As part of our recent website overhaul--yes, still in progress, for those of you who've noticed--we're completely revamping our FAQ, Articles, Resources and Helpful Hints Sections. One of the sections we're adding is our "25 Reasons to Self-Publish" list, which, in preview of the newly-revamped site (I swear, it is coming soon!), I'll be posting the first 13 today and the next 12 in my next scheduled post on the 18th. So--ready?
25 Reasons to Self-Publish, Part I
1. "Thirty authors have sold more than 100,000 copies of their books through Amazon's Kindle self-publishing program, and a dozen have sold more than 200,000 copies, according to Amazon." Including indie big wigs like Darcie Chan, Michael Connelly, James Patterson and Kathryn Stockett. http://finance.yahoo.com/news/how-i-became-a-best-selling-author-.html Wall Street Journal. December, 2011.
2. As of April 2012, 145 self-published authors have sold more than 50,000 ebooks. And the Amazon CEO reported in his April 2012 annual shareholder newsletter that more than 1,000 KDP authors now each sell more than a thousand copies a month. A list of the 50,000 authors: http://selfpublishingsuccessstories.blogspot.com/ Self-Publishing Success Stories, May 2012.
3. Jackie Collins explains her decision to self-publish to ebook. "And dealing with publishers, it might be fun just to deal with myself. I always say, "If you have faith in something, do it yourself." http://jackiecollins.com/jackies-blog/on-my-decision-to-self-publish/
4. James Altucher explains why and how (step by step) he self-published. "Advances are quickly going to zero. Margins are going to zero for publishers. There’s no financial benefit for going with a publisher if advances are going to zero and royalties are a few percentage points. The publishing industry does minimal editing. The time between book acceptance and release is too long (often a year or more). That's insane." http://www.jamesaltucher.com/2011/05/why-and-how-i-self-published-a-book/
5. Stephanie Chandler outlines 12 Reasons to Self-Publish, including royalties and advance payments. "On average, traditional publishers pay authors around $1.25 per book in royalties. So if your book sells for $20, you earn just over a buck. You don’t have to be a mathematician to know that you have to sell a ton of books to actually make decent revenues with a traditional publisher. Conversely, when you publish yourself, your book printing and distribution costs might run around $4.00 per book. Sell a book for $20 and you earn $5 to $10 depending on the retail outlet, and $16 if you sell it yourself. Need I say more?" Regarding advance issues: "If you want to buy copies of your own books from your traditional publisher, expect to pay 40% to 50% off of the retail price. So if your book retails for $20, you will likely pay $10 per copy even though it costs the publisher just $2 or $3 to print your book. Yep, they make money off the authors too. When you self-publish, you buy your books at cost. The average author with a first-time book deal can expect to receive an advance of $5,000 to $15,000. Once your book is released, you won’t see another dime until you have earned back that advance–$1.25 at a time—until the advance is paid back in full." http://authoritypublishing.com/book-publishing/12-reasons-why-self-publishing-kicks-butt-over-traditional-publishing/ June 2011
6. "Kerry Wilkinson's Jessica Daniel detective novels sell more than 250,000 copies on Kindle" http://www.guardian.co.uk/books/2012/feb/08/self-published-author-amazon-ebook Guardian. February 2012.
7. Self-publishing resources make self-publishing easy. "Five-year old publish-on-demand pioneer Lulu says it is doubling in size every year ... Lulu says it publishes 4,000 new titles each week and already has a catalogue of 232,000 books." http://www.guardian.co.uk/business/2008/feb/20/useconomy.booksnews
8. Indie bookstores are now working with self-published authors: "In response to the growing number of self-published authors seeking shelf space at indie bookstores, savvy booksellers are establishing programs that clearly define their requirements and streamline the consignment process. Profitable programs range from a no-questions-asked spot in a store’s consignment section to an elaborate, tiered event option, including signings, readings, and publicity." http://news.bookweb.org/news/working-self-published-authors . Bookweb. April 2012.
9. Publishers provide little-to-no marketing services for their authors. "Publishers claim they do a lot of marketing for you. That’s laughable."James Altucher's publisher claimed to have gotten him a review in The Financial Times, a segment about his book on CNBC, and an excerpt in thestreet.com. In reality, Altucher had a column in the Times and wrote his own review as a joke, had a weekly segment on CNBC and spoke about his book, and secured a spot on thestreet.com because he had recently sold them his last company. Why Every Entrepreneur Should Self-Publish a Book. http://techcrunch.com/2012/01/28/why-every-entrepreneur-should-self-publish-a-book/ TechCrunch. January 2012.
10. Royalty specifics. Information taken directly from amazon.com and barnes&noble. Amazon Kindle Publishing Royalties: $2.99 and above: 70%, under $2.99: 35%
Barnes & Noble Pubit Royalties: $2.99 and above: 65%, under $2.99: 40%
i.e. A $2.99 book will result in $2.04 for the author (after Amazon's 30% cut and a small bandwidth charge). 50,000 ebooks sold at $2.99 pricing will generate $102,000 in royalties for the author.
11. Sales numbers. "Abbott says Only the Innocent has been shifting more than 3,000 copies a day on Amazon. Contrast that with the 2,230 a day managed by last week's top-selling paperback, SJ Watson's Before I Go to Sleep." http://www.guardian.co.uk/books/2012/mar/04/self-publishing-ebooks-rachel-abbott Guardian. March 2012.
12. Timing of publication. "Traditional publishing can take 12 to 24 months to get your book published. Self-publishers who have a professionally edited manuscript can get their book to market in ten days!" http://www.thebusinessofwritingtoday.com/why-self-publish-the-tmc-factor
13. Rise in worldwide consumption of ebooks. Australia, India, the U.K. and the U.S. are leading the world in e-book adoption rates, according to Bowker Market Research’s Global eBook Monitor, "The market for e-books is experiencing exponential growth internationally, with news each week of new e-readers and specialist e-tailers,” said Kelly Gallagher, vice-president, Bowker Market Research. “Publishers and retailers must adapt to a very changed landscape. This research is essential for effectively navigating that new landscape and creating successful business models.” http://www.bowker.com/en-US/aboutus/press_room/2012/pr_03272012.shtml Bowker. March 2012.
Had enough excitement for this week? Meet me back here on the 18th for the reasons #14-25! See you then, eBook Buckaroos!