Not All Publishers are Created Equally!
What to Know When Choosing Your Book Publishing Options
Whether or not you choose to partner with Modern Wisdom Press, getting your book into the hands of your readers involves a number of detailed steps that are accomplished in coordination with a variety of professionals. With the right planning and resources, and a clear understanding of what your vision is for the impact you want your book to make, you’ll be on your way to calling yourself a published author soon.
Once you have a completed manuscript, there are three main tracks to consider in order to get your book published:
1. The first option is ‘Do it yourself’ or DIY Publishing – In this case, the author completes all of the publishing tasks by searching for, interviewing, vetting, and managing independent contractors who will handle the various steps of the process. This includes developmental editors, copy editors, proofreaders, cover designers, interior designers and digital technicians. The timeline will vary and is dependent upon many factors including the author’s time availability to manage the process. The costs associated with this track will depend upon the fees of the contractors chosen by the author.
Many authors only consider these out-of-pocket expenses and don’t estimate the amount of time to budget for this process. Your time is valuable, so don’t forget to include your hourly rate to the cost of the DIY option. Doing all the legwork and vendor management can become a full-time job until your book is published or can delay your publishing date if you’re unable to commit sufficient time to the process. Ask yourself, “How much is my time worth per hour?” and then consider how much time you can budget for the process and whether this option makes the best sense for you.
2. The second option is Hybrid Publishing – This is a fee-for-service option and what we do here at Modern Wisdom Press. We are unique in that we coach our authors through the writing process as well as manage the publishing process from start to finish with a dedicated team that will guarantee your book is a high-quality, professional product delivered to the marketplace. There are many benefits to this option, including freeing up a significant amount of your time to run your business, promote your book and new offerings as well as have time for family and friends.
Not all hybrid publishers are created equally, however, so do your research to understand what’s included as well as your rights to content ownership and the percentage of royalties from your book sales. Full ownership of your content allows you to be able to repurpose your content however best serves your business, such as online programs, courses, events, and signature talks.
Publishing timeframes can vary as well. We believe that the sooner your book gets into the world, the better for your readers and for your business, so our books will be available on the market within just a few months of the first draft completion. We do this with an expert team of editors and designers who are committed to the professional quality of your content and end product.
Some fee-for-service publishers are happy to take your money without much attention to the book’s content or quality, so it’s smart to review testimonials or speak to one of their published authors about their experience. You want to choose a hybrid publisher who is invested in your success as an author. It’s important to know if they provide marketing and distribution support for a successful book launch that will help to rank your book on bestseller lists, get your book listed via multiple distribution channels and offer resources for support to ensure the success of your book after it’s available on the market.
3. The third option is Traditional Publishing – In this scenario, the author seeks a large publisher who is interested in the book and who will control the process. The benefit to this track is access to their distribution system and marketing support. Most first-time authors who choose this route do so successfully with a book proposal and an agent, who will take a percentage of the author's advance. The challenge is that most traditional publishers require first-time authors to have a large and established following or brand recognition and a marketing plan for their book. Without this, they are not poised to offer an advance on your potential book sales.
Traditional publishing contracts often take up to 90% of royalties from book sales and assume ownership and control of your book’s content, though they are relying more and more on the author to market the book to their platforms on their behalf. This route can also take up to two years for your book to become available on the market and reach its audience. It’s important to note that some traditional publishers do sign on authors who have previously published with a hybrid publisher or through self-publishing.
Knowing the vision you have for your book and the goals you have for yourself and for your business are keys to determining the publishing path that makes the most sense for you.
