Free tool: Planning a book? The Book Planner shows its length, its schedule and its payment plan, next to what writing it yourself would take.
If you’re weighing a business book and want to judge the investment on data instead of anecdotes, the numbers from the 2024 Comprehensive Study of Business Book ROI are the place to start, and several of them cut against common assumptions about where the money comes from.
A study co-produced by a ghostwriting firm and a publicity firm deserves a skeptical read, and I gave it one before quoting a single figure. What persuades me is where the money came from. Most of it didn’t come from selling books, and that matches what I believe about why a professional should write one at all.
What Is the ROI of a Business Book?
A consulting engagement that results from a prospect reading your book generates multiples of the book’s cover price.Share on X
Across all publishing methods, 64 percent of authors reported positive gross profit from their books. The median revenue was $18,200 with median gross profit of $11,350. Authors earned $1.24 in revenue for every dollar spent on publishing. For more, see why a book is the best investment in your business.
Those numbers improve dramatically for authors who used ghostwriters. Ghostwritten books produced a median revenue of $92,500 with median gross profit of $43,250. That’s four times more profitable than self-written books. The gap is significant enough to change the calculus of whether to write the book yourself or hire a professional. (See also a planner that sorts ghostwriting from coaching)
For more, see from idea to finished book. The explanation is simple. Ghostwritten books reach publication faster, arrive at a higher quality level, and are more likely to be completed at all.
A book that stalls in draft form on your hard drive for three years produces zero return regardless of how good the ideas are. A ghostwritten book that publishes in six months starts generating returns immediately.
That stalled draft is the cost nobody puts in the spreadsheet. Every year a finished book isn’t working for you is a year of speaking invitations and consulting calls that went to someone who did publish, and you’ll never learn their names.
Where Does Business Book Money Come From?
The study’s most important finding is that book sales weren’t the primary driver of financial returns. The real revenue came from what the book generated downstream.
Speaking engagements produced a median of $30,000 in revenue for authors who pursued them. Consulting opportunities generated a median of $50,000. Workshops and training produced $40,000. Organizational bulk sales generated $64,000. Eighteen percent of all authors generated more than $250,000 in total revenue from their books. This means the book works as a credibility engine instead of as a product. The royalties matter less than the doors the book opens.
A speaking engagement that pays $10,000 produces more revenue than years of royalty checks for most business books. A consulting engagement that results from a prospect reading your book generates multiples of the book’s cover price.
The royalties matter less than the doors the book opens.
For anyone evaluating the ROI of publishing, this reframes the question. I tell my clients they’re very unlikely to earn the money back through book sales, and I’d be misleading them if I said anything else. The question worth asking is whether the credibility, visibility, and opportunities the book generates will exceed the investment, and that depends on whether they build their marketing on it. The study data says yes for the significant majority of published authors.
How does a business book change your credibility?
Sixty-eight percent of authors reported increased credibility with prospects and clients after publishing. Fifty-nine percent saw increases in podcast appearances and interview requests. Sixty-one percent said their personal brand was worth more after publishing. Eighty-nine percent said publishing was a good decision.
These credibility effects explain why the downstream revenue numbers are so strong. When prospects perceive you as more credible, they’re more likely to hire you, pay premium rates, invite you to speak, and refer you to others.
The book doesn’t generate these outcomes directly. It changes how the market perceives you, and the changed perception generates the outcomes. More than 90 percent of authors reported significant nonmonetary value from publishing. This includes professional recognition, expanded networks, new partnerships, and career opportunities that didn’t translate directly into revenue but changed the trajectory of their careers.
When somebody asks me how they’ll get their money back, I point them to this study, because it’s objective data. Josh Bernoff conducted it. Authors who ran launch PR campaigns reported median gross profit over $50,000. X was among the worst marketing channels, so don’t bother with it. Median spend was $7,000, and the median for hybrid-published authors was $23,000.
The figure I’d pay the most attention to is the eighty-nine percent who called publishing a good decision. Authors are hard on themselves and harder on their own books, so when nearly nine out of ten say it was worth it, I take that seriously.
What does the ROI study mean for ghostwriting?
From the podcast
Michael O’Brien is managing partner of a venture fund investing at pre-seed and seed, and names the two ways companies die, on Leaders and Their Stories:
The number one reason startups fail is collapse of your team. I think that’s first and foremost the biggest reason early stage startups fail. But the second biggest reason is they run out of money.A book does nothing for either failure directly, so the ROI case rests on what it does for the third thing: whether anyone trusts you enough to be there at all.
The four-to-one profitability advantage of ghostwritten books over self-written ones is the study’s most practical finding for anyone considering a business book. The reasons aren’t mysterious. Most professionals who want to write a book are experts in their field but not in writing.
The skills that make someone an exceptional consultant, executive, or entrepreneur aren’t the same skills that produce a well-structured, gripping manuscript. Attempting to write the book yourself means learning a new skill under time pressure while running a business, and that’s why so many self-written business books never reach publication.
I’d tell any executive planning to write their own book on weekends to price their own hours first. The numbers are ugly, and the people who pay for a book that never ships are the prospects who never got to read it. A ghostwriter solves the skill problem and the time problem at the same time.
The professional handles structure, prose, and the mechanics of turning expertise into a readable book. The author contributes their thinking, their stories, and their perspective through a series of interviews. The result publishes faster, reads better, and produces stronger returns because it reaches the market at a professional quality level.
I have ghostwritten 54+ books for executives, entrepreneurs, and public figures. The pattern in the study data matches what I see in practice. Clients who publish see credibility shifts that produce speaking invitations, consulting opportunities, and business development outcomes that wouldn’t have materialized without the book.
One client’s book helped raise $30 million in venture capital. Another led to a TEDx speaking invitation. Others brought in consulting work and speaking fees. My current rate is on my ghostwriting services page, paid in monthly advances. See the full ghostwriting cost breakdown. Proposal pricing is on my book proposal service page. The typical timeline is four to eight months. You own the manuscript completely. If you want to evaluate whether a book makes financial sense for your specific situation, schedule a conversation. I’ll walk you through the economics based on your market, your goals, and the study data.
My take
Judge a business book by the work it brings in, and forget about royalty checks. The study’s most useful number is the four-to-one profitability edge ghostwritten books have over self-written ones. That tracks with what I see. Executives who plan to write on weekends should price their own hours first, because the book that never ships costs the most. Use the finished book for speaking, consulting and credibility, since the return comes from those three.
How do you use a book as a business tool?
The authors in the study who generated the strongest returns weren’t passive about it. They used their books actively as business tools instead of waiting for readers to find them organically. Sending copies to prospects before meetings changes the dynamic of the first conversation. The prospect has already engaged with your thinking. They arrive pre-educated on your approach. That shortens the sales cycle and positions you as the authority instead of as one of several options being evaluated.
Speaking pitches built around the book’s structure give conference organizers a clear picture of what you deliver. “I wrote the book on this topic” is a positioning statement that separates you from speakers who have expertise but no published record of it.
Content drawn from the book’s chapters extends its reach without new intellectual work. Twelve chapters become twelve articles, twelve podcast talking points, twelve newsletter editions. The book is a content library that keeps producing value long after publication.
| Tactic | What it does |
|---|---|
| Send copies to prospects before meetings | Prospects arrive pre-educated on your approach, which shortens the sales cycle |
| Build speaking pitches around the book’s structure | Organizers see what you deliver; “I wrote the book” separates you from other speakers |
| Turn chapters into content | Each chapter becomes an article, podcast talking points and a newsletter edition |
| Run a launch PR campaign | Authors who ran one reported strong median gross profit |
| Skip X as a channel | The study found it among the worst marketing channels |
| Never publish and wait | One announcement and silence turns a good book into a box in the garage |
Publishing, posting one announcement and waiting is the fastest way I know to turn a good book into a box in the garage.
Nobody’s going to find it on their own, and the study’s best numbers came from authors who went out and put the book in front of people. The AI-Enhanced Book Promotion Handbook covers platform building, content strategy, and the numbers behind what generates business returns from a published book. The AI-Enhanced Book Proposals Handbook covers developing a book concept that serves your business goals from the beginning.
If you’re weighing a business book on royalties alone, you’re measuring the wrong thing, and I’d sooner see you skip the book than hire me under that illusion. Judge it by the clients, the stages and the contracts it can put you in front of, and then use it every week like you mean it.
ROI starts with a finished book. The Ghostwriting Advantage explains how to get yours written for you, drawn from the 54+ books I’ve ghostwritten for clients.
Frequently Asked Questions
- A Comprehensive Study of Business Book ROI, Gotham Ghostwriters
- A Year of Data-Rich Insights, Gotham Ghostwriters
- Business Book ROI fact: Among serious authors, only 1/3 of revenue comes directly from the book, Josh Bernoff (study report author)
