There has never been a better time to be in publishing.
There has never been a more difficult time to be in publishing.
No, really, it’s true. The technology explosion has created an industry that is in constant flux. By the time you figure out how to ride the wave of success, it fizzles and another new wave is generated in a different direction, leaving you stranded on a surfboard in the middle of a calm sea, wondering where the heck the rest of the surfers went. That being said, there has never been a more exciting time in this industry with so many avenues to publication. From traditional publication at one of the Big Five publishers to small presses who do digital-only to self-publishing your own novels—there’s a path that fits every author’s goals.
Many authors are still opting for the traditional route to publication:
* Polishing the novel
* Writing a synopsis (essentially a “book report” of the story)
* Sending out query letters to agents and/or publishers
* Accepting a contract for publication
Though this is a short and sweet list of the process, it can take months for agents and publishers to respond to your query and once contracted, years before your book is actually published. The advantages of going this route include: the potential monetary advance (a commission payment on future royalties); the novel will be available in both digital and print formats; and it will be sold at both online retailers like iTunes and Amazon as well as physical bookstores.
But not every author wants to wait years to see their novel published. Because of the patience required, some authors choose to publish through digital-only small presses whose turn-around time from query letter to publication is mere months. Your book won’t be printed, but with the advent of e-readers like the Nook, Kindle and iPad, digital books are becoming very popular with readers.
In both traditional and small press publishing, the publisher is responsible for:
* Editing and proofing your manuscript
* Cover design
* Formatting the manuscript for digital and print release
* Pricing and distribution to retailers
There are no upfront costs to you. However, since the publisher is incurring the expense of the professional editors and artists, they will take their cut of the royalties paid to them by the retailers before making payments to you, the author. Percentage rates paid to you vary by publisher, but are somewhere in the range of 35% of net (royalty paid minus their expense for distribution to a retailer) for digital and 7% of net for print.
When an author chooses to self-publish their work, they become both creator and publisher. They are now solely responsible for all costs of producing the book. Of course, all royalties earned from retail sales go directly to you (ranging 35% – 70% of retail price). The earning potential for the author may be higher without having a middleman taking their cut of the profits.
So what costs will you incur if you self-publish?
1. Editing Services ($500-$1000+) – dependent on word count of project and the type of editing your manuscript requires
2. Cover Artist ($10 – $300+) – Pre-made covers to professional models
3. Formatting ($25 – $400) – Preparing and uploading your book to retailers for both digital and print formats
4. Advertising and Marketing ($0 – unlimited) – This cost you will incur for traditional publishing as well.
With these costs, why would an author choose to self-publish? The reasons vary from author to author. In some cases, the novel is a genre publishers can’t/don’t market; it may be that the author doesn’t want to wait months or years for their novel to be published; and some simply want to experiment with the pricing options and potential earnings. Whatever the reason, many authors are enjoying the independence and control offered by self-publishing.
Over the next several weeks, I will break down the process of self-publishing your books. Whether you’re publishing your first novel or re-releasing previously published works, I hope to clear up any misconceptions, walk you through the process step-by-step and even point you in the direction of editing, cover art and formatting professionals who can help you create a novel readers will enjoy.