What is traditional publishing

In the traditional publishing model, a publisher acts as the gateway to your audience, with a publishing agent serving as your initial point of contact. The process involves you seeking out and engaging an agent to present your book or book proposal to a publishing house. If fortune smiles upon you, you’ll secure a publishing deal and receive an advance. Following publication and initial sales, you’ll start receiving royalties, typically ranging from 7% to 15% of sales. However, these royalty payments commence only after your book has sold enough copies to recoup the advance, meaning the publisher has covered the upfront costs with earnings from your early sales.

Pros of traditional publishing

• Securing a book deal with a publisher still holds significant prestige. For many authors, it remains a validation of their work. When a publisher recognizes the merit of your book and commits resources to it, it’s a clear indication of its quality.
• You won’t incur any expenses. The publisher covers all publishing costs, so if sales are lower than expected, you won’t suffer any financial setbacks. Even if your book doesn’t earn back its advance, you aren’t required to repay any portion of it.
• The publisher handles a range of professional services, including editing, proofreading, and designing, along with managing printing, warehousing, and distribution to bookstores, libraries, and institutions. They also coordinate editorial reviews and book signing events. This comprehensive support offers authors peace of mind, allowing them to focus on their writing without worrying about logistical details.
• Getting your book into physical bookstores is a significant opportunity. Traditional publishers boast robust distribution networks and provide a book returns option, making it easier for physical bookstores to carry your book. This increases the likelihood of your book being discovered and purchased by readers.

Cons of traditional publishing

• Publishing can be a lengthy process, especially for new authors. Rejection is common before securing a book deal, which itself takes time. Even after signing, it may take another year or two for the book to hit the shelves.
• Authors often have limited creative control, especially regarding crucial aspects like the title, cover design, and editing process of their book.
• Royalty rates tend to be lower in traditional publishing compared to self-publishing.
• Publisher contracts are intricate documents, often laden with terms that lean in favor of the publisher. It’s imperative for you and your lawyer to meticulously review the clauses to secure as many rights to your book as possible.

What is self-publishing?

Authors today can sidestep traditional gatekeepers by self-publishing through various platforms. The trend is evident in the fact that self-published books make up 30% to 40% of all ebook unit sales. The rise of online bookstores has further fueled the demand for ebooks, which are favored by independent authors.

After completing your manuscript, it’s advisable to have it professionally edited and designed before publishing through a service company. Many of these companies operate on a commission basis, deducting their share from sales without any upfront fees. Commissions typically range from 10% to 65%, leaving the majority of the revenue in your hands, with payments starting from the very first sale.

Pros of self-publishing

• Publishing a book can happen swiftly, even for niche topics or first-time authors that traditional publishers might hesitate to invest in. Additionally, self-publishing typically only takes a matter of days or weeks.
• Authors wield full creative control. By enlisting professional editing services and book designers who grasp your vision, you can craft a work that aligns perfectly with your creative intent.
• Making changes is simpler when something isn’t working. Unlike printed books, which are produced and stored beforehand, adjustments to text and design can be made post-publication. For instance, if your book cover lacks appeal, you can swap it for a more captivating design. Typographical errors can also be rectified even after publication. (Keep in mind that significant changes may necessitate obtaining a new ISBN.)
• Books enjoy a prolonged lifespan. Unlike traditionally published books, which have a finite presence in physical bookstores and are eventually replaced by newer releases, self-published books maintain a perpetual presence in online stores. This ensures that they remain discoverable and purchasable long after their initial publication, spanning months and even years.

Cons of self-publishing

• The onus of marketing your book will fall on your shoulders. Be ready to dedicate time to tasks like maintaining a blog, cultivating a mailing list, seeking reviews, leveraging social media and discounting platforms for promotions, contributing articles to relevant sites, and distributing your book across various platforms to maximize its visibility. While this may seem daunting, many authors find satisfaction in having control over their marketing efforts and expressing their creativity through these channels.
• Professional services come with a price tag. If you’re planning to self-publish, budget for essential services like editing and book design.
• You’ll find yourself dedicating more time away from writing as you navigate the process of seeking and evaluating professional services, promoting your book, and assessing the impact of your publishing and marketing strategies. This additional workload can significantly reduce the time available for writing, particularly for new authors who may need to invest more effort into these tasks compared to experienced self-publishers.
• Bookstores may hesitate to stock your book as you won’t be able to accept returns, unlike traditional publishers. This could pose a challenge in convincing them to carry your title.

Summary
If you’re hesitant about marketing your book or investing in professional services, traditional publishing may suit you. However, be ready to dedicate time to find a publisher and navigate the publishing journey.

On the flip side, self-publishing offers quicker market entry, freedom from contracts, and enhanced creative control. Yet, self-published authors miss out on the support system of traditional publishers, requiring them to handle promotion and maintain professional standards independently.