Chasing a career as a novelist is pointless, right? Your writing is subjective and at the mercy of readers’ tastes, that’s if you can figure out how to get your book in front of enough readers for it to even matter.
It’s discouraging and frustrating and some days you wonder why the heck you’re even writing. But we’re here. We’re writers. This is what we want to do with our lives so we persevere. And here’s something to help you push a little bit harder on those down days when the hill feels too hard to climb.
You’re not just writing books, you’re creating assets
Colleen Hoover has morphed into a literary darling. CoHo, as her fans call her, has vaulted to popularity in no small part due to BookTok, a TikTok subcommunity of book lovers. At one point in the summer of 2022, Hoover had 15 of her 22 books on the USA Today top 200, with five of them in the top 10.
This is a rare feat and we’re not here today to discuss how you can replicate this kind of success. What we’re here to talk about is why your books are more valuable than you may think.
It Ends With Us, Hoover’s most popular title, was published in 2016 and didn’t hit number one till January of 2022. It’s now been on the bestseller list for about 58 weeks. Verity, another recent bestselling title by Hoover, was published in 2018.
When Hoover first started writing novels, she had no way of knowing that BookTok would launch her to literary superstardom. She crossed her fingers like the rest of us and hoped for the best. But that’s the thing: you never know.
When you write a book, you’re not just writing a story, you’re creating an asset. And like all other assets, it contains value, value that can increase over time. You may not see it now, but when you take this approach to book writing, it makes the journey much more exciting knowing what you’re creating today can potentially outlive you.
Writing is a long game
My university professor gave me the most valuable advice about becoming an author. He told me it would take five years for me to learn how to write, five years to build an audience, and another five years to earn enough income to be a full-time author.
I’m sure he only time-stamped it for effect, but his message was loud and clear: writing is a long game. That lesson has stayed with me and has shaped the way I approached my career.
I self-published my first two novels (one of them was a novella). My best guess is that I’ve sold a few thousand copies since putting Thoughts Of A Fractured Soul out in 2014 then following it up with Beauty Scars in 2017. That’s actually pretty good for an indie author, but nothing close enough to make a living.
Over that time, however, I’ve built a true readership. The CRY community supports my novels and blogs and newsletters in ways I used to dream of. I’ve also secured three publishing deals since 2021. The first is with Cormorant books, a Canadian, Indie publisher to who I’m forever grateful (they recognized my talent first). The next is Scholastic, whose books I purchased as a child through their pamphlets that we browsed at school. They are one of the most recognized book publishers in the world. My most recent deal is with Tundra/Penguin Randomhouse, which is the largest publisher in North America.
I’m not saying all this to flex. Getting a publishing deal is incredible, but it doesn’t guarantee you anything. But as I continue to publish more books and expand my presence with the help of these publishers, my two self-published titles get more exposure. And even though my first novel will be a decade old by the time my next two books come out, their value increases.
The first way their value increases is because I own the rights to those titles. My royalty rate is between 40%-90% depending on the format and platform it’s sold. In all three of my publishing deals, the max royalty rate is 15%.
As I become more popular as an author, my titles will be more in demand, and demand is what drives sales. And here’s a bit of publishing nerd info for you: backlist titles, titles at least a year old, account for about 70% of the sales in the publishing industry right now. So once you become a trusted author, your backlist becomes your most valuable asset. And since I own my first two books, they literally become my most valuable asset. All of this making sense?
On top of that, the actual value of my books will increase. Both self-published titles are listed for under $15. As demand goes up, I’ll probably increase the cost. Not much because I want those titles to remain accessible, but small increases can make a huge difference when you’re selling tens of thousands of copies.
Finally, there are ways to brand those books into other properties. Maybe Boys and Girls Screaming will become a series on Netflix. Maybe Beauty Scars becomes a limited edition fashion line. Maybe Thoughts of a Fractured Soul is turned into a play. I recently attended an exhibit called The Bob Marley Experience. It was a collection of different artifacts, like his guitar, a handwritten copy of one of his most famous songs; stuff like that. Those things are only valuable because Bob Marley created music that transcended genre, brought us into his island of Jamaica, and forged its way into mainstream popular culture.
You don’t need to be Bob Marley to find ways to leverage the value of your asset, just like you don’t need to be Collen Hoover. Timing plays such an underrated role in someone’s success. Your time can be now or it can be ten years from now. But without the asset, you don’t give yourself a chance.
Romance authors already know these secrets
Romance is a huge industry. Some put it at $1.4 billion, though it’s hard to know with so many self-published titles. Romance novelists are some of the most prolific writers in the world. They understand the backlist game and know that each book they write is an asset.
That’s why romance novels usually have a number of titles in a single series. One book is great, but if you really want to make a living as an author, you need multiple assets.
But you can start with one. If you’re stuck in your head thinking no one will ever read your book, remember that you’re not just writing your book for today, you’re writing it for forever. Take your time, make sure it’s quality, and put the damn thing out.
Colleen Hoover is Cashing In On Her Assets
And I wouldn't mind watching any of them :) Finally, there are ways to brand those books into other properties. Maybe Boys and Girls Screaming will become a series on Netflix. Maybe Beauty Scars becomes a limited-edition fashion line. Maybe Thoughts of a Fractured Soul is turned into a play.