Self-publishing vs. traditional publishing: What’s right for you
Self-publishing vs. traditional publishing: What’s right for you
Many authors start their writing journey hoping for a traditional publishing deal. They want the mega-monetary advance that allows them to quit their soul-sucking job and focus on their writing full-time. Unfortunately, for the vast majority of writers, that’s not how it works. The publishing landscape has changed for many reasons (the internet, social media, widely distributed celebrity book clubs, etc.).
But the good news is that those same changes have made it easier to self-publish than ever before.
So, should you try to go the traditional route, or should you self-publish? Let’s explore.
Money and earnings potential
Let’s cut to the chase. How much money are you going to make from each of these types of publishing? The good news is that you can make money from both, but in different ways.
While it’s rare for new and fairly unknown authors to get large advances from traditional publishers, you can still get between $5,000-$15,000, depending on factors like your genre, your book, and your marketing reach (more on that later). It goes without saying (though for clarity I’ll say it), there are no advances in self-publishing.
Additionally, in traditional publishing, you’ll need to “earn out” your advance before earning royalties, which means you don’t make anything beyond your advance until the publisher recoups that advance money. And about 70% of books never “earn out.”
Now for the royalties.
In traditional publishing, once you “earn out,” you can expect to earn 7-15% per book. Let’s put this into context:
Jane got a traditional publishing deal with a $10,000 advance and 10% royalties on books (typically priced at the wholesale price), and her book wholesales for $12 (retail is typically anywhere between a 40-50% markup, so readers need to pay $18-24 for the book). That means Jane earns $1.20 per book. She’ll need to sell 8,333 books before she “earns out” that $10,000 advance. For every 1,000 books beyond that, she earns $1,200.
In self-publishing, writers can earn between 35-70% in royalties depending on the distribution they set up, which is entirely up to them. They can choose how and where they want their book distributed, as well as the price for it. Which means they can also choose how much they make.
For example:
June decided to self-publish her new book. She prices it at $10 with a 50% royalty rate. This means she makes $5 per book. So, if June sold 8,333 books (the same that Jane needed to “earn out” her $10,000 advance), June earns $41,665, and $5,000 for every 1,000 sales beyond that. Even on the lower end of the royalties at 35%, June would still earn $29,165.50 for 8,333 books, and $3,500 for every 1,000 sales beyond that.
And that’s with a $10 book instead of a $18-24 book. When times are hard, it’s easy to see which would be more attractive to a consumer.
While that fairytale life with the big advance may seem idyllic, once you break down the numbers, it becomes clearer why so many people turn to self-publishing.
BUT you do get a lot of value with traditional publishing, especially when it comes to the next important consideration…
Tech savviness
When you’re traditionally published, you write a book, make edits, and then help market it. That’s all you have to figure out. When you’re self-published, you are the publisher, so everything falls on you.
Some aspects indie authors need to consider are:
Developmental editing
Line editing
Formatting (ebooks, paperback, hardcover)
Cover design
Marketing
Extra expenses like ISBN numbers and copyrighting
These can all take a lot of time, hours of frustration, and potentially a higher up-front cost.
I’ll write more about the details of this in later articles, but let’s just say, if you aren’t tech savvy, self-publishing may be an expensive journey for you.
BUT (and this is a big BUT)
There are lots of affordable tools you can use, and you can also fully outsource the book to a company that will act as your publisher. You still have creative and cost control, but they’ll take care of the technical side, and may also offer services like editing and cover design.
So, at the end of the day, even if you’re self-published, you can still have access to the same tools as traditional publishers. The difference is you’re paying the cost up front (if you choose to pay any), whereas traditionally published authors pay it back over time through their lower royalties.
Marketing and networking
An obvious benefit of being traditionally published is that you have access to their network. This could land you articles in trade publications, placement in popular book clubs, maybe even a movie deal! Why not dream big, right?
However, the current environment requires authors to have their own marketing plan, social following, etc. (except in some cases where the author may already be a bit of a celebrity on their own). Many query forms require authors to fill out what their marketing plan is.
I don’t know about you, but for me, if I’m going to plan out my marketing, I might as well do it myself. But that could also be because I’m a marketer by trade. I digress…
There’s no substitute for an established network of readers. The lack of this is what a lot of indie authors find to be a hardship. It’s difficult to sell books if people don’t know your book exists!
However, there are things self-published authors can do to help, like attend conferences, submit short stories to magazines and publications, try to gain a social media following, buy ads in trade publications, be a guest on a podcast, start a YouTube channel, etc. The list is as long as people are able to get creative.
[Get a free article you can use for PR here on The Indie Authors]
Success metrics
What does the success of your book look like? For you to consider your book a success, what do you need to achieve? The answer to this question may overrule any of the other points listed above, and if that’s the case, that’s perfectly okay!
Does success look like seeing your book in a bookstore? That is a possibility with independent publishing, but it’s much more likely to happen with a traditional publisher.
Does it look like being able to publish books as fast and as often as you want? That’s easier if you’re an independent author and control the production schedule.
Does it look like being able to make a living by writing books? Depending on your deal, one type of publishing may be better than another.
Be really honest about your answer, and again, it’s okay if it’s simply the harmless vanity of wanting a traditional publishing deal! You’re allowed to want what you want.
Final thoughts: nothing is final
If you decide to self-publish, remember that you can always publish a new edition of your book with a traditional publisher if the opportunity presents itself.
And conversely, if you choose to work with a traditional publisher, depending on your contract, there’s the opportunity for you to leave and go solo in the future. You wouldn’t be the first, nor the last to do so.
At the end of the day, choose what feels right to you. Always trust your gut. And if you need help, you have resources and community here at The Indie Authors to help.
