What are my options for publishing my book? What are the advantages and disadvantages of Self-publishing vs. traditional publishing houses, are there any other alternatives?

Here is Part Three of the simple evaluation questionnaire you answered in Part One.  Continue reading the summaries below to see which option might suit you better. Read the full story

Here is a simple Evaluation Survey to help you decide What is right for your book.

What are your options for publishing a book? What are the advantages and disadvantages of Self-publishing vs. traditional publishing houses; are there any other alternatives?

Try this simple evaluation questionnaire and then read the summary below to see which option might suit you better.

Out of each section, choose the letter beside the statement that you think best suits you. Read the full story

Despite widespread denial from the majority of traditional bookstores, publishers and authors, the publishing game has been changing at an increasingly rapid pace since the  emergence of the world wide web. The real tipping point, however, is only just being reached as Print On Demand (POD) technology, Ebooks and Social Networking finally reach  mainstream status. Joe Gregory, an independent publisher who co-founded The Publishing Academy shares just one way the new rules are affecting the way authors, publishers  and bookstores are sharing the risk and rewards.

The Old Risk & Reward Rules

Traditionally, the publishing pecking order went (and still goes in many cases) something like this…

The bookstore (via the wholesaler) is the main link to the customer (and therefore the money) for a geographically defined area and so the bookstore lays down the law to the publisher. Bookstore Law includes: crippling discounts (55% and up), stretched-out payment terms (90 days+), paying bribes to guarantee visibility (read this article from The Times if you don’t believe me http://su.pr/2Y14b3) the option to return in any condition/destroy/remainder any unsold books – for a full refund.

The publisher (sometimes in cahoots with the agent) is the main link to the bookstores and so they lay down the law to the authors. Publisher Law includes: not accepting  submissions unless through a recognised agent, paying pitiful royalties (typically 7-10% of whatever’s left once the bookstore has been paid – of which a percentage will have to go to their agent too), preventing the author from taking other book deals elsewhere, paying the author once per year – assuming they’ve made more money than they got paid as an advance.

The poor author (who, don’t forget, is the only one providing the raw talent) is at the bottom of the pile and lays down the law to nobody. This pecking order also translates into a pretty unfair divvying up of the risks and rewards.

The following charts illustrate a typical risk (based on effort, opportunity cost and financial exposure) – reward (based on retail price of book) split for the old publishing model…

It hardly seems fair that the stakeholder who risks the least should be rewarded the most but – when there was no internet, no social networks and no other way to reach your target market other than by getting your book on the bookshelves – they had a monopoly on the vital asset – customers and got paid accordingly.

The New Risk & Reward Rules

With the new rules in effect the pecking order looks quite different…

The bookstore (via the wholesaler) is one link to the customer (and therefore the money) along with international online bookstores (like Amazon and many smaller specialist stores), ebook retailers (using mobile technology and the internet), mail-order bookstores and Print On Demand book vending machines (such as The Espresso Book Machine).  Traditional bookstores can no longer lay down the law because they no longer have exclusive access to customers. This means crippling discounts (55% and up) are no longer tolerated, stretched-out payment terms (90 days+) are no longer acceptable, wasteful returns policies are no longer viable. Added to this, the highstreet bookstore (with shelves and carpets) has the highest overheads of all the retail channels.

The publisher is one link to the bookstores (via the wholesaler) but the author now has the option to cost-effectively self-publish (with distribution built-in). Old-style Publishers can no longer lay down their law because they no longer have exclusive access to the retail channel. This means agents are no longer tolerated by authors, the pitiful royalties look bad compared to what the author could make by going it alone, the author will expect more control over their content in the various formats enabled such as ebooks and audio.

The empowered author (who can finally see a way to be paid fairly for providing the raw talent) is now in a position to choose their own publishing route. This new level of choice for the author and the new routes available means the distribution of risk and reward is shifting to a much more balanced picture.

The following charts illustrate a typical risk (based on effort, opportunity cost and financial exposure) – reward (based on retail price of book) split for the Publishing 2.0 model…

The result is that publishers playing by the new rules and their authors can decide to tolerate traditional bookstores but they no longer have to give in to their demands.

Most traditional bookstores have had it their own way for too long and until they adjust their terms or shrink their overheads, something they’re still very much resisting, in light of the new rules, many of them will lose the new game and go the same way of the myriad record stores who were casualties of the same recent shake-up in the music industry.

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ENDS

WORDCOUNT 898

NOTES FOR EDITORS/JOURNALISTS
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IMAGES
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Author photos & Images attached. For higher resolution images contact us:
http://www.leanmarketingpress.com/contact

WEBSITE LINKS
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Article: Why Bricks & Mortar Bookstores Are No Longer The Best Place For Auathors & Publishers To Sell Their Books
http://su.pr/5RgUO4

Discussion: The New Rules of The Publishing Game
http://su.pr/2Eqr78

Publishing Academy Website
http://www.publishingacademy.com

The Wealthy Author on Amazon:
http://www.amazon.co.uk/exec/obidos/ASIN/1905430698
http://www.amazon.com/dp/1905430698/ref=nosim

ARTICLES
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The Publishing Academy faculty comprises experienced speakers, writers, authors and publishing professionals with a wealth of experience publishing, writing and selling books. We are always happy to provide free content in return for a “plug” for www.PublishingAcademy.com, http://www.leanmarketingpress.com/contact

JOE GREGORY

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Along with Debbie Jenkins, Joe Gregory has run the independent non-fiction publisher Book Shaker (http://www.bookshaker.com) – famous for paying unprecedented royalties – since 2003, is the co-founder of The Publishing Academy ( http://www.publishingacademy.com) and co-author of ‘The Wealthy Author: The Fast Profit Method To Write, Publish & Sell Your Non-Fiction Book.’ http://www.publishingacademy.com/102-6-1-7.html