How to Choose Between Self-Publishing and Traditional Publishing: Part Two
Welcome back to the second and final installment of my two-part blog series on how to choose between self-publishing and traditional publishing. In Part One, we explored the first five key considerations.
Now, in Part Two, we delve into the next set of five essential factors:
understanding timelines for getting your book to market,
distribution expectations,
financial considerations,
the quest for major media attention, and
the significance of bestseller lists in your publishing journey.
These topics build upon the foundation laid in Part One, offering deeper insights into the strategic choices facing authors today.
Let’s dive back in.
Six: What is your desired timeline for getting your book to market, why, and how will choosing between self-publishing and traditional publishing affect this?
Understanding the differing timelines associated with self-publishing and traditional publishing is crucial. Generally, traditional publishing takes considerably longer than self-publishing. With traditional book publishing, you’ll likely not see your book published until 11-18 months after you sign a book deal. With self-publishing, you can have your book to market within a few months of completing the editorial process.
While many authors naturally wish to see their books published as quickly as possible, it's important not to let impatience sway you away from considering traditional publishing if it aligns better with your goals.
Reflect honestly on your reasons for preferring a specific timeline. In some cases, you might not have the luxury of waiting 1-2 years to bring your book to market. However, it's also essential to consider the bigger picture and long-term objectives in your publishing journey.
Seven: Where do you expect your book to be available if you opt for self-publishing vs traditional publishing?
Typically, traditional book publishing offers broader distribution of your book in print format. While self-publishing can get your book in physical stores (use Ingram), most self-published titles are sold online, both as print and eBook formats. This is not a huge deal these days considering that over half of all book sales occur on Amazon, regardless of the format.
However, it's important to recognize that indie books predominantly sell online. If you aim to have your book stocked in bookstores nationwide, a traditional publisher is necessary. Additionally, if you're looking to boost international print sales and translations, traditional publishing is the preferred route.
Eight: What are your financial needs and goals? This will inform your decision between self-publishing and traditional publishing.
Self-publishing requires a significant initial financial investment, ranging from a few hundred to several thousand dollars, while traditional publishing does not. However, it allows you to earn considerably more per book sale. In contrast, traditional publishing might provide an advance and cover book production costs, but royalties are typically lower. Additionally, you need to earn back your advance before receiving any further revenue from book sales.
I personally really encourage authors who want to self-publish to consider running a Kickstarter or other crowdfunding campaign. It is a great way to raise the funds needed to publish your book and it also functions as a great marketing strategy and way to presell your book.
Nine: Are you hoping to get major media attention?
If major media attention is important to you, consider traditional publishing rather than self-publishing. Indie authors often find it more challenging to attract significant media coverage for their books. This isn't to imply that media attention comes easily or automatically for traditionally published authors.
While self-published authors might struggle to gain mainstream media attention, there are still ample opportunities for visibility, such as writing guest posts for blogs, contributing articles, appearing as a guest on podcasts, and leveraging social media.
Ten: How important are bestseller lists to you?
While self-publishing a book will make it unlikely for your book to hit the NY Times bestseller list, it is possible. The Amazon bestseller list is possible to make regardless of publishing route if you use the right strategies. You can learn more about these strategies within this article from Written Word Media.
In conclusion, choosing between self-publishing and traditional publishing is a significant decision that requires careful consideration of various factors, including your goals, creative control, support needs, market understanding, financial implications, and aspirations for media attention and accolades. Each route offers unique advantages and challenges.
By weighing these ten critical considerations, you can make a choice that not only aligns with your current circumstances but also paves the way for your future success as an author.
Remember, the journey of publishing your book is as unique as the story you wish to tell, and making the right choice will ensure that your book reaches its audience in the most effective and fulfilling way.
Do you feel like you still need guidance on how to determine which publishing path is right for you? If so, be sure to check out my self-paced course, Choose Your Publishing Path. This course offers a comprehensive exploration of both traditional and self-publishing options and includes bonuses on finding agents as well as recommendations for transformational non-fiction authors.
If you are ready to proceed with book publishing, we can help.
For self-publishing, we offer project management support to help make this process a breeze (and fun!) for you.
For traditional publishing, we offer book proposal coaching, editing and other support.
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