Note to Readers – Every now and then, I will re-post a blog entry that has withstood the test of time. Whether you missed it the first time ‘round or read it years ago, I feel it’s worth sharing again. I chose Keep Your Day Job from October 2014 because every author I’ve met (a few whom I selected for BOOKS ‘n’ BOTTLES™ ) faces the challenge of putting his or her book in the hands of readers … and profiting from the effort. This post explains budget factors for every writer to consider. Also, check my Quotable post for thoughts about publishing from notable authors.
Who doesn’t have the great American novel waiting to be written? Or maybe it’s a collection of poetry begging to spill on to pages of a book? Nearly everyone I talk to confesses at some point to harboring the dream of being a published author. Writing groups are gaining in popularity, with members ranging from the pure dreamers to ambitious authors who have prepared a manuscript and are searching for the path to publication. Are you one of these writers?
The dream of having your book published is accompanied by the expectation that it will be purchased to be read; that fortune will accompany fame, or at least cover your publishing costs. This hope exists whether your book is published traditionally or self-published.
With traditional publishers, production, distribution and related professional costs are born by the publishing company but authors have become more responsible for their own promotional efforts; and the book’s “life” is under the control of the publisher. Self-published authors bear total responsibility and costs but maintain total control of every step.
Whether you go the traditional route or self-publish, keep your day job. Until your book sells in the several thousands of copies, the only riches you will receive will be the knowledge that some people are reading your work. How can this be when hardcover books sell for $25 and up, a paperbacks sell for $15 and up, and eBooks run $7 and up? Where does the money go?
Welcome to “trickle down income” in the publishing world. If your book is published traditionally, you will periodically be paid a royalty for books sold after the publisher deducts all its costs plus its profit. If you self-publish, you pay yourself … after you pay anyone you employ to get your book into the hands of readers: editor, proofreader, technical formatter, cover designer, printer, (possibly) a warehouse, distributor, marketer, (maybe) a web designer, administrator.
Production is not necessarily the most expensive factor. Authors can expect a wholesale discount of 40 percent to be taken off the retail price by major book stores and big box stores. Libraries typically take a 20 percent discount. Distributors take 15 percent on top of those discounts. Sellers such as Amazon and Barnes & Noble act as both distributor and seller, taking 55 percent off your retail price. If you use an agent, expect 10-15 percent off the wholesale price to be collected for services.
Ongoing promotion is a book’s life insurance. Regardless of how a book is published, authors are expected to oversee this job. Maintaining websites, arranging book signings, giving talks and doing interviews are some of the recommended promotional activities.
Some expenses occur once while others will be recurring. Every responsibility you handle yourself rather than hire out is more money in your pocket … if you know what you’re doing and you don’t mind spending your time on it … time you could use to write your next book.
Scared? Don’t be. Knowledge is power. Empower yourself by learning all the aspects of taking your brainchild from start to a successful finish. But, at least for now, don’t quit your day job.