Is KDP Publishing Still Worth It?
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THINK
“If it’s both terrifying and amazing then you should definitely pursue it.”
Erada
I’ve earned over £1,000,000 in royalties since I started publishing books in 2015. I filmed a YouTube video documenting the whole thing HERE if you’re interested.
Back when I started, many publishers would suggest it was easy to create an income of £10k /month.
Based on the the quality of the books and the cost of creation, they weren’t wrong! 😁
But now there’s more competition, higher costs and lower profits, which raises the question…
Is KDP Publishing still worth it?
I received a lovely email from a reader this week, Tanya. She’s a teacher and a writer. She asked me 5 questions relating to publishing, which I’ve listed below.
My answers are relevant not just to publishers, but to anyone interested in:
- Starting a side hustle
- Promoting a product or service
- Building a brand (like I’m attempting to do)
Tanya didn’t ask “Is publishing still worth it?” but it’s one of the most frequently asked questions I receive, so I’ll wrap up by answering it.
In this week’s Newsletter, I cover:
- How I would build a publishing business if I started today.
- The most profitable formats for content.
- 3 strategies to consider for publishing books.
- The optimal number of side hustles.
- 1 niche vs 10 niches.
- Is it worth creating back-end products and services?
- Advice for beginner publishers.
- Is publishing still worth it?
Q1. If you had to start your publishing business all over today, what would you do differently?
Short Answer – I wouldn’t rely on publishing. Build a brand and fully leverage your impact and earning potential.
Long Answer – Publishing was far easier when I started in 2015. People were publishing 5,000-10,000 word books and making multiple £100’s if not £1,000’s from each one. Rinse and repeat!
The cost to create was minimal and there was little competition. Oh, those were good times!
Now, I spend between £3,500-£5,000 to create a book. It can take 2-6 months to get my money back and then it’s all profit.
There’s a lot more competition out there now and the standard has increased. Meaning the effort to create has gone up, whilst profits have come down.
So, should we not bother publishing?
Not necessarily.
The quick wins are few and far between nowadays but as I see it, there are 3 strong cases to consider publishing:
1. To Gain Authority
If you’re trying to build a brand for yourself or a business, a self published book is a great option to consider. Imagine if I had a finance book (I will no doubt at some point). I could use my book as leverage to get onto podcasts, radio stations, TV or live speaking tours.
Books are the new business card.
They provide perceived value or authority. Even if you talk a load of boll*cks, people will generally be open to your opinion, because “you’re an author”.
2. You Love Writing
As a ghostwriter, it’s a no-brainer. If you enjoy writing (fiction or nonfiction), why wouldn’t you create digital assets and let them do their thing?
Create multiple books in a single topic and once you have 3, 8, 12 or ANY combination, you could combine them to make a collection. These tend to sell very well on Audiobook.
Not limited to publishing – If you love doing something, just do it. Don’t worry about making money. In time, because you enjoy it, you’ll become good at it and the money will come. Do it for the enjoyment and satisfaction it’ll bring.
3. Back End Sales
If you have a product or service to offer, having a published book can act as a lead.
You might not like writing or have the desire to create multiple books, but by creating one, with the optional help of a ghostwriter, you can get your service/product out there at a low barrier to entry, whilst simultaneously building authority.
If you release one book to promote what you do on the back end, don’t expect to make money from book sales. You likely won’t make much, but that’s not the purpose. You’re creating a “business card” to get leads.
My Plan
The Huwsview brand is my plan. I have something to say about finance, but I’m not limiting it to publishing. I’ll likely write a book about money at some stage, but not right now, here’s why…
There are far easier, more enjoyable, more lucrative, and more impactful alternatives.
If I wrote a 50,000-word book on Finance. It might take me the best part of a year to create, edit, publish, promote etc. When ready, I could command a price of around £5 for an eBook and £15 for a paperback.
Here’s the kicker…
With the EXACT SAME INFORMATION, I could command:
- £50-£500 – Do It Yourself (DYI) online course.
- £500-£5,000 – Done With You (DWY) online product/service.
- £1,000-£10,000 – Done For You (DFY) online product/service.
- £5,000-£50,000 – Public Speaking gigs.
It’s not the information but the format that determines the price.
Books have a lower perceived value than Online Courses, Masterminds, Coaching Programs or Public Speaking gigs.
But that’s not all…
Mistakes are not tolerated in books and the ‘industry standard’ requires many authors to ‘pad out’ their work.
Whilst presentation mistakes in an online course or a public talk, are normalised and brevity is appreciated.
Publishing a book involves more effort and producing less profit (generally).
Books will likely form one part of my offering (in future). A lower value part, which isn’t my current priority.
In summary, consider these 2 key takeaways for this question:
1. If you plan to monetise your writing (non-fiction or fiction), consider higher leveraging alternatives too. Make a book part of your offering, not the whole.
2. Prioritise reading books for learning and growth. You can glean YEARS of effort by learning from other people’s wins and mistakes for less than £20. You could save or make thousands if not millions of £££ depending on the content. Authors spend years refining every single sentence in an attempt to best communicate their message. I’m not demanding you read books, but you’re missing out if you’re not.
Q2. I am being told I need to niche my books and not just write books on loads of different topics. Is this true?
It’s a great question with a simple answer.
YES.
Once again, this answer isn’t limited to publishing. It’s the same for side hustles in general.
Less is more.
Pick a lane and become an authority in it.
Creating 10 books on one topic will likely yield far better results than 10 books on 10 topics.
You’re more likely to find success 10X ing one area rather than spreading yourself thin on 10.
You’ll likely have a higher perceived value having 10 books on one topic – “This guy MUST know what he’s talking about if he’s published 10 books.”
If you’ve published 10 books, you’ll also have more data to suggest what works and what doesn’t. Which covers, description, writing style, format, editing etc. do the best? How can you replicate that?
Also, some of my best sellers are collections. So, if I had 10 books on one topic, I could offer 2 x 5-book collections or one big 10-book collection, which would sell at a higher price, produce significantly more profit, for a fraction of the effort (the books are already written).
The same theory holds true for side hustles.
Rather than trying to start 3 businesses on the side. Put 3 times the effort into one and stick with it to see if it works.
Many coaching clients think having multiple streams of income is a benchmark to strive for. I get it. I don’t disagree, but it’s not the optimal way to start a business.
Pick the ONE that has the best chance of success for you and give it everything.
Q3. I am being told that if I want to truly be successful in publishing today, I need to create a course to sell (not opposed to that) and just use the books as a marketing tool to drive ppl to the course. Do you think this is true?
The person who gave that advice is not talking about ‘publishing success’ but ‘business success’.
If you love writing romance novels, a course won’t help you publish books. If anything, it’ll distract you from becoming a better writer.
If the course is about becoming a writer, or further advice on the non-fiction topic you cover, it’ll likely make more money as a business due to the perception around format pricing I discussed earlier.
If you want to build a brand/authority, publishing a book is a great way to market and I’d totally agree with the advice.
The question you need to answer is…
Why do you want to publish books?
Q4. Did you niche or did you just create loads of books on lots of topics? Do you think the market is different today and that you now need to niche in publishing in order to succeed?
What I did and what I’d recommend are two different things. 😁
At one point, I had 10 writers writing about 10 niches. It was a total nightmare. 10 sets of problems with 1/10th of the time to fix them.
Don’t do that!
Trying 1-3 niches to begin with isn’t a bad thing, but you need to eventually double down on the one that demonstrates the most potential to move the needle.
I’d recommend a similar approach to side hustles in general…
Many people genuinely don’t know which business to start on the side. If you’re in this position, there’s nothing wrong with experimenting with 1-3 ideas.
Just be realistic.
The fewer you experiment with, the better chance you have of success.
If you’re experimenting with more than 3, you’re likely wasting your time and doing a poor job on all of them.
Endurance is the key to success.
If you do something for long enough, success is inevitable (so long as you’re learning/growing).
Doing 3-5 things at the same time means spending less time on each one (limited knowledge and experience), and is less sustainable long term (more likely to quit).
If you REALLY have to try 3-5 businesses or niches, commit to 1-3 for 12 months before allowing yourself to move on. Ditch the 1-2 that aren’t working out and replace them with 1-2 new options, and repeat.
If you don’t keep to one idea for at least a year, ideally two, you haven’t given it a proper go. I’m now two years into my YouTube business and I’ve only just released my first digital product.
Most people give up far too early to see success.
Consider sustainability and consistency for success (remember endurance).
Q5. Do you have any advice for someone who is just starting out on the publishing road and trying to create a second income and eventually a full-time income with an online (or maybe more than 1 🙂 business?
1. For those who Love Writing
Ignore the noise and keep writing. If you love writing, you’re more likely going to be good at it over time, so stick with it.
Advertising costs are likely going to be your biggest expense, so start building an author brand ASAP and advertise for free.
How?
Social Media:
- Long Form – Write blog posts or Newsletters
- Mid Form – Write Twitter Threads, LinkedIn or Instagram posts (using Blog posts and Newsletter content)
- Short Form – Write Tweets
These formats will improve your writing, and allow your readers to engage with you as you build your following. This crucial to long term success.
They’ll provide feedback on how you can improve, leave honest reviews, buy your book when you release it and offer support and encouragement. Think 1,000 True Fans by Kevin Kelly.
Stick to one niche and become known for that.
Publish on multiple formats – eBook, Paperback, Hardback and Audiobook.
Combine multiple standalone books into collections and publish them in multiple formats.
Just keep going.
2. For those who want Money, Authority or Back End Sales
Don’t just publish books or even start with them.
Create an online brand and fully leverage your value in multiple formats.
Get yourself on social media and focus on 1-3 platforms. Ideally, the ones that suit your skillset/preference (think endurance):
- For Writers – Newsletter, Twitter, LinkedIn, Instagram or Facebook
- For Talkers – YouTube, Podcast, TikTok, Reels
- For Designers – Pinterest, Instagram or Facebook
Consider what other formats can you monetise in your niche.
- Online courses (DIY, DWY or DFY)
- Coaching
- Masterminds
- Public Speaking
- Products (digital or physical)
There is no right or wrong format. Again, choose the one best suited to your skills and preferences that will allow you to sustain work consistently over time.
BONUS Q. Is Publishing still worth it?
If you love writing, I’d say 100% yes.
Pursue your passion and create multiple digital assets.
If you want to build a brand, product or service, I’d also say yes.
Books still have a high perceived authority in the marketplace. I’ve been asked countless times to attend podcasts, TV and radio interviews, which I’ve sadly declined because I didn’t write them.
Use books as a business card to raise your profile, to get onto other forms of media or to promote a higher profit / higher impact offering on the back end.
If you plan on ghostwriting, like I do, to increase income, I’d say probably not.
There are far better opportunities out there in exchange for your efforts. Start there and incorporate publishing, as part of your offering, not the whole.
Reflect and share this with someone.
ASK
Before starting a publishing side hustle, consider the following:
“Why do you want to publish books? What’s the purpose?”
“What alternative formats might provide bigger profits, for less effort, that are more aligned with my skillset and preferences?”
“What am I prepared to do for at least 2 years before quitting?”
Write down what comes to mind.
TRY
I hope you found my responses useful.
Publishing isn’t for everyone.
It’s served me very well, but as you can see, I spend considerably more time trying to create something I’m more aligned with, and can provide more value in.
Be open to the possibilities and honest with yourself.
Commit to no more than 3 niches/side hustles. Ideally 1.
And give it everything for 2 years.
Best of luck!
Remember: Little by little, a little becomes a lot.
SHARE
Reply to this email and share how it went for you. Let me know if you’d prefer to remain anonymous.
SHARE this with someone who loves writing or wants to build an online brand.
SHARE your feedback (goor or bad!) on the ‘Financial Freedom Planner‘.
SHARE your experience with publishing.
Lead from the front and inspire others to follow.
Have an awesome week!
Huw
