So, Back in December, I posted a small post on my Facebook page about all of the books I’d published in 2019 and what I was intending to publish in 2020.
I was excited to be releasing a ton of new content for everyone this year and wrapping up some series I’d started in the last couple years. That excitement ebbed quite consdierably when I realized how much I’d spent and earned in 2019 from my writing and how much I had spent and earned thus far in 2020. I was not going in a postivie trajectory and something needed to change. I won’t lie, it was emotional and painful, realizing just how much I was expending and not getting back in return.
I implemented a budget (yes, I know I should have been doing that all along) and I’ve picked up some freelance work to make some extra income and I committed myself to earning at least $200 per month in royalties. Since May, I’ve managed this feat and I can see that there can be a light at the end of this tunnel.
Learn from me. Stick to a budget, account for all of your expenses and try not to spend above what you’re able to cover with the funds you have coming in. Now, I don’t expect to break even or end this year with a profit (now, i could be greatly surprised but it would have to be a HUGE cashflow change).
What have I done to keep my royalties increasing? I’ve been running a promotion on a first-in-series or boxed set each month. I’ve been rotating them through different series to garner interest. I’ve been releasing new books each month and I’ve been committing myself to learning Amazon ads. Marketing and ads were my big goal for 2019 and 2020 and I’m slowly but surely getting a handle on it. It is hard and lots of math (not my strong suit) but I’m sticking with it because I’ve seen that my books can be profitable.