by Prisha
We’ve all wished that we could have a book published. However, the pathway from having a manuscript to a published end product is filled with various finance aspects. So let’s dumb it down and make it easier to understand.
1) Pre-Publication Expenses
Before your book hits the shelves, there are a few costs to consider:
Manuscript development
Editing and Proofreading: Professional editing is necessary to prepare your manuscript for publication. Content, copy-editing, or even just proofreading may cost between $500–$5,000 for book-length works, depending on complexity. (Or you may get a friend to do it, or even do it yourself — then it’s free )
Beta readers: Beta reading is when an average reader ( test reader ) of an unreleased work of writing, typically literature, who gives feedback to the author from this/her point of view , but some writers go for professional beta readers. For unpaid beta readers, try online writing communities like Reddit’s r/BetaReaders, Writing.com, or Critique Circle. Social media platforms like Twitter can also connect you with beta readers through hashtags like #amwriting and #writingcommunity. For paid beta readers, consider services like Reedsy, where you can find professional beta readers, or Fiverr for affordable options. With this, an approximate of $50–$200 would be expected by them.
Book Design
Cover Design: An innovative and engaging cover draws more readers in. Professional services, especially for design purposes regarding a cover, can range from between $300 and $1,500.
We have an inhouse graphic designer MG, our Head of Marketing & Social Media who designs book covers both premade (still exclusive just to the client) and custom ones, too. Her services range between 40 to 200 USD and you can find more about her on her website.
A good cover helps sell your book, while a bad cover can discourage purchases even if people have heard positive things about it. People do judge a book by its cover, so use this to your advantage by ensuring your book has an attractive and professional cover.This doesn't mean you cannot design your own cover, if you think you have the skills and means, then you're free to try!!
Interior Layout: A professionally designed interior for print and ebook within $200 to $1,200.
ISBN and Barcodes
ISBN (International Standard Book Number): Each version of your publication will need its ISBN. ISBNs can be purchased individually for $125 each or bought in blocks of ten for $295.
Barcodes: If you are publishing a physical book, then you need a barcode. It can be ordered for $25.
Routes Publication and Its Costs
Traditional Publishing
Literary Agents' Queries: Submitting a manuscript to literary agents might take several months to finalise the deal. To find potential literary agents, one can start by researching databases like the Association of Authors' Representatives (AAR), and resources such as the "Writers' & Artists' Yearbook" and QueryTracker. Focus on agents who represent your genre and follow their submission guidelines. Personalise your query letter to show familiarity with their work. If all agents reject you, revise your manuscript or query based on feedback and keep submitting, or consider self-publishing. If an agent offers representation, review the contract carefully and ensure the agent fits your career goals.
A few examples are Kanishka Gupta from Writer's Side and Anuj Bahri from Red Ink Literary Agency.
Although nowadays, most of them take submissions on a site or their email so it’s free.
Advance Payments: Publishers can, if they choose, offer an advance against royalties. This advance might run from a few thousand dollars to even six figures for prominent authors.
Book deals involve advances and royalties. Publishers use profit and loss statements to calculate advance amounts. Agents typically receive a 15% commission on advances and royalties. The 80/20 rule dictates that 80% of profits come from 20% of titles. One can often retain the right to submit their next book to the same publisher first. Negotiating multiple offers can lead to higher advance amounts. Authors receive free copies of their published books. Understanding financial components is crucial for aspiring authors. Retaining submission rights for future projects offers continuity and stability.
Self-Publishing
Printing Costs: Both print-on-demand services and subscription print services will print your work. Print on demand usually runs from $3 to $6 a book, while subscription print models may reduce the cost substantially for a single unit but generally cost quite a bit upfront.
Distribution Fees: Amazon KDP, Ingramsparks are just a few that I listed; they take a cut off of your sales. For instance, Ingramsparks can amount to around $49 for the set-up fee plus spending on every book printed.
Marketing and Promotion: The self-publisher shoulders all expenses in marketing the book. It is composed of social media ads, book trailers, blog tours, and spires up to at least $1,000 or more (a free way would be utilising various social media platforms to market your book)
2) Post-Publication Costs
Marketing and Promotion
Book Launch Events: Organising a book launch event creates an element of hype but can further cost you money in renting the venue, refreshments, and promotional materials, running anywhere from $500 to $2,000.
Book Tours: Book tours are promotional events where an author travels to various locations to promote their book through readings, signings, and interactions with fans and media.
In traditional publishing, the publisher often covers the costs associated with book tours, including travel, accommodation, and marketing materials. However, in the case of self-publishing, the author usually bears these expenses. Despite the costs, book tours can be highly effective in building an author's platform, increasing visibility, and driving book sales. Virtual book tours have also become popular, especially post-pandemic, allowing authors to reach a wider audience without the need for extensive travel, thus drastically reducing costs.
Advertising: Paid ads on platforms such as Facebook, Amazon, or Goodreads can be anywhere in the range of $100 to a few thousand, depending upon the ad's reach and campaign duration.
Author Website
Website Development: You can get professional author website development from $500 up to $5,000 and even more with additions for domain registration and hosting costs. This can be done with website makers like WIX, Wordpress, etc. There is also a free course on website development on Coursera.
Royalties and Earnings
Traditional Publishing: The author will generally earn between 5-15% on the retail price of their published book. This can also vary depending upon specific contracts, like the one with agents who typically takes a commission of 15% on domestic book sales and 20% on foreign sales and other subsidiary rights, such as film and television adaptations. This commission structure compensates the agent for their work in securing publishing deals and managing the author's career., along with hardback, paperback, or eBook.
Self-Publishing: Includes KDP, which pays from 35% to 70% in royalties, depending on the price of the book and the model of distribution. One can even publish on websites that offer free publishing such as Wattpad, Inkitt etc.
Income Management
Financial Planning: An author has to be financially prudent on the income side as well as disciplined in budgeting and saving for future project undertakings and lean periods between book sales.
If you're working on a budget I suggest trying to do some of the things like, managing your social media page, book designing, beta-reading, and website-developing on your own to save costs. Choosing the mode of publishing is also vital in your journey, so pick the one that seems the best to your interests. And that’s the basics that you need to know about publishing your own book.
Works Cited:
"Association of Authors' Representatives (AAR)." AAR Online, https://aaronline.org.
Writers' & Artists' Yearbook. Writers & Artists, https://www.writersandartists.co.uk.
"The Art of Book Publishing." YouTube, 26 Apr. 2021, https://www.youtube.com/watch?v=EaXtfwGFAhM.
"Marketing for Books." YouTube, 14 May 2021, https://www.youtube.com/watch?v=aY0xXgkE-CU.
"How Much Does It Cost to Self-Publish a Book?" Reedsy, https://www.reedsy.com.
"Print on Demand vs. Offset Printing: What Are the Differences?" Kindlepreneur, https://www.kindlepreneur.com.
"IngramSpark vs KDP Print: Which Self-Publishing Platform is Best?" Kindlepreneur, https://www.kindlepreneur.com.
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