Back in the olden days, there was really only one way to publish – with one of the big, traditional publishers. If you wanted to be an “author,” you needed a New York-based editor to make you one – and you could only buy books from bookstores?
Nowadays, things are much different! Did you know that now close to two million books are self-published each year? And that Amazon is responsible for 60% of all book sales? It’s a crowded, exciting world out there, and there has never been a better time to add your unique voice to the mix.
So, is it worth pursuing traditional publishing? Or is self-publishing the way to go? Let’s take a look.
As discussed in an article by Scribe Media the key difference between the two is that if the author owns the rights and royalties to their book, it is considered self-published. (In traditional publishing, the publishing house – e.g., Simon & Schuster – owns the rights and royalties.)
Here are some pluses and minuses of both:
Self-Publishing
As mentioned before, you retain rights and royalties
You have complete creative control
You can enter the marketplace much more quickly
You have to navigate the process by yourself
You have to invest financially
You are the only one responsible for the quality of your book and the success of it (i.e., you have to manage editing, cover design, marketing, and so on)
Traditional Publishing
You receive an advance ($$$)
There is no up-front cost (the first chunk of your advance usually is issued upon signing)
The publisher is invested in the book’s success
Added panache of being associated with a publishing house
It is difficult to get a deal, especially without a platform
You need a literary agent to even get your book on an editor’s desk
Takes much longer to publish (12-18 months, at least)
Limited creative control
You are still expected to handle a lot of the marketing
Regardless of which path you take, it is important to be an informed consumer. For example, if a self-publishing company says they will make you a New York Times bestseller, be wary – unless they are going to purchase thousands of copies of your book, there is very little they can do to guarantee that.
Do you have any questions about self-publishing and traditional publishing? Send me an email (megan@turnthepagebookcoaching.com) and I’ll see if I can help!
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