Did you ever dream about writing a book? Is it expensive to write a book?
Buy it on Amazon.com by clicking this link
I did, and on September 22, 2016 it went 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.
Also check out this list of books every investor should read
Until next time,
Design your landlord experience,
Michael P Currie
0 Comments