In my opinion, the decision of which publishing
model to choose boils down to two essential things: ‘control’ and ‘who pays’.
An appropriate visual would be the graph I've drawn below. Think of any
publishing model as falling between these two variables. Basically, I think of
control as referring to who owns the rights to the book and with that comes
publishing responsibility (couldn't resist riffing off the Spiderman, “with
great power comes great responsibility”). The other variable, ‘who pays,’ is
simple - it’s either you and/or someone else. There is a reverse side to the
‘who pays’ coin and it is ‘who benefits.’ The more you pay, the more you
control issues such as royalty and profits.
What about literary agents? Where do they belong on
this graph? Some workshops I've attended think of literary agents as a subset
of traditional publishing and I tend to agree with this categorization.
Literary agents are the gatekeepers to some publishers. If you manage to land
one, great! If not, don’t sweat it, according to a literary agent I spoke to.
Anecdotally, only 5% of North American books published go through literary
agents. On the ‘who benefits’ side of the coin, note that literary agents
usually get 15% commissions on domestic sales of your book, which will come
from your pocket. However, like any expert, they will leverage their
connections to ensure your book succeeds, and some may do editing. An agent
might be well worth the back-end investment.
I've come up with a simple grid to help you make
your choice. After all, not everything is a good fit for everyone.
Publishing Model
|
What it is
|
Did you know?
|
Resources
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1. Self-publishing
|
§ Publish at your own expense i.e. pay for your own
-
Editing
-
Book Cover
-
Book production
-
Figure out distribution channels
§ Control –
you own the rights to your book.
§ Royalties –
you keep what you make after costs. e.g. Amazon from 35% to 70%
§ Requirements
– your ability to coordinate all the above.
|
§ Anecdotally, an average self-published book sells approx. 100 to 150
books.
Crowdfunding is a viable option to financing your book. |
You could use e-book publishers or print-on-demand
services that offer to put together your book and distribute for a fee e.g.
(Amazon owned)
§ Lulu.com
Other resource
§ See Thomas Woll’s “Publishing for
profit: Successful Bottom-Line Management for Book Publishers.”
|
2. Traditional publishing
|
§ Publish at someone else’s expense
- Send your material to a publisher directly and have support from editing
through to book production and distribution.
§ Control –
publisher buys the right to your book. Majority of creative control for book
covers, editing, title etc belongs to publisher.
§ Royalties –
some publishers offer advances, which is money towards writing your book. Contracts
may stipulate a 20-25% royalty on gross or net sales.
§ Requirements
(vary) – typically, have to send a query letter and then a book proposal
(including sample writing)
§ You will still be required to work on your book's marketing
|
§ It is supposed to be easier to get a publisher than a literary agent.
§ You typically have to earn out the book advances e.g. if you are given
$1,000 advance and have a 20% royalty on a $10 book (i.e. $2 per book), then
you’ll have to sell 500 books to earn out the ‘advance’ before actually
receiving a pay cheque for subsequent sales.
|
|
3. Literary Agent
|
§
Publish by leveraging an expert in the industry to represent you.
- This is a variation of traditional publishing. You get an agent who
supports you and gets you into a traditional publishing house.
§ Control –
publisher buys the right to your book. Majority of creative control for book
covers, editing, title etc belongs to publisher.
§ Royalties –
literary agents negotiate contracts on your behalf and may get a commission
of 15% (domestic sales) - 20% (foreign sales/films) of your total income.
§ Requirements (vary) – typically, have to send a query letter and then a book
proposal (including sample writing)
|
§ Only about 5% or less of books published are represented by agents.
§ Anecdotally, there are about 20 legitimate agents in
|
Make a mental checklist and see what works for you.
As with the story you are lovingly crafting, don’t half-ass any publishing
approach. And by the way, these publishing models are not mutually exclusive.
Some successful authors initially self-published their books and ended up
getting picked up by traditional publishers.
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