Ways to Publish Your Book (with Pros and Cons of Each)
“I’d like to write a book.”
That’s a quote you’ve most likely heard in your inner circle. Whether at a conference with colleagues, networking with fellow industry professionals, or around a group of family and friends, those words have most likely left the lips of at least one person during conversation.
The chances of hearing this become even greater when you announce that you have written your own book and are in the process of looking into wats to publish your book.
First, congratulations are in order. You have made it beyond the “I’d like to write a book” group and into the “I’ve written a book and the next step is to publish” group.
You’re light years ahead.
However, the publishing decision can be one that makes or breaks your level of success for this project you have decided to take on. You want to make sure the choice you make is the correct one.
Which publishing path gives you the most creative control? Which one allows you to earn the highest royalties? Grow your business? Expand your network?
Let’s dive into the two main options, traditional publishing and self-publishing, and you can decide which is best for you.
Traditional Publishing
For so long, traditional publishing was the only option for a writer looking for a way to publish your book.
If you wanted to write a book, you needed a publisher. They were the ones who worked with the printing press, the media outlets, and the bookstores. There was no other way for an author to find success with a book other than going through a publisher, or spending tens of thousands of their own dollars.
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Now, however, technology has allowed anybody with a voice and a message to have the platform to publish. No longer does one need to hang by the front doors of a New York literary agency, begging for the chance to have their manuscript read by executives.
But traditional publishing has still been able to survive this mass rush to self-publishing. Mostly, because traditional publishing still holds the keys to the New York Times bestseller list and bookstores. Authors know if they want to be placed on bookshelves at Barnes and Noble and Books-A-Million, they need a contract with a traditional publisher.
Traditional Publishing Pros
The main pro: you get to tell people you have been traditionally published. Although the stigma of self-publishing is all but gone, there are still those who feel being traditionally published has an upper hand. They shouldn’t, for reasons discussed in the next section, but they do.
Another benefit is the up-front advance on royalties. If you are published by a traditional publishing house, you will more than likely get an advance on your book sales. This means the publisher could send you a check for something like $10,000 up front, before your book is even published. If your book won’t be released for another year or two, you can have this money beforehand.
However, this is an advance on royalties, not a separate payment. This means the publisher keeps 100 percent of royalties up until they recoup that $10,000. After that, the royalty split then goes into effect—it will be listed in the contract you sign with the publisher.
Finally, the best chance to get into bookstores is through a traditional publisher. For years, publishers have worked with bookstores to have books on their shelves. It’s a process that dates back many decades, before the internet and before self-publishing. When publishers and bookstores were the only option, they established fruitful relationships.
Now? Well… how they respond over the next five or ten years will decide their fate.
Traditional Publishing Cons
Publishing houses rely solely on book sales for revenue. For you, as a business owner and an expert in your industry, your book isn’t solely dependent upon book sales. Your book creates additional opportunities for you to showcase your talents—speaking engagements, consulting, investment opportunities. You don’t need to worry about selling a specific number of copies to see a return on your investment. For you, the ROI comes with the doors that open because you wrote a book and because you demonstrated your authority.
Since publishing houses focus heavily on book sales, they become highly selective. This makes it difficult to break into, especially for first-time authors.
The process for being accepted onto an editor’s list at a traditional publisher is long, antiquated, and exhausting. Before you even begin the process of writing a book, you need to put together a book proposal, which is essentially a business plan for your book idea. To hire someone to write this for you typically costs between $10,000 and $25,000 or more.
Once you have completed this, you need to “shop” it to literary agents. That includes sending fifty, one hundred, or two hundred query letters to agents to see if they will take the time to review your proposal. If someone likes the proposal, sees its upside (again, they only look at potential book sales), and wants to work with you, further meetings will take place and a contract will be signed.
All done from there, right? Not quite.
From there, the process begins again. Now your literary agent needs to start “shopping” your proposal to publishers. And the waiting game begins again.
Write your book and have it published to Amazon, Barnes & Noble, and more…
Again, it’s long, antiquated, and exhausting. The process of landing an agent could take anywhere from one month to two or three years. Then, the agent’s process of pitching publishers could take another few months to a year. Then, once you sign with a publisher, the time it takes, on average, is another year or two before your book is completed and released.
Does your business move quickly? Traditional publishing doesn’t. If your content isn’t evergreen—meaning it won’t be relevant for a long time to come—your impactful book may be dated before it even has the chance to hit online stores.
The traditional publishing process also requires that you give away equity in your book. Similar to giving away equity in your company, literary agents, managers, and publishers will all require a percentage of your royalties—not to mention the publisher will demand complete creative control over pricing, title, cover design, and so forth.
Are you willing to give it to them? How will that affect your bottom line?
Traditional Publishing Myths
Most people—aspiring author or not—have this vision that landing a book deal with a traditional publisher is a simple process. You think of this great idea, call an editor at a publishing house, get flown into New York and put up in a suite, have a meeting, sign a contract, have a book written, then go on a national book tour with fans and cameras everywhere and your books sitting front and center on the promotional shelves of every bookstore.
Let that fantasy bubble burst and allow the thoughts to scatter into thin air because none of that happens. Here’s why…
One, the process to have an editor even look at your book proposal—what you would write before your manuscript—is brutal. They receive hundreds of these in a given week. What makes yours better than the rest? The chances of receiving a rejection letter—or no response at all—are far greater than receiving an acceptance, or even a positive response.
Two, bookstore placement isn’t guaranteed. Of all the books a publisher releases, they pick only a select few to pitch to bookstores. Publishers have their sales representatives take a handful of books to bookstores on a quarterly basis to pitch the idea of ordering copies and placing them on shelves.
Three, marketing and public relations (PR) doesn’t work like it used to. That big, national book tour? That isn’t going to happen. In fact, when it comes to marketing, most publishers won’t even consider reading your pitch unless you have a large following already.
They want you to have already put in some of the marketing effort. Their concern is profit from book sales, so if you don’t have any social media following or designated fanbase you likely won’t get published. You could have the cure to cancer in written words, but if you have no online presence or following they’ll pass and look to someone who they know can help generate sales.
The list of myths could go on. For instance, many publishers also build stipulations into their contracts that say they own any additional rights to the book. Will a documentary or a movie be made regarding your strategy? They own it. And how will that work if you go on a keynote speaking tour or begin consulting on a global level with your intellectual property? If you sign with a traditional publisher, make sure the stipulations of the contract are read thoroughly. Not all publishers are conniving, but some could be.
Self-Publishing
Self-publishing first began in 1979 when The Self-Publishing Manual was released by Dan Poynter. It was a good concept, but there were still many hurdles to get over—mainly, printing costs were still high.
Then, in 2004, Sony released its first e-reader, followed by Amazon’s Kindle in 2007. Suddenly, self-publishing became much easier because there were no printers involved. No physical books, covers, or dust jackets needed to be created. Everything was digital. Cheaper. More accessible.
Barnes and Noble released the Nook in 2009 and from there, many followed. Kobo, PocketBook, Boox—there are a bunch. Plus, you can now read e-books directly on your phone through these companies’ apps.
Self-publishing has now become a viable option for those who dislike the idea of spending so much time querying, interviewing, and hoping an editor will find their idea promising enough—financially, of course—to take on. There are now options that allow independent authors to publish books of the same quality as their traditional counterparts.
Self-Publishing Pros
Full creative control is the greatest advantage to publishing on your own. The content that goes in the book, timeline for completion, cover design, title, promotion, pricing, marketing—you control all of it. The only approval you may need to seek is that from your Board of Directors.
Full creative control also means you own the rights to everything. Royalty splits don’t exist. Rights to documentaries, movies, or shows made based on your book are yours completely. Future books aren’t restricted by any sort of first rights agreement. Everything is up to you.
You even have control over which platforms get to sell your book. Do you have some long-standing hatred for Barnes and Noble because you have brand loyalty to Books-A-Million? You can choose not to distribute your book to them.
This is just an example. Don’t do this. It would be a horrible decision. The point is to emphasize the fact that you make all the decisions—you have complete autonomy. Just as you did back when your business was in its earliest stages and you were the one wearing all the hats, the publishing choices you make when you go at it on your own are yours to make.
Self-Publishing Cons
Having control of every step in the process also means you are responsible for getting everything done. Using a team or an assistant is fine, but you need to be the one who implements the team and assigns the tasks.
When you’re running a business, this isn’t easy. You have a long list of other critical tasks on your desk, and the livelihood of your business depends on those tasks.
Self-publishing, if not done properly, can also lead to a poor, low-quality result. We’ve all picked up a book or two in our lives and thought what the hell is this? You don’t want that to be your book. High-quality covers, professional formatting, and a well-structured book are all possible, but without the help of a publishing team, they could fall into a category of what the hell is this?
On that point, not all self-publishing is a solopreneur adventure. You can hire a team to take care of it for you, or you can outsource. That’s what we do at Visionary Literary. We’re a hired team of writers, editors, designers, publishing experts, and marketing coordinators that help create a high-quality product and keep the target dates on track.
Self-Publishing Myths
No, publishing your own book does not make you an amateur. Self-publishing won’t hold you back from getting traditional publishing deals in the future. It isn’t an option for e-books exclusively. As you have read so far in this book, self-publishing is a superior option for industry experts looking to build their brand and enhance authority.
The traditional publishing landscape is too slow for the fast-paced world of business. You need access to publishing options that take months, not years. And you’re living in the perfect time to have those options.
Need help getting started with your nonfiction book project? We’re here and ready to help.
Speak with one of our publishing experts to learn more about the steps you need to take to become a published author.