You’ve written a beautiful book and now you’re ready to show it to the world. But before you can truly embark on your publishing journey, you need to make a major decision:
Will you self-publish your book, or attempt to get it published traditionally?
If you don’t know all the differences between traditional publishing versus self-publishing, you are at high risk of making a wrong decision.
So, let’s start from the basics…
What is Publishing?
Since the beginning of time, the road has been bumpy for aspiring authors. Back in the day, there were only a limited number of ways to get recognition as a writer. You could approach kings and update them about your work. (Which if they don’t like—head on a pike)
The other was performing street plays etc. (AKA; Vintage self-publishing)
But then came publishers, who offered a wide range of services at a margin in the profits from the sales. But, it was, and still is hard to impress hardcore publishers…
Allegedly, JK Rowling the author of ‘Harry Potter’ had to make 13 attempts to gain acceptance from a publisher. On July 26th, 1997, Harry Potter and the Sorcerer’s Stone hit the shelves and became an instant success, on the 13th attempt.
For writers when it comes to publishing, the struggle is real, but it doesn’t mean it’s impossible. For modern writers, there are 2 major ways of publishing their book— Traditional publishing and Self-publishing.
Related:- 7 things every writer should know about copyrights
What is the difference between traditional and self-publishing?
There is only ONE key difference:
If the author owns the rights and royalties, then the book is self-published.
If the publishing company owns the rights and royalties, then the book is traditionally published.
That is it.
What are the pros of traditional publishing?
Traditional publishing, no matter how hard, provides better recognition. The publishing companies have specific channels and can easily promote and attract target groups. Traditional publishing has certain pros that one should keep in mind:
◘ Prestige
If you make it through the process, get an agent and then a publisher, the approval by the gatekeepers is usually validation for your work. Even if the book doesn’t sell as expected, at least some of the experts think it’s worthwhile.
◘ Easier Print and Distribution
Traditional publishing excels at print and bookstore distribution, the publishing model is primarily designed to facilitate this to the authors. The bookstores make it easier for buyers to select the books they like and pay later on one invoice per publisher minus any returns. Books are usually in the store for a month and only remain if they are perennial sellers.
◘ Experienced consultation
Many authors just want to write, which is why publishers handle everything else. Editors, cover designers, formatting experts, and marketing are provided by the agent and publisher as part of the contract. The marketing efforts are usually dependent on the investment in the project and marketing at a publishing company is usually targeted to booksellers rather than consumers.
◘ Recognition and Awards are more likely
Many literary prizes aren’t even open to indie writers. Traditional publishing makes authors eligible for all literary awards and accolades.
◘ Potential to be a celebrated author
There are only a few highly recognized authors, Stephen King, Dan Brown, J.K.Rowling, and E.L.James for example—who are celebrity writers. Then comes A-listers, who have been writing for many years, Lee Child and Nora Roberts, are good examples. So, yes. The chances of becoming a writer of high stature through traditional publishing are higher.
What are the pros of Self-publishing?
Writing for yourself is however fun, but publishing is a game-changer. With self-publishing, the author has artistic liberty and can choose how and where to sell their work. The various benefits of self-publishing are:
◘ Creative liberty
Many authors who were in traditional publishing and are now opting for self-publishing. Publishing companies however aid writers but end up controlling the content, art covers, and in turn freedom. As an independent writer, you can work with freelancers of your choice and you can choose the ultimate look and feel of your product.
◘ Publishing is faster
Once you are ready with your final draft after hours of writing, editing, and revising, your product can be published immediately. Platforms like Amazon, ReadersMeet, Kobo, and others, give the liberty of publishing e-books. The book goes live for sale 4 to 72 hours after being published. There’s also an option of print on demand that can be delivered to the author for approval online within 24 hrs.
◘ High Royalty Benefit
Online platforms usually offer a royalty of around 70%. Traditional royalty rates usually fit in the 7-25% bracket, averaging 10%. It is clear that self-publishing offers higher profits and indie authors can earn more from the sale of fewer units as compared to traditionally published books.
◘ Freedom to sell anywhere
Self-publishing lets the author choose the audience to target. Print on demand helps the writer print and distribute a limited number of books for any global market. Preferred distribution channels can also be chosen.
◘ Publishers approach you
These days, if your self-published book does well, the agents and publishers come to you. One specific example is, El James’, ‘50 Shades of Grey’ which started out as a self-published book but soon became a sensation and then was published and distributed by many others. The writer sold an astonishing 65 million copies before opting for a publisher.
Who should publish traditionally?
- Big Celebrities
- Famous Athletes
- A-List Actors
- Politicians
- Household name CEOs
- Professional Writers (novelists, etc.) with a long history of high sales
Who should Self-publish?
- Business owners
- Consultants
- Entrepreneurs
- Business people
- C-level executives
- Financial planners
- Lawyers
- Doctors
- Coaches
Basically, anyone else who just wants to write their book.
Also Read:- Submission Guidelines for Your Manuscript
