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What's Your New Novel Worth?
Have you ever stopped to think about how much your book is worth? When you contemplate that question, you probably think about all the services you purchased before and after publication, including book editing, proofreading, formatting, cover design and layout services. While these are all good numbers to know, and they do factor into the cost of your book, don’t forget about yourself. Even if you did all of those things yourself and had no out-of-pocket expenses, your book still has a price on it. Let’s take an in-depth look.
1. Writing the Book
The first thing you need to think about is the value of your time. What’s your time worth? What are you giving up to write your book? Was it a weekend getaway? Did you put more stress on your partner because you couldn’t help out with cooking or cleaning? Did you turn down family get-togethers to finish your book? All of these things have a cost. Of course, rather than give each of the events you missed a price, it’s easier to give yourself an hourly wage.
Let’s say you worked 20 hours a week for 16 weeks on your book and you decided that your personal hourly rate was $20. In this scenario, you spent 320 hours on your book. At $20, your total cost for writing the book is $6,400.