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- May 1, 2011
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As you well know, I'm in a similar position to you business-wise. My income now is just 15% of what it was during my best months and perhaps 25% of what it was during my average good months (I feel depressed just thinking about it...). I did manage to save money, but I'd say that seeing your income dropping to just a fraction of what it was feels the same (or at least similar) regardless of your savings.
We've already talked about it, but your post got me thinking and perhaps I can offer a different perspective...
I have a feeling that you're motivated by money, so art in itself without money wouldn't change much. It's also hard to really enjoy your "true calling" if you're struggling financially. But I might be wrong. For me personally, without tangible results I eventually lose enthusiasm and start looking for something else.
As for not knowing what to do in life, I'm struggling with the same thing. That's why I started writing fiction recently, hoping that I can combine business with a new passion (although I'm having doubts about it, too).
It makes no sense to compare yourself to others. It took me about 4 or 5 years trying various things before I discovered self-publishing and another 2 before I started making good money.
I find it unlikely they'll reduce royalties anytime soon, if ever. In the last few years, the biggest changes that happened were the changes in the KDP Select payouts (I'm wide so I don't care, but it did hurt a lot of people initially) and now the change in the ACX bounty system. Everything else (as in, the fundamentals like royalty rates and pricing) are still the same.
If you're thinking about the future of the industry, you should also think about potential opportunities like:
It's possible, but more likely when you have a publishing house and outsource writing than when you're selling an account mostly with books written by yourself (which makes your business easier to sell than mine).
Just to play devil's advocate: maybe you're limiting your vision by thinking that there are no big possibilities in self-publishing anymore?
You shouldn't assume linear progress in a business like this. Exponential results are also possible if you find a new possible way to make money. You know that there are still many possibilities here, it's just a question of finding them.
You're a unicorn, too, because as you said, most people don't make money at all in this business. Everyone who treats it as a business is a unicorn because most authors don't know anything about positioning, marketing, etc. Of course, in some niches there are more unicorns than in others, but generally speaking, you do possess skills and traits you need for breakout success in this industry.
I agree with that because I'm seeing it in my own business, too. At the same time, where things get harder, the barrier of entry grows larger and it might actually become a safer business over the years as it will become more and more difficult for new people to enter it (while those who stay in it and keep going will have it easier).
I don't think it's possible to be very enthusiastic about the same business after so many years. All businesses eventually end up feeling like a job unless you have access to endless resources and can change the world like Elon Musk.
What are the average results an electronic music producer get? Would it even be possible to live off royalties or would you have to perform? I have a feeling that it's a very hard job and even the most passionate people would eventually struggle with it.
Having said that, I do also have doubts and worries about this business, but I think that we're in a lucrative, expanding industry that despite some problems (like Amazon's dominance) is still a very good Fastlane vehicle.
I don't see myself doing something else because it would mean creating EVERYTHING from scratch. It takes at least a full year to understand the basics of a different industry and probably a few more years to start making good money in it (if you can make it work). Meanwhile, you already have all the assets in this industry and just need to find a way to grow it.
As discouraged as I also am now, I'm going to keep looking for new opportunities. I think that you should give it at least a full year of full dedication (doing all the things you have on your list) before you consider trying something else.
I think that overall it's easier to grow an existing business by 50-100% and make additional several thousand dollars than go from zero to several thousand dollars by starting a completely new business in a different industry. These are trying times for self-publishing but are there any industries where it's all smooth sailing all the time?
We've already talked about it, but your post got me thinking and perhaps I can offer a different perspective...
I feel like I’m running in circles. Not only in business – in life in general. I am not even sure anymore if I’m an entrepreneur, or an artist who got really lost as he got disconnected from music and his true purpose (insert all this hippie spiritual mumbo jumbo here, but it might be true for me, I don't know).
I have a feeling that you're motivated by money, so art in itself without money wouldn't change much. It's also hard to really enjoy your "true calling" if you're struggling financially. But I might be wrong. For me personally, without tangible results I eventually lose enthusiasm and start looking for something else.
As for not knowing what to do in life, I'm struggling with the same thing. That's why I started writing fiction recently, hoping that I can combine business with a new passion (although I'm having doubts about it, too).
I realized it’s been five years into this business. Sixth year running right now. That’s a long time. Many people been making their fortunes in less than 2-3 years.
It makes no sense to compare yourself to others. It took me about 4 or 5 years trying various things before I discovered self-publishing and another 2 before I started making good money.
However – what If I hustle super hard and manage to climb up to, say, 25-30k in the next year or two (IF I can), only to find that Amazon changed something again (maybe they decide that 70% in royalties is too much and will cut it to 30%?) or removed my account, or whatever randomness? I don’t know if it's worth it anymore.
I find it unlikely they'll reduce royalties anytime soon, if ever. In the last few years, the biggest changes that happened were the changes in the KDP Select payouts (I'm wide so I don't care, but it did hurt a lot of people initially) and now the change in the ACX bounty system. Everything else (as in, the fundamentals like royalty rates and pricing) are still the same.
If you're thinking about the future of the industry, you should also think about potential opportunities like:
- new markets emerging,
- new platforms,
- new marketing tools (for me personally, BookBub ads were a game changer),
- various new ways in which you can use your existing content,
- new needs and problems of fellow authors that perhaps you can solve yourself, creating a new business but still staying in the same industry and being less dependent on Amazon.
Or something that I could sell. It's not easy to sell a KDP account as far as I know (I might be wrong).
It's possible, but more likely when you have a publishing house and outsource writing than when you're selling an account mostly with books written by yourself (which makes your business easier to sell than mine).
Maybe I'm limiting my vision here, and keeping myself from bigger possibilities, by sticking to my comfort zone?
Just to play devil's advocate: maybe you're limiting your vision by thinking that there are no big possibilities in self-publishing anymore?
If it took me 5.5 years to get here, it means that I still won’t be there in 2024, supposing I keep the same peace.
You shouldn't assume linear progress in a business like this. Exponential results are also possible if you find a new possible way to make money. You know that there are still many possibilities here, it's just a question of finding them.
these guys are unicorns, and obviously nobody will be willing to tell me everything, so you never know what's going on behind the curtains. Most self-publishers ain't making shit on their books. Can I get there? Maybe. Or maybe not. I failed to do so (reach my financial goal) in the last 5 years. I feel slow. I don’t know what I can control and how fast I can progress anymore.
You're a unicorn, too, because as you said, most people don't make money at all in this business. Everyone who treats it as a business is a unicorn because most authors don't know anything about positioning, marketing, etc. Of course, in some niches there are more unicorns than in others, but generally speaking, you do possess skills and traits you need for breakout success in this industry.
How likely it is things will become even harder or that Amazon decides to screw the authors? Quite likely.
I agree with that because I'm seeing it in my own business, too. At the same time, where things get harder, the barrier of entry grows larger and it might actually become a safer business over the years as it will become more and more difficult for new people to enter it (while those who stay in it and keep going will have it easier).
And I think I kind of lost passion for this. I can spend hours producing electronic music and feeling in the state of total flow. I can travel the world with backpack and take photos with my camera. It makes me feel alive. Would it be possible to make it into a business? But after all these years, self-publishing often feels like a job, I’m not very enthusiastic about it anymore.
I don't think it's possible to be very enthusiastic about the same business after so many years. All businesses eventually end up feeling like a job unless you have access to endless resources and can change the world like Elon Musk.
What are the average results an electronic music producer get? Would it even be possible to live off royalties or would you have to perform? I have a feeling that it's a very hard job and even the most passionate people would eventually struggle with it.
Having said that, I do also have doubts and worries about this business, but I think that we're in a lucrative, expanding industry that despite some problems (like Amazon's dominance) is still a very good Fastlane vehicle.
I don't see myself doing something else because it would mean creating EVERYTHING from scratch. It takes at least a full year to understand the basics of a different industry and probably a few more years to start making good money in it (if you can make it work). Meanwhile, you already have all the assets in this industry and just need to find a way to grow it.
As discouraged as I also am now, I'm going to keep looking for new opportunities. I think that you should give it at least a full year of full dedication (doing all the things you have on your list) before you consider trying something else.
I think that overall it's easier to grow an existing business by 50-100% and make additional several thousand dollars than go from zero to several thousand dollars by starting a completely new business in a different industry. These are trying times for self-publishing but are there any industries where it's all smooth sailing all the time?
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