategic Marketing Tactics
Marketing can be overwhelming, but it’s essential. Higher-income indie authors in 2024 are investing in promo sites like BookBub, Freebooksy, and Bargain Booksy, as well as building a dedicated email list of readers. The survey indicates that authors who spend on marketing—especially on effective platforms—see better returns.
Top Marketing Tactics:
Promo Sites: Leverage email promotions to get visibility for your books.
Email Newsletters: Build your own list of dedicated readers; higher-income authors consider this a key asset.
Lead Magnets: Offer free novellas, short stories, or first chapters to grow your email list.
6. Build a Backlist to Boost Your Earnings
If you’re in it for the long haul, building a backlist is one of the most important strategies for financial success. The survey reveals that authors with higher incomes tend to have published more books. Each additional book adds to your discoverability, and a solid backlist lets you experiment with box sets, promotions, and pricing to maximize visibility and revenue.
7. Explore Direct Sales to Keep More Profits
While Amazon reigns supreme, some high-earning authors are capturing more profit through direct sales. Direct sales from your own website give you control over pricing, customer data, and the reader relationship. Tools like BookFunnel and Shopify make it easy to sell directly to readers, which can be particularly lucrative as you grow your fanbase.
Why Direct Sales?
More Profits: Keep a larger share of your book’s sale price.
Stronger Reader Connection: Build loyalty and repeat customers through direct engagement.
8. Nail Your Pricing Strategy
High-earning authors know their readers’ spending habits and use that knowledge to price strategically. The survey reveals that successful authors in higher income brackets aren’t afraid to price their books at $5.99 or higher. Lower-income authors often price lower, with some offering free books to build visibility. Experiment with prices to see what resonates best with your audience, but don’t be afraid to reflect the value of your work.
Pro Tip: Even high-income authors use free books strategically, often as the first book in a series, to draw in new readers.
9. Grow Your Email List for Long-Term Success
A dedicated email list is a proven tool for indie author success, with almost all high-earning authors maintaining one. An email list gives you a direct line to your readers, making it easier to announce new releases and promotions without relying solely on third-party platforms.
Quick Wins for List-Building:
Reader Magnets: Offer a free book or novella in exchange for email sign-ups.
Backmatter Links: Place links at the end of your book for readers to sign up for updates.
Final Thoughts
The 2024 Written Word Media survey is packed with actionable insights for indie authors ready to reach new income heights. Success in self-publishing doesn’t come overnight, but by following these proven strategies, you can build your readership, boost your earnings, and create a sustainable writing career. Embrace your business mindset, connect with readers, and keep writing—your next book could be your biggest hit yet!
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