Still, it’s important to note that writers who do self-publish have to take on a lot of the work that a traditional publisher would do. Proofreading, copyediting, formatting, and cover art are all now the responsibility of the author—who might not be particularly good at any of these key elements of traditional publishing. And marketing still needs to be done to get the word out to would-be book buyers. So, all that said, is self-publishing really worth the hassle—and the money? Are there any profits to be found, after all? Below, four insiders in the self-publishing world explain how the professional and financial costs of this method stack up against traditional publishing. “To go with a traditional publisher, an author will need a book proposal, so publishers can see that this person can sell books,” Violette explains. “If the author doesn’t know how to create a book proposal, they may hire a book-proposal writer to do it for them. This can run a few thousand dollars. And only about 5 percent of authors ever get a book deal.” Even if a book never gets picked up by a publisher, Violette says the exercise of writing a book proposal will give the author valuable information to determine if they should push for a traditional publisher or go it alone with self-publishing. She warns that self-published writers must have the funds to pay to have their book edited and formatted, and to have a professional cover made. Each of these services can range between a few dollars to upward of $10,000 each, depending on how long the book is and the original writing quality. Services such as fiverr.com can make it affordable to find high-quality help, but each author has to stick to a budget that makes the most sense for their likely returns. Violette adds that there are free book cover templates and free sites for formatting, which can also keep costs low. Overall, though, she reminds that while some authors make well into the six figures, others make nothing at all from self-publishing. Where self-publishing always wins, however, is in author control over their book and their careers. “A traditional publisher will decide on the final cover and title, as well as what stays in the book and what goes,” Violette explains. “Second, you give up the publishing rights, so the publisher is the one who has access to your listings, and you need their permission to make marketing decisions about your book.” But, just as each book is different, so too are the price points for bringing a book to market. She says that authors with negotiating power for control might be better off with traditional publishing, but those whose deals seem undermining might find self-publishing to be a good alternative. “Traditional publishing sounds great,” Person admits. “You get a big advance. Someone else is doing your promotions, and all you do is sit back and watch the money roll in. But what they don’t tell you is that the advance is a loan that you are expected to pay back; they are billing you for those promotions, and you literally have zero control over your content once you sign it over to them. With self-publishing, yes, there is more money and time on the front end, but I retain 100 percent of my profits, which means I don’t have to sell as many units to make money. And I have 100 percent control over my brand and my content.” On average, Person spends between $1,000-$1,500 to have a 32-page children’s book illustrated and formatted. With organic marketing (no paid ads), she says she can recoup upfront expenses within about 90 days. With everything beyond that being profit, she says she is making a return on investment. “I have a solid evergreen product that I can repackage and market for years,” Person confirms. With this income stream churning in the background, she can focus the bulk of her time on workshops and curriculum writing to help improve student achievement among children of color. Given her aims, Person says that self-publishing is well worth the toil. “When an agent with a celebrity client and a guaranteed Big Five publisher is interviewing writers, I always throw my hat in the ring,” McCarron says. “Many famous people get huge book advances starting in the six figures; I try to negotiate a percentage of that advance. Or, I charge a flat fee with no participation in royalties. The game has changed, so I now work on many self-published books. The upside is there are no managers, no editors, no rushed deadlines, and authors get to say exactly what they want, how they want. But it isn’t the same as working in the publishing business.” How so? Many self-published authors who have a great book still find their cost-to-revenue ratio upside down, she explains. “Let me sum it up for you: You will pay anywhere from nothing to $20K to self-publish and sell under 100 copies 99 percent of the time,” McCarron says flatly. She questions the real value of having a book on the shelves, if it doesn’t come with the profitability or cachet that published authors often covet. “The first frame their return on investment as the joy of having self-published,” Palder says. “That means that they are thrilled to have accomplished a life goal, and any money they make in the process is icing on the cake. The second are expert marketers. Above all, that means they have built up a mailing list. And the third group uses their book to sell something else that’s a much bigger-ticket item. This strategy is common with self-help authors and CEOs of companies.” Palder says that the old adage “If you build it, they will come” is not a phrase that applies to self-publishing. Deliberate and active marketing are the best ways to earn profit from self-publishing.
