My November Finances as an Indie Author

I’ve been doing a monthly review of my finances as what I think of as a middle-range indie author – more successful than some, far less successful than others. See here for my thoughts on the developmental stages of an indie author career.

November revenues

Here are my KU page reads:

The teal here is Kenai, for which I ran a recent BookBub promo. More on that later. That’s a very good month for me.

And here are my sales:

Yellow here is the tail end of the Kenai BookBub, while teal is a free promo for The Glorious and Epic Tale of Lady Isovar. For both, I stacked a bunch of promo newsletter sites. So, most of those are free books, and this isn’t very helpful other than to see what the shape of an advertised free promo is. If you’re curious about that, this graph of the last 90 days shows how much more intense the downloads are for a BookBub vs. just FreeBooksy and other promo sites.

On this, Kenai (via BookBub) is the teal, and TG&ETOLI (via Freebooksy and a few others) is yellow.

If it’s a financial picture, though, the paid sales are more important. Here they are:

In terms of total revenue, I took in nearly $1000 as follows:

This total is overwhelmingly ebooks – I made $972 off ebooks, $10 off paperbacks. It is also largely from Kindle Unlimited, at $733 from KU, $250 from sales. That’s 75% of my revenue here from KU, which is more than usual, but I think that’s probably from the read-through for Kenai after the promotion.

I also had a very good month (for me) for my audiobooks with 17 sales. I won’t get a financial report from that until later, so I don’t know how much revenue it will be, but it’s historically been small, about $3 a book, so maybe $50 if that holds.

I also sold one book via my new online bookstore, for a revenue of about $15, net after shipping and book cost of about $4.

November Expenses

On my monthly ledger, I have $1365.53 in expenses, which is more than I took in. However, $699 of that was for a year-long future advertising contract with a sci-fi website which wasn’t even set up this month. So, probably not fair to put that one in November set against these revenues. If we take that out, we’re left with $666.53 in expenses, which would leave November with a tidy profit of about $370. Neat!

However, that’s not really true, because some of what went on this month is from the BookBub for Kenai which was $523. The BookBub listing itself happened in late October, but all the impact was this month. There’s no question it has already made back its cost in KU page reads and sales of the book after the giveaway, and its impact isn’t entirely finished, as sales and reads of Kenai are still elevated relative to its pre-promotion levels. But, we should probably set that cost against this month’s revenues, especially because I didn’t count it last month. That gets us to a loss of about $150. Not terrible for revenues totalling $1039, but not profitable.

Other notes

I did a bunch of Facebook advertising in September, October, and November. That had a big impact on sales on the books advertised (mostly The Glorious and Epic Tale of Lady Isovar and my Inquisitors’ Guild series), but it didn’t make up its cost. You can actually see in the revenues and to a lesser extent the KU page reads graphs above when I turned it off, which was on November 15.

I always see an impact from Facebook ads, and I paid an artist to make a cool image for the Inquisitors’ Guild series. Here’s the ad, which is probably the best, most effective ad I’ve run. It had rotating text, so it wasn’t always with this text, and the format was different on phone vs. PC vs. tablet.

And here’s the TG&ETOLI ad, which got a comparable number of clicks but didn’t result in as may sales or page reads. It’s for a single book rather than the series, so that might have an effect, and it only has 50+ reviews as opposed to Flames Over Frosthelm’s 335.

I am happy that my ads get people to check out the book. That’s terrific, and it’s really neat seeing the sales and reviews come in. I wish that they generated more revenue than they cost. Having done this for five years, I’m closer to that point now than I’ve ever been, getting back maybe 80-90% of the advertising cost in revenues, but it’s still a net loss (except for the BookBub featured deals of all stripes). I’m not sure what will push it over the magical edge to profitability.

If it’s writing more books, I can do that, but it will take time.

If it’s getting better ad art and ad copy, I can work on that, although hiring artists is expensive.

If it’s finding better groups to show the ads to or better placements, that’s tricky. The Facebook ad interface is nightmarish and glitchy, and I have had a lot of trouble figuring out the best strategies there.

There’s another possibility, one that I’m toying with, but I’m not sure if it’s real or not. It could be that I just need to get my books seen enough that people read them and like them and review them and discuss them. If that’s the case, then this advertising money is worthwhile even if it is a net loss in terms of revenue, because it is getting me more eyeballs and more ratings and reviews. It could be that spending this advertising money at a loss is me blowing on the embers of my book sales, and it will take a goodly amount of blowing and care to get the books to catch fire and take off.

That’s a seductive thought, though, and maybe a wrong one. If I’m wrong, then advertising more will just keep losing me money, and I’ll be stupid. But I think I’ll keep trying Facebook ads and other pathways. It may be I just have to blow $10,000 or $20,000 to get to a more voluminous and more sustainable business model. If that’s true, it sucks, but it’s not unique to indie publishing – tons of new business operate that way, from burrito shops to car detailers to ecommerce.

The big picture

This year is shaping up to be another good one, like last year, thanks again mostly to the few BookBub featured deals I’ve landed.

Here’s how this year is looking with most of it done. You can see the two big free BookBub giveaways dwarfing whatever else I’m doing, except for the $2000 or so I dropped on Facebook advertising in late September to mid November. Teal here is What Grows From the Dead, while yellow is Kenai.

The KU pages picture is similar, and even more stark. The BookBubs really feed that KU revenue a lot. Interestingly, the Facebook advertising produces more sales.

Finally, here’s my five-year showing since my first release in June 2019. Closing in on two million pages read, which I may reach this year, and revenues growing year over year.