How does a person bridge the enormous gap between a manuscript and a book? There are three options: trade (commercial) publishing, subsidy (vanity) publishing, or self-publishing.
Commercial publishers are the so-called "giants" in the industry. Forty-five percent of all sales are monopolized by five major publishers today: Unfortunately, they're so big they no longer hear the voice of the little person. Continuing corporate mergers and take-overs compound the problem. Unless you are famous (or infamous), your manuscript has little chance of making it through the corporate front door. And even if it does, this can be more of a curse than a blessing. Trade publishers typically offer a $2,000 to $10,000 advance against royalties. Yet industry statistics show that only one in 10 books ever earn back that advance. That's a 90% failure rate! It means you're unlikely to ever get any more than that paltry initial payment.
Those who sign with commercial houses have no guarantee their book will be properly presented to the public. A disproportionate chunk of advertising dollars is spent on authors with established track records or well-known names. We hear many horror stories about authors who make media appearances to promote their work. .. yet customers can't find their books in bookstores.
In desperation, many novices turn to subsidy (vanity) presses. Beware! Here the ink hits the paper only when the author underwrites the cost of the entire venture. But despite the investment, the author is expected to sign away most rights and receives only a partial royalty for books sold. Plus the vanity publisher's name on your book stigmatizes it, causing it to be shunned by important reviewers and booksellers. Marketing efforts by vanity houses are dismal to nonexistent. Most Print on Demand (POD) companies fall into this category.
Self-publishing is a viable option for many. This "do-it-yourself" method places you in complete control of the entire process. Critical decisions concerning the title, cover design, editorial content, marketing, and distribution are made by you—not by some executive sitting in a remote New York office. Yes, you invest in your project. Done properly, however, this is a prudent investment in your future.
In the past ten years, overall quality in the industry has skyrocketed. Well-edited manuscripts, eye-catching covers, and high-tech marketing techniques are the norm. Privately published titles typically command respect—and profits—for their authors. Proactive authors selling and promoting into nontraditional markets can be very effective.
Here's the approach many savvy people are taking today: They self-publish initially and promote their book to success. Then they leverage this successful track record by "allowing" a trade publisher to buy the rights to their proven product. This way they have the clout to command a higher advance and can negotiate more favorable terms. By removing the risk for the commercial publisher, you put yourself in a more powerful position. Success can be yours. Self-publishing your book is often the profitable alternative.
Many dramatic success stories have left their imprint on the entire self-publishing movement. Such was the case of Louise Hay, author of a phenomenally successful line of books, who chose self-publishing to launch her works. She began with a 48-page staple-bound edition of Heal Your Body; her second venture, You Can Heal Your Life, captured the #9 spot on the trade paperback best-seller list for 1988! Her books and resulting tapes and seminars have helped hundreds of thousands to discover the pathway to well-being. And they've helped Louise to wealth.
Consider the example of self-publisher Ted Nicholas. His How to Form Your Own Corporation Without a Lawyer for Under $50 started its journey with $5,000 borrowed from a life insurance policy. The result? Over 800,000 copies sold to date. Entrepreneurs of America, a service for independent business people, is just one of his latest spin-offs. Capitalizing on his direct mail wizardry, Nicholas published The Golden Mailbox, a how-to guide for selling books through the mail.
The classic career counseling handbook, What Color Is Your Parachute? originated its climb to best-sellerdom as a self-published title. Author and clergyman Richard Nelson Bolles eventually sold the rights to Ten Speed Press, where the book continues to move at a rate of 300,000 copies a year. The total number of copies sold so far is over five million!
These dramatic success stories have left their imprint on the entire self-publishing movement. Today, more and more people are deciding to publish their own books and keep all the profit!
© Copyright 2005 Marilyn Ross
Marilyn and Tom Ross are the coauthors of 13 books including the best-selling Complete Guide to Self-Publishing and the award-winning Jump Start Your Book Sales. Through phone consultations and ongoing coaching/mentoring, Marilyn empowers authors and self-publishers to realize their dreams. She can be reached at 719-395-8659 or Marilyn@MarilynRoss.com.
Visit http://www.SelfPublishingResources.com for free meaty information on writing, self-publishing, and book marketing strategies.
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