The key to making big profits in publishing is to become a publisher. Really. The writer is very rarely make enough money to make writing a full time job. However, if you publish your own book then you, as a writer and author, stand to make great profits. Here are the keys to making it big in self publishing.
Research your book topics supply and demand before you put words on paper. In order to make money in any market you need two things. You need people to need your product and you need there to be relatively little competition. Some competition is good because if no one else is doing it, there is usually a reason why. But, you might be saying, what about the idea that is so unique that no one knows they need it yet? If you have that kind of revolutionary idea, I still say 'test it' make sure you are going to get enough interested parties before you commit the time and attention it takes to create a book.
Commitment. Not only do you need enough commitment to write your book you need commitment to publish it and then market it effectively. If at any point in this process you drop the ball so to speak, you will not make big profits. How do you maintain your commitment to your book project? Well the first step, doing a little research might make it easy to get excited. There is nothing better than knowing you are absolutely going to make tons of money to keep you motivated. Some other things that motivate people to see things through are deadlines, financial commitments, and even bragging that you are writing and publishing a book. Once you tell all your friends and family what you are doing you kind of want to follow through, right?
Knowledge. No, I do not necessarily mean knowledge to write a book. I am assuming you are writing about something that you are either already knowledgeable in or are able to research. The kind of knowledge I am talking about is knowledge about publishing and book marketing. Now this is not something most people have so you are going to have to go out and get it. If you are reading this, then you are already on the right path.
Pride. The best way to sell your book, and to make sure it is a good product, is to have pride in your work. Pride will create an exceptional product and pride will sell it. You are going to be so proud of your book you would not be able to keep your mouth shut about it and you should not! Word of mouth marketing and networking are two skills that sell books, use them. Let your pride work for you. Please know that I am not talking about being so terribly proud that you are never truly satisfied with your book and you do not finish it or you let the writing process take far longer than it should. Nothing is 100% perfect - nothing. Do not be so proud that you do not allow your best to be enough.
Creativity. Creativity is involved for certain in writing your book but I am referring to the kind of creativity you will need to market your book and to gain publicity. There will be an abundance of opportunities to market your book but you may not see them unless you are open minded and approach book marketing as a creative endeavour. Yes, you will draft press releases, write articles, create a website, and contact book sellers about selling your book but how will you make these marketing tools stand out? How will you differentiate yourself from other authors?
There are basically three options for getting your book published. You can try to get your book proposal accepted by one of the industry giants like Penguin or Random House but that's a tough road. Those companies only work with proven authors or those who already have huge platforms and salivating audiences. Having said that, if you manage to get accepted, you'll end up with a huge implied endorsement and a ton of indisputable credibility.
On the other end of the spectrum, you could self-publish your own book. The nice thing about this approach is that the only person who has to approve your book is you! If you want to publish your own book, go right ahead. In fact, given the advancements in technology, you can do exactly that and order as little as one book at a time. The downside is that the credibility is far lower than with a major publisher.
These two options seem to be on opposite ends of the continuum and indeed have plenty of differences between them. Luckily, there's a third category that sits comfortably in the middle. It's the category of smaller independent publishers and there are thousands of them. They range from very small mom and pop operations to well-established significant publishers. They tend to specialize in one genre or another and often become leaders in their area of expertise.
Soliciting the independent publishers is a great way for a new author to break into the market. Find one that specializes in your particular area and visit their website. They will tell you exactly how they want to be solicited and you're well advised to follow their guidance. Find out exactly what they're looking for and then cater your proposal to their specific requirements.
It's not necessary to have a Literary Agent when soliciting independent publishers. Don't get me wrong. Having an agent is always a good idea. But you do have some additional options when dealing with the niche players and many will accept proposals directly. Most want you to send it to their Acquisitions Editor but I recommend checking with their website before addressing the envelope.
Getting a book advance is less common when dealing with independent publishers. It's not impossible but I wouldn't bank on it. The upside is you'll have more access to the people reviewing your proposal and that's half the battle. Don't pester them. They probably get a few hundred proposals each month. But a polite and well placed phone call rarely hurts and it gives the editor a chance to hear your speaking voice at the same time.
Becoming an author is something you only do once. Once you've published your first book, you will forever more be an author. And it can change your life, not to mention your career. Don't waste your time approaching one of the industry giants when your odds of being accepted are significantly less than 1%. Instead, find an independent publisher that specializes in the subject you're considering and target your efforts accordingly.
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