Monday, October 28, 2019
The meme "Smart Authors Don't Spend Their Own Money to Publish"
Author Incubator looks at the meme “Smart Authors Don’t Spend their Own Money to Publish”.
Economically the trick is to understand that, at least with new authors, traditional publishers succeed in with home runs with about one in ten books. It’s like swinging for home runs against Garrett Cole?
When a traditional book fails, the author has often gotten an advance “of his own money” and the publisher eats the loss. (Author’s Guild makes a lot about being able to get advances to make a living.)
I had always thought that most books published with advances are from established authors, or from people who have become celebrities in some specific niche. That might well include politicians.
If a book succeeds, a self-published book will usually make much more money for an author than a trade-published book. (It’s less clear with POD, where royalty is intermediate. Typically you might invest about $3000 for a book, and get about 20%. Still, you could make a profit if you could sell 1000 books this way. But it’s unlikely to happen until a new author is already “known” from a previous book or some other business, charitable, or political niche.
Her video has two “training slides” doing the math, and they are quite instructive.