When you think of indie publishing or self-publishing, what’s usually the first thing that comes to mind? You usually think—not quite as professional, right? Maybe not as much earning potential? Well, I’m glad you stopped in because we are going to break these misconceptions today! One thing that traditional publishing does have the advantage of is that it is a bit easier to become nationally recognized through a traditional publishing house, but we will cover that in Part Three of this series.
Issue One: I won’t be taken seriously as a self-published author.
This is something that many indie authors fear. We struggle with it and convince ourselves that we need to keep sending manuscripts to big publishing houses so we aren’t “settling” for indie publishers. Well, let’s talk about that for a minute.
Self-publishing is quickly moving to the foreground for a lot of reasons. There are some who will say that a self-published author isn’t a professional writer. The main reason for that is they don’t gain the preconceived success that comes with traditional publishing. But that’s all it is—perception. There are writers with book deals who are just scraping by, and there are self-published writers who are raking in upwards of forty thousand a month. I don’t know about you, but I would call that success! It all lies in your perception and the work you are willing to put in. If you don’t see yourself as a professional writer (even if you have a day job), then you won’t put in the work of a professional writer. Ultimately, if you want to be taken seriously as a writer, then you need to take yourself seriously and work hard at honing your craft and producing your best work! Which brings us to the advantages of indie publishing.
Issue Two: There’s not as much earning potential.
This is so far from the truth it hurts! The reason this is a popular notion is because of the instant accreditation you can get through a traditional publishing house. Publications and critics will see traditional publishing as a sign of quality because the work comes from a credible source. So you will have initial purchase orders, but as we covered in part one, purchase orders don’t necessarily translate into sales. Let’s look at how indie royalties work.
There are two ways you can go—completely self-published where you handle every aspect of creation, publishing, and marketing, or there are indie publishers who pick up some of the legwork. We will delve into the differences between the two in the next part of this series. Either way you go, the royalties end up pretty similar. Amazon royalties can vary depending on where and how you are publishing.
Through KDP (Kindle Direct Publishing), you can sell print books. After their cut is taken out for printing costs and a little to wet their beak, you are left with around 23-35% profit. Which isn’t bad when you consider that you won’t have an agent taking 15% of your profit from sales.
For ebooks through KDP, as long as you are priced between $2.99 and $10, you will profit a whopping 70% of your sales—something you will never see from a traditional publisher. With population growth and the widespread use of the internet and social media, that leaves you with literally billions of people that you can potentially reach. That’s easier said than done, though. That is why it is of the utmost importance that you build your marketing skills and practice them daily!
With an indie publishing company, you will, on average, keep a flat rate of your profits, and it can vary from 40%–60% of your sales. You also get the benefit of purchasing physical copies of your own book at cost, not retail price. So, with that being the case, say you decide to sell your book at $5 a piece. With 60% profit, you will make $3 per book sold. Meaning you will only need to sell 333,333 copies of your book to make a million dollars. I say only, but we all know that isn’t easy, either. However, it’s a lot better than the 1.3 million copies you would need to sell to make a million with a traditional publisher.
Some benefits that I didn’t cover are that when you completely self-publish, you retain all of your rights and are free to do what you want with your work. This could come in handy in a lot of scenarios. Also, the rate of publication is exponentially quicker. You can have your book on the market in a very short time after the final edits are complete. As you can see, there are many benefits to self-publishing—it just takes a little more work than traditional publishing. So, if you are willing to put in the work, then you will be poised to reap the benefits!
Thank you for reading, and stay inspired! Stay tuned for Part Three in our Benefits of Indie Publishing.