Literature
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Book Publishing
Self-Publishing
Royalties
Advances
Book Deals
Book Deal vs Self-Publishing
A complete guide (bookmark this) ๐งต๐
A complete guide (bookmark this) ๐งต๐
So we're all on the same page:
Book Deal = selling your book to a major publishing house.
Self-Publishing = selling your book directly to your audience/readers
Let's dive in:
Book Deal = selling your book to a major publishing house.
Self-Publishing = selling your book directly to your audience/readers
Let's dive in:
Advances:
Most book advance for a first-time author are between $5,000 and $50,000.
You have to pay taxes on those earnings.
In exchange, the book publisher owns 85%+ of your product. (Average royalties are 5-15%.)
And you receive 0 royalties until your advance is paid back.
Most book advance for a first-time author are between $5,000 and $50,000.
You have to pay taxes on those earnings.
In exchange, the book publisher owns 85%+ of your product. (Average royalties are 5-15%.)
And you receive 0 royalties until your advance is paid back.
For self-published authors, no one pays you an up-front advance.
But:
โข A book can easily be self-published (cover design, formatting, etc.) for less than $1,500.
โข You receive 100% of the profits.
So self-publishing means a tad more risk, but way more long-term upside.
But:
โข A book can easily be self-published (cover design, formatting, etc.) for less than $1,500.
โข You receive 100% of the profits.
So self-publishing means a tad more risk, but way more long-term upside.
Bookstores
The number 1 reason authors usually choose to take the Book Deal is "bookstore placement."
But only the top 1% of books each year get bookstore placement.
If you're a first-time author, chances are, you won't.
Your publisher will just upload to Amazon for you.
The number 1 reason authors usually choose to take the Book Deal is "bookstore placement."
But only the top 1% of books each year get bookstore placement.
If you're a first-time author, chances are, you won't.
Your publisher will just upload to Amazon for you.
Self-published books almost never end up in bookstores.
HOWEVER...
Most authors don't know that ANY AUTHOR can upload their manuscript to IngramSpark's directory, which allows customers to request your book in bookstores.
They'll order a copy & sell it on-demand.
HOWEVER...
Most authors don't know that ANY AUTHOR can upload their manuscript to IngramSpark's directory, which allows customers to request your book in bookstores.
They'll order a copy & sell it on-demand.
Marketing
Book publishers promise authors marketing.
What they don't tell you is that they encourage you to use your book advance to fund those marketing efforts.
โข Pay for your own PR
โข Pay for your own digital marketing/ads
โข Etc.
Book publishers promise authors marketing.
What they don't tell you is that they encourage you to use your book advance to fund those marketing efforts.
โข Pay for your own PR
โข Pay for your own digital marketing/ads
โข Etc.
Self-published authors have to do their own marketing too, but at least you still own 100% of your product.
Besides, most authors sell books via social media anyway.
And you're going to do that whether you have a book deal or not.
Besides, most authors sell books via social media anyway.
And you're going to do that whether you have a book deal or not.
Payouts
Authors who publish with big houses get paid their advance (usually over a few payments), and then receive royalty checks AFTER the advance has been recouped.
These royalty checks come every 6 months.
And not "the last 6 months" but the last 6-month period.
So 1 year.
Authors who publish with big houses get paid their advance (usually over a few payments), and then receive royalty checks AFTER the advance has been recouped.
These royalty checks come every 6 months.
And not "the last 6 months" but the last 6-month period.
So 1 year.
Self-published authors, on the other hand, receive payments every 30 days (via Amazon).
Or they receive payments every few days (or even instantly) when selling on their own website, Gumroad, etc.
And, since you didn't take an advance, that means that $$$ comes right away.
Or they receive payments every few days (or even instantly) when selling on their own website, Gumroad, etc.
And, since you didn't take an advance, that means that $$$ comes right away.
The pros of taking a book deal:
โข Outsource everything
โข A little more money up-front
โข A 0.05% chance at "fame"
Pros of self-publishing:
โข 100% ownership
โข More long-term $$$ upside
โข Instant cash flow
โข Creative freedom
โข Outsource everything
โข A little more money up-front
โข A 0.05% chance at "fame"
Pros of self-publishing:
โข 100% ownership
โข More long-term $$$ upside
โข Instant cash flow
โข Creative freedom
The cons of taking a book deal:
โข Minimal royalties
โข Delayed payouts
โข Loss of ownership
The cons of self-publishing:
โข Up-front costs ($1k - $5k+)
โข Responsible for everything
โข No credibility badge of "published author"
โข Minimal royalties
โข Delayed payouts
โข Loss of ownership
The cons of self-publishing:
โข Up-front costs ($1k - $5k+)
โข Responsible for everything
โข No credibility badge of "published author"
I have spent 10 years studying both the formal publishing world (and the deals authors take) as well as the self-publishing world.
And after digging into the pros and cons of both, I've come to 1 big conclusion:
And after digging into the pros and cons of both, I've come to 1 big conclusion:
Book deals are for authors who want credibility, notoriety, fame, acceptance, and approval.
Self-publishing is for authors who are entrepreneurial, want more creative freedom, value ownership, and want to bet on their future self.
Self-publishing is for authors who are entrepreneurial, want more creative freedom, value ownership, and want to bet on their future self.
Both roads are viable. And both have their own pros/cons.
I am a hardcore self-publishing enthusiast. I think giving up 85%+ ownership in my product for a stamp that says, "Yay! You're a published author!" is insulting.
But I get why people want it/do it.
I am a hardcore self-publishing enthusiast. I think giving up 85%+ ownership in my product for a stamp that says, "Yay! You're a published author!" is insulting.
But I get why people want it/do it.
Bookmark this guide and refer back to it when making your own decision.
And remember:
If a publisher is willing to pay you $100k for your book, that means they think they can make $1 million off it.
So why not bet on yourself?
And remember:
If a publisher is willing to pay you $100k for your book, that means they think they can make $1 million off it.
So why not bet on yourself?
PS - if you are new to writing, and/or are thinking about using writing online to market your book, I suggest diving into this:
startwritingonline.com
startwritingonline.com
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