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Tips on Starting an Audiobook Business on the Internet

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Audiobook Business

Reading is a unique experience, especially when you do it as a hobby. Enjoying your favorite novel while reclined in a comfy chair is a definition of pleasure for fans of good books. Of course, reading is also a necessity when learning and training. One way or another, people read quite often.

The habits of modern readers change quickly. Many people no longer have time to enjoy their favorite books in printed editions. Not to mention that number of printed book purchases is in decline. The majority now rely on e-books and e-reading devices.

Audiobooks are another step forward. As the name suggests, you don’t read a novel but listen to it, and it’s handy. But book narration didn’t only bring a revolution among readers but also among those who want to start their own business. Running an audiobook self-publishing agency online can be an excellent and profitable start-up idea. Read more on benefits of listening to audiobooks below:

https://www.greatworklife.com/benefits-of-audiobooks/

Reasons to Start an Audiobook Business

Audiobook Business

Audiobook publishing is a promising niche. Growth has been noted in the last few years, and this trend will definitely continue. So now is the right time to hop in and get your piece of this profitable cake. Whether you’re an author, narrator, or just a business enthusiast, you can benefit from this idea.

You can sell this digital product on the global market. Thanks to social media and digital marketing channels, you can get to the readers, find out their needs and preferences, and give them what they want. In fact, narrating your own book is an excellent way to promote your e-book and printed edition.

Starting a business requires certain investments. This cost will depend on how you plan to work, but, in general, it’s a sum of a few thousand dollars at most. Bearing in mind that the average return is expected after the first year, after which all you earn is pure profit, the idea of an audiobook business seems pretty tempting.

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Another benefit is the intangible one, which is to create a better connection with readers. That’s very important for authors who thus establish their audience, which they will continue to delight with new content in audio format. If they like what they read, spreading the word about your business can make it bloom in no time.

Steps to Start an Audiobook Business

All the benefits of audiobook publishing really sound nice, but before you can enjoy them, you need to establish your business.

Have a Business Plan

Every good business starts with a good plan. It’s a document where you present all the ins and outs of your business idea, work out costs and earnings estimation, as well as details about the business itself. To begin with, you should definitely come up with the name and form of your entity and determine the direction in which your self-publishing company will develop.

Next, you should determine how you’ll make audiobooks. Will you write them, hire someone to do that for you, or take already-written pieces? Then, what volume of work can you have at the beginning, and what’s the expansion perspective? Also, it matters which part of the work you will outsource (to narrators, recording studios, etc.) and which you’ll do it yourself.

To Market Research

In the business plan, you develop ideas on how to market your audio products, but also how to research and find your target audience. You will have to check the competition, too. For instance, take a look at popular books and reading platforms. It’s a good way to find a profitable niche with low competition and high search volume. You can get helpful information from the  Publishing  home site.

You can go on popular reading platforms and do an audiobook analysis of how these products are sold. It’s a kind of comparative analysis for a specific keyword, which can be of great help to find the market for audiobooks. Moreover, popular search terms can give you a clue about the book title and content you plan to publish.

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Plan Your Costs

Audiobook Business

Analysis of costs and potential income speaks about the profitability of your business idea. If you’re an author, you will publish your work narrated by you or a professional narrator (they charge per hour). You’ve done the content creation work, so now you need it in an audible format.

On the other hand, if you’re just a publisher with an idea of the book you want to publish, you’ll have the costs of writing, creating an outline, and finding a reliable ghostwriter and narrator. If you plan to market an already written book, count on the cost of copyrights, which can be considerable for popular novels.

In both situations, you should plan the cost of a book cover designer and an editor. Also, you have to rent a recording studio if you don’t have yours. Equipping a studio is a good investment if publishing is something you will dedicate yourself to. It can save you a lot of money, given that the equipment cost is one-time and renting the studio is recurring.

Business Marketing

Audiobook Business

After deciding on all the stuff, it’s time to start selling. Marketing is crucial to start promoting your business from the very beginning. For example, you can gather followers on social media or create an e-mail list to get subscribers. They’ll help you gain a good reputation before you finally present your audiobook. In the meantime, keep your subscribers engaged with some of the ideas mentioned here.

As for social media, you can use them to post a chapter or two (if you write a book from scratch) to tackle their interest. Keep them posted on your progress, give out information about characters here and then, etc. By keeping your audience happy, you’ll encourage them to leave reviews after listening to your audiobook to boost sales and your self-publishing brand.

Jumping into self-publishing business with audiobooks is a good move, especially if you’re into reading, writing, and making money out of it. It doesn’t require too much to start it, but you have to be persistent and present to build your audience and future “listeners” of your audiobooks.

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