Self Publishing Tips: Can You Become Rich Self Publishing a Book?

Wealth and notoriety. What a concept.

We all know that a certain magical author has enough money to buy a few poor countries, like the U.S.A., for example. But she didn't self-publish her book, did she?

And then there's the folks who brought us "Chicken Soup for Everything." They were doing well before their first book, and now they're multi-millionaires. They didn't self-publish either.

Has anyone self-published a book (or books) and become wealthy?

You betcha...

But they make most of their money on what are called "upsell" products and services (or the "back end"), and not the book. Check out Robert Ringer, author of Winning Through Intimidation. He thinks people who go through traditional publishers are idiots.

Whether you agree or disagree with Mr. Ringer, here's...

The Skinny on Self Publishing

Any book can be self published. It doesn't have to be good. In fact, the book can be crap and still be self-published. That's both the beauty and the problem with self-publishing.

Traditional publishers, book stores, libraries, and especially newspaper and magazine reviewers thumb their noses at self-published books. They still refer to companies who publish anything as "Vanity Press," although things have changed considerably in the last 10 years.

The sad truth is that the majority of self-published books are poorly written, barely edited, and filled with typographical or grammatical mistakes. These are books that were rejected by publishers, or in many cases, never even made it to the editor's desk.

Like I said... anyone can publish anything. And they do.

I've written several articles for this site that outline self-publishing options, but it's worth repeating if this is your first time here.

Self-Publishing Options

First, in all cases, you are ultimately responsible for putting your book into a final "print ready" format, and for creating the book cover as a high resolution graphic.

Self-publishing companies offer a range of services to help you with the different aspects of getting the book published: editing services, formatting, and graphic design for the cover. Some have "packages" where all you have to do is send them a Word document, and they'll put the book into one of several formats. All of these services cost money.

They have standard covers from which you'll choose, and perhaps supply your own picture. I'd stay away from these. They look mass-produced and cheap. Worse case, find an artistic friend who can design a cover for you. It's not that hard.

The bottom line: "Free" is only free if you have the ability and time to do your own editing (not advised), your own formatting, and your own cover design.

"Vanity Press" - Stay away from these. You'll know it's a Vanity Press when they tell you that you have to buy a certain number of copies of your book up front. There aren't many of these left, and they usually try to bundle services to make it sound like a good deal ("We'll do your marketing"), but these days it's a waste of money.

All other self-publishing options use what is called "Print on Demand." They use high-speed laser printers to print the books one at a time, so you can order one book or 1000 books, all at the same price.

Zero-cost self-publishing options. Some "publishers", such as Lulu, offer free publishing services. There's an upside and downside to this. The upside is that if you can design the cover and format the book yourself, it won't cost you a dime up front to get your book into print. The downside is that they charge outrageous amounts to print your book. You'll have to sell your paperback book at $23 just to make some money.

Fee-based self-publishing options. There are about a dozen or so "quality" self-publishing companies. Many of these also offer traditional publishing options if they like your book (they pay for the setup and production, edit your book, and design the cover).

In general, these companies have several packages from which to choose. The lowest cost usually includes just the setup and the printing of 1-5 books. You still have to provide a cover design and format the interior of the book.

The higher priced packages will include more services, such as editing, cover design, marketing and promotion. With FEW exceptions, I'd stay away from their marketing services. Check their credentials before paying a dime for marketing services.

Why? Usually, they just provide book marks, a few post cards, and will issue a press release. You can do these yourself for much less money. And besides, the best way to market a book today is through social networking channels (YouTube and social networking sites).

Print costs are high, but not as high as the free services. They give you a "royalty" on your book. That is, if you buy a copy of your book from them, they'll charge you on the order of $8-12 per book for printing. You keep the difference between your list price and their printing costs (minus any other discounts).

DYI Publishing. This is my favorite. Become your own publisher. You'll be able to publish your friend's books and maybe make a little extra money in the process. It's not as hard as you think, and a book will cost you between $3-4 to print instead of $8-12.

In fact, most of the self-publishing companies actually print through Lightning Source, which is the service I use directly. Why use a middleman?

How to Make Money Self-Publishing a Book

This is a tough one. Very few books make money. The most profitable self-publishers use the book as a thick business card. They use it to introduce people to their concepts or ideas, and in exchange, the reader is enticed to buy their higher-end products and services. Thus, the book is a loss-leader used to bring in new customers to a business.

However, if you're writing a book of fiction, you can still do well with self-publishing. A well-written book that is interesting to a large number of readers will attract an audience.

If you can sell a couple thousand books on your own, then you stand a better chance of attracting a publisher. They'll see that your book sells. And, since publishers are in the business of making money by selling books, they may be inclined to make you an offer you can't refuse.

But the trick is to create a book that will sell. Unfortunately, there's no magic formula or secret answer. Nobody knows what will or will not sell.

That's why it's so hard for a new author to get published. Publishers are risk-averse, and for good reason. It costs them a lot of money to print and market their books. If a book doesn't sell, they lose. They want seasoned authors who have a loyal fan base.

Publishers will take risks on new authors. What many people don't realize, though, is that these "new" authors have been around the block a few times already. Some have published short stories. Most attend writers conferences on a regular basis to create relationships with editors and agents. Few simply send in a unsolicited manuscript and receive an advance.

Your Self-Publishing Game Plan...

For nonfiction authors, do a marketing and business plan FIRST. Is there really a market for your book? YOU may think it's a great concept, but will anyone else besides your family?

Create a business plan that includes all your upsells, marketing strategies and tactics, and customer service. Most money is made on the "back end" after the initial sale.

Create a detailed marketing plan for your book before you write a word. Your plan and market research will dictate what you need to put into the book in order to attract the right audience.

Fiction authors have a tougher time of it. My advice: don't do it for the money. Write for the love of writing and because you feel you've got a great concept for a book.

The reasons are simple, but painful:

Expect to do between 8-12 drafts of your first book before you even consider turning it over to a professional editor.
Have your book professionally edited before submitting it to an editor or publisher.
Go to as many book conferences and writer's conferences as possible. Also sign up for writing workshops in which a high-profile author or editor is present. If they like your book, they'll help you get it published.
Stay with it. Many authors throw away their real first book. What you see on the book shelves is actually their second book.
Consider self-publishing as a way to get your feet wet in the publishing industry. The odds are that you'll have to do the majority of your marketing and sales, even if your book is handled by a publisher!

And mostly have fun. Write for the love of writing. Enjoy the creative process.

May you someday see more money in your bank account than the U.S. military.

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