| People ask me all the time, "Is it better to try to find | | | | get your manuscript. It might only take you half that |
| a traditional publisher or to self-publish?" | | | | time to do it yourself. You reap the rewards quicker |
| My answer is always, "It depends." It depends on | | | | if you self-publish. |
| your goals, your resources, your book idea, the | | | | What are those rewards? Publishing a book positions |
| marketplace. There are many factors to consider. | | | | you as an expert, like almost nothing else. According |
| Nevertheless, there are several good reasons to | | | | to Kevin Hogan, author of The Science of Influence, |
| consider self-publishing first. | | | | nothing boosts your credibility and expertise in the |
| 1. It's very, very difficult for a first-time author to | | | | mind of the public like your own printed book. An |
| get published these days by a legacy, or traditional, | | | | advanced degree is actually second to having |
| publisher. Ironically, part of the reason for this is | | | | published a book. You can build on your expertise |
| precisely because the current technology makes it so | | | | before, during, and after you write the book, and |
| easy to publish! There are so many books out there, | | | | reap the rewards of being a published author quicker. |
| the bookstore shelves are overcrowded (and that | | | | Once your book is published, and you begin to |
| distribution mode is so flawed-but don't get me | | | | promote it, you will make connections you can't |
| started on that!). Publishers are more and more wary | | | | imagine now. Doors will open to you. When you're |
| of publishing unproven authors. | | | | perceived as an expert, people approach you; you |
| I don't blame them. I've been on the "inside" of | | | | don't have to work as hard to go out to find them. |
| publishing enough to sympathize with their side of it. | | | | You can charge higher fees for your services, |
| It's very expensive to produce, publicize, and | | | | products, speaking-whatever it is your book supports. |
| distribute a book-especially given the very flawed | | | | Then there's the incomparable satisfaction of hearing |
| bookstore distribution model. (Oops! I couldn't help | | | | someone say, "Your book changed my life...." |
| that one.) Profit margins are often razor thin. | | | | You might as well begin to reap these rewards |
| Publishers put out maybe $10-30,000 to produce a | | | | sooner than later! |
| book, and they never know which books will make | | | | 4. As you learn the ropes of promotion, you can |
| that back. | | | | attract a legacy publisher. One who will then be willing |
| In fact, 85 percent of all books published don't even | | | | to pay you a larger advance than they would earlier. |
| "sell through" enough to pay back their advances! I'm | | | | You will have to learn how to promote your own |
| often amazed that publishing remains an industry | | | | books anyway, no matter how you publish initially. If |
| (especially given the very flawed business model | | | | you successfully promote your self-published book, |
| from which they operate-uh-oh, here I go again). | | | | and build a big audience, it's likely a legacy publisher |
| 2. You may make more money-at least per book. | | | | will approach you. |
| When your book is published by a traditional publisher, | | | | This is another result of the self-publishing |
| you may get an advance against royalties. It's | | | | phenomenon. Increasingly, publishers are looking for |
| increasingly true, however, that advances for | | | | successful self-published books to take on. It's only |
| first-time authors are pretty paltry-not much more | | | | good business. You (or perhaps a smaller publisher) |
| than $5000. In fact, advances are shrinking. I just | | | | has taken the initial risk, and you've proven you |
| heard one publishing professional report that the | | | | know how to promote your book. The risk is much |
| most common advance these days is $0! Nothing. | | | | less for them. |
| Even if you do get an advance, remember that most | | | | Your advantage to being picked up at that point by a |
| books don't even earn out their advance, and that | | | | legacy publisher is that they will give you wider |
| it's an advance against (future) royalties. Typical | | | | distribution (i.e., in bookstores and chains and other |
| royalty: 7-10 percent of net, which means after the | | | | retail outlets), and you may well get a decent |
| bookstores or other distributors get their discount | | | | advance. (At that point, you will be in a position to |
| (typically 45 percent). Let's do the math. A book that | | | | know whether you want to sacrifice income for the |
| sells for $19.95 has a (discounted) base price of | | | | greater distribution and having them pick up the |
| $12.97 (45% discount means you net 65 percent of | | | | hassles of producing, warehousing, and distributing |
| list price). Of that, you get your 7.5 percent royalty | | | | the books. You may decide you'd rather keep it |
| (typical paperback royalty-hard cover is almost | | | | self-published.) |
| unheard-of for a new author). Now you're down to | | | | If you are picked up by a traditional publisher, you |
| 97 cents per book sold. Out of that comes, off the | | | | can still sell your book and build your platform while |
| top, 15 percent to the agent (if you had one). So | | | | they are producing your book. You can typically keep |
| your net royalty per book is a whopping 82.7 cents | | | | selling your book up to 60 or 90 days before your |
| per book. | | | | new book is published. Then, of course, the publisher |
| Now, if you can produce the book for $10, and it's | | | | will want to be able to sell the new edition, and you |
| something you can actually sell for $19.95, you will net | | | | will have to retire your initial edition. (Often, this will |
| $9.95 per book if you self-publish and sell it yourself. | | | | include complementary materials-beware! For more on |
| The tricky thing, of course, is to make sure your | | | | that, see the article, "Know Your Author Rights.") |
| production costs will not exceed the price you can | | | | I predict that more and more legacy publishers will |
| actually sell the book for. The trouble with a lot of | | | | look for successful self-published authors. They'd be |
| "publishers" such as is that you can easily price | | | | foolish not to. |
| yourself out of the market. You have to be very | | | | 5. You're more likely to work hard to get your return |
| careful and very realistic about what the market is | | | | on investment if it comes out of your own pocket. |
| used to paying for your kind of book. | | | | Isn't this human nature? Don't you think you'd work |
| The other trick is to make sure you have an | | | | harder to recoup $5000 from your book if it's your |
| audience, or can build an audience, for your | | | | own money invested? And this motivation may be |
| self-published book. If you can speak and sell it from | | | | just what you need to propel you to success. |
| the back of the room, this can be very effective. If | | | | Ultimately, you are the one who will have to promote |
| you already have some kind of platform, some kind | | | | and sell your book, no matter how you publish. |
| of audience, you can learn Internet marketing | | | | Always, always remember that. You are your book's |
| strategies and sell it online. The Web is becoming | | | | own best advocate. Writing is only a piece of the |
| increasingly effective for promoting and selling books, | | | | picture. The real work comes later, in promoting it |
| which is why I'm so encouraged about publishing | | | | and making sure your investment of time, energy, |
| these days. | | | | and money yields a return. |
| 3. You get published quicker. A legacy publisher may | | | | But that's where the fun begins. |
| take 9-18 months to produce your book, once they | | | | |