The Financial Reality of Publishing
Just like in many industries, discussions about money in publishing can be uncomfortable. Many first-time authors are hesitant to address the financial aspects of getting their books published.
While revenue is a motivator for many, it can also deter authors from fully understanding the costs involved in the publishing process. It’s crucial to have honest conversations about what authors can expect. Too often, I’ve seen new authors misled or entering contracts with misconceptions.
“We owe it to first-time authors to be upfront and honest about the publishing process.”
No One Really Publishes a Book for Free (Except Maybe Oprah)
Many first-time authors enter the publishing world with a “traditional publishing tunnel vision.” They imagine walking into a big publishing house, submitting a manuscript, and having everything handled without any financial investment.
This may be true for a few celebrities, like Oprah, but it’s far from reality for most authors. Traditional publishers are signing fewer contracts, especially with recent mergers like Penguin Random House and Simon & Schuster. Experts predict that fewer new authors will get contracts, and those who do may see lower payouts.
Even if an author lands a traditional publishing deal, they still incur costs. The real expense isn’t upfront; it’s in the royalties. Traditional publishers often offer royalties of 10% or less, with agents taking a portion of that. Many authors never see royalties because they don’t sell enough books to recoup their advance.
“The loss of revenue with traditional publishing shows that you will pay for your book to be published, one way or another.”
The Hidden Costs of Traditional Publishing
Today’s traditional publishers often expect authors to fund their own marketing. I’ve spoken with authors who were required to spend over $20,000 on PR teams to promote their releases.
Why You Should Invest in Your Book’s Production
Once authors understand the reality of traditional publishing, they may wonder, “Why would I pay to publish my book when I’m trying to earn money?” Some might consider DIY options like free graphic design tools or enlisting a friend to edit their work. While this may save money initially, it can hurt profits in the long run.
Your Book Will Lead to More Sales
Authors often believe that people don’t judge a book by its cover, but that idea quickly disappears in a bookstore or online. Research shows that consumers’ attention spans last only about 8 seconds. A captivating cover is essential for attracting interest.
Investing in a professional cover designer will pay off as your book sells more copies due to its appealing design.
Don’t Skimp on Editing
A professional editor is equally vital. After the cover grabs attention, the back cover description and first paragraphs must convince readers to buy. A friend or English teacher may not have the expertise needed for a comprehensive edit.
Professional editors help organize and shape your book into something engaging. Asking a friend for help might lead to noticeable errors, which can damage your reputation.
“A polished book opens many doors and helps you earn revenue in various settings.”
Download Chapter 10: What to Know About Editing to Learn More
The Benefits of a Well-Designed Book
Investing in your book’s production not only boosts sales but opens opportunities for speaking engagements at conferences. A strong book can give you a competitive edge when applying to speak, often leading to paid opportunities.
Many conferences purchase books in bulk in exchange for presentations, which can be highly profitable.
Your book serves as a resume to potential connections. If it’s poorly produced, it reflects negatively on your professionalism.
“Knowing your book is a reflection of your work ethic, what do you want it to look like?”
Conclusion
Concerns about investing money in publishing are valid. Quality publishing isn’t cheap, but there’s a wealth of knowledgeable professionals ready to guide you.
“Think of it not as investing in a product, but in yourself and your brand.”
If you’re uncertain about the right path for your book or need help navigating publishing finances, click below for a free publishing consultation.
To better understand the costs associated with publishing, download our Book Cost Blueprint here. If you’re uncertain about the right path for your book or need help navigating publishing finances, click below for a free publishing consultation.
