You absolutely have to cover the cost to print your book, but you also have to consider your own earnings per book. This is your royalty, and like it or not, you are in this game to make some money. After all, you’ve poured blood, sweat, tears, and way more time than you probably can afford in this thus far non-earning pursuit, that it would be better to make some money back.
So, then you might think, OK, if my book costs $9.95 to produce, my price should be higher. Let’s say I’d like to earn about $5.00 per book. So, I’ll set my price at $14.95. Swell!
Well, it’s not swell, because the entire world does not operate on US dollars. Your printed price actually has to account for conversion in all the different currencies that apply to the distribution channels you have selected, and still earn you a minimal profit, no matter how slight, at that one PRINTED price. So in some cases you have to set your printed price much higher than you would like, to accommodate sales everywhere, and still maintain that margin of profit.
Phew, OK, we can do that. But there’s another fly in the ointment (of course).
That is, your competition. Where have they set their prices? If a gorgeous, full-page illustrated picture book that is physically larger and even printed on heavier, artisan paper, is set at a lower price than yours, potential customers will, well, wonder at the value of your book. So, it’s a balancing act, and not at all as straightforward as you would like this decision to be.
So the real question should not be “What is the value of Centipede Dragon, “ but rather, “What is the value of the U.S. Dollar?”
More (YES) issues to tackle, next post!