“If you don’t already have a platform then you’ll spend a lot of time and money trying to get a publishing deal… but that’s just the tip of the iceberg!”
~ Debra Hilton
Self-Publishing vs Traditional Publishing
The publishing world is changing rapidly. Traditional publishing houses are struggling economically because their business model has not kept up with these changes. Like any dramatic change there is both opportunity and danger in this transformation.
For writers and consultants, this is an exciting time. The Internet has created a global community which enables writers to connect with like-minded people who live in distant countries or cities and to make even tiny niches lucrative for the first time in history. Economically, this means that if your business model does not require strictly hands on interaction then you can discover a pool of hungry buyers. All you need is an Internet connection, a book, and a platform to present your message.
Traditional publishing models involve approaching a publishing house, usually via an agent. To do this, you need a book proposal, sample chapters, and, in some cases, a completed manuscript. However, no matter how amazing your book is, it is very hard to get their attention because the profit margins on book publishing are relatively small and the risks are high unless you are a big-name author.
The traditional publishing process also takes a substantial amount of time (the minimum lead time from manuscript acceptance to publication is normally 18 months). The benefits are that the publisher pays all the costs involved in production and editing so that once the manuscript is submitted you can forget about everything and move on with your life. All you need to focus on then is building your platform. On the other hand, the author loses control over almost every aspect of their book.
Self publishing requires that authors take responsibility for all aspects of the quality and production of their book, but it gives you total control over the final product, and enables you to publish your book on your own timeline. Your ability to reach niche communities around the world and the fact that book sales are not your only method of recouping costs, also alleviates the risks which a traditional publisher perceives when they look at the a manuscript by an unknown author. When done correctly and with due diligence self-publishing follows the well-worn path laid down by many classic authors, poets, and influencers through the ages.
What Does it Take to Get a Traditional Book Contract
In order to get a traditional book contract a, you need as a minimum;
- A book proposal or manuscript;
- An agent;
- A platform to promote your book.
No matter how amazing your proposal or manuscript is, unless your agent can find a reader who agrees that there is a market for your book, if you are an unknown author, your chances of being offered a contract are close to zero. Should you be offered such a contract, your advance is likely to be miniscule. If you are hoping to have somebody pay you to write your book your best option is to find a grant for your genre.
Quite apart from the challenge of getting a book contract, the economics of a publishing contract are also rather unfavourable because you are unlikely to sell a large number of copies. Of course, if you are Stephen King or Barack Obama, the situation is quite different, and you will have publishers knocking on your door. However, if you do not have that kind of platform then I strongly urge you to consider following the self-publishing route.
Why Self-Publishing is an Excellent Option
While there are several good reasons to consider a a traditional publishing contract, if you can get one, there are also reasons why authors turn down such contracts. These reasons include:
- Time to market;
- Economic and profit considerations;
- Manuscript and cover control; and
- Marketing options.
For business authors whose purpose for writing a book is to build your reputation and your business, then all of these are important considerations.
Time to Market
For self-publishers time to market is dependent on your own focus and needs. With the right assistance you can produce a high-quality authority book in as little as four weeks, although six months from conception to publication is common.
Economic and Profit Considerations
While a standard publishing contract usually offers 10% of sales after costs and a variety of other caveats, self-publication allows for 100% of profit, or 35% to 70% return if you publish on platforms like Amazon and other distributors. This makes a dramatic difference in the direct returns you receive from your book.
Manuscript and Cover Control
This is huge! A traditional publisher will give you little or no say in anything once you have handed over your manuscript. They do not necessarily know or care about your audience and their goal is to reach as many people as possible and offend as few people as possible. If you don’t like the cover art (or think your target audience might not like it), that’s your bad luck.
As a self-published author, you have total control… and total responsibility for the quality and appearance of your final product.
Marketing Options
This is another aspect where self-publishing shines. Possibly you have dreams of seeing your book on the front table in your local bookstore… but, wait a minute: that is usually reserved for best-sellers and celebrities. Your book may be on their catalogue, but it’s not likely to be featured in their displays.
Traditional publishers expect you to promote your own book, but they don’t necessarily let you do it in the most effective ways. Self-publishing comes without restraint: your options are only limited by your creativity, and your willingness to invest time and money in creating appropriate offers and bonuses. It is easy to link your book bonuses to your services and create irresistible magnets that attract the attention of your ideal community.
Building a Platform to Market Your Book
Today’s reality is a that whether you self publish your book, or use a traditional publisher, you will have to take responsibility for a large proportion of your marketing and platform building activity. The days of handing over your manuscript and leaving it to the publisher to promote and distribute are over!
When you approach a a traditional publisher or an agent, one of their first questions is invariably about your platform, that is, your ability to sell copies of your book to interested people. Generally, if you don’t have a large enough established platform of readers or listeners, the publisher is unlikely to accept your book because they will question whether they can sell enough copies to cover the costs of production, marketing, and working with you to produce a finished product. As I mentioned earlier, publishing today is a risky business and, like any business, publishers need to protect their margins.
As a self published author, you are also responsible for building a platform. However, because you know your audience and because your primary goal is to make money on your consulting or other services, rather than on the sale of your book, it’s up to you to evaluate the risk and to determine how much you can afford to invest in creating your book.
What Does it Take to Build a Platform?
The primary platform you want to build is your email list. If you know your audience, you can build a responsive email list fairly quickly by offering reader magnets and other bonuses both to those who purchase your book and those who are merely interested in the topic.
These can be offered via your social media channels, online advertising, other media (radio, magazine, newspaper, direct mail, TV etc.), and offline advertising. Your goal is always to build your email and mailing list, not merely to grow your social media following. Although social media platforms are great places to develop your readership and nurture them into your list, at the end of the day, you need to have your own list of names, email addresses, and (ideally) physical addresses and phone numbers by which you can contact your prospects and clients. This is just as true (although harder to implement) if you have a traditionally published book as it is if you have a self published book and is a core principle of any sustainable business.
Self-Publishing Myths
Before I close, I’d like to address a few persistent self publishing myths. These involve the costs of self publishing and the relative standing of self-published versus traditionally published books.
- Cost: when you choose to self publish your book, the payments any payments you make are related to outputs and some are optional depending on your available time and skills, you are paying for services, not for the privilege of getting your book published. These include:
- Ghostwriting (you’d be surprised at how many authority books and celebrity books are, in fact, written by ghostwriters);
- Manuscript evaluation for feedback on a structural level, especially important if you have written the book alone without much expert interaction;
- Editing this or evaluation are essential if you have written the book yourself;
- Copy editing and final proofreading are your final stages before publication. Ideally you will do one round prior to layout and a final round using the printers’ proofs to minimise errors;
- Cover design is a critical part of your marketing and should take into consideration your market;
- Interior layout makes all the difference between a book that is a pleasure to read and one that is painful;
- Illustrations, if required;
- Print copies for distribution are important if you are planning to promote your book and consulting through speaking. You may choose to print these through Amazon, Ingram Spark, and other distributors or through a printer who has experience in printing books.
- Quality: one criticism that is often directed at self-published books regards their quality. This is applied to both the quality of the manuscript itself, and the quality of the publication by which I mean the editing, proofreading, formatting, and printing. Each of these aspects are within your control. No one will force you a to put out a book that has no substance or style. The appalling examples of self published work that give this a bad name (and I’m thinking of some Kindle titles in particular) have been produced hastily and have skimped essential quality control steps.
- Marketing: to a large degree, the marketing of your book will be your responsibility whether you are self-published or traditionally published as described above. However, there are more restrictions on ways in which you can market and create offers around traditionally published books, than self-published ones.
Would You Like to Learn How to Really Use Your Book to Create an Amazing Business Platform?
Whether you have an existing book that is under-performing or a new book that you want to gain early traction, I can help you optimise your marketing so that your ideas spread more quickly and your business and income grow with it.
This is especially useful if you are interested in building an international speaking career and working outside your existing geographic location.
For more information schedule an appointment use the following link: http://www.scheduleyou.in/aPy7Kmkuez
