Book Financing Tips
Read these 7 Book Financing Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Self Publishing tips and hundreds of other topics.
Creating a Budget
When you self publish a book, you need to create a budget for marketing, printing, and editorial help. Most experts suggest setting at least a $2000 budget for production and editing, and another $2000 for marketing. If you can spend more than the suggested budget, then your book may have an advantage, (know that when you self publish a quality book it can be expensive when you first start up your company).
Book Investments
Self published books require two kinds of investments: investments in capital and investments in yourself. As in any businesses, there must be enough money to print the book, send out review copies, sustain a successful advertising campaign, etc. The amount of investing you will have depends on many factors:
- How long will your book be?
- Will it have photographs inside?
- Will the cover be full-color?
- Will you type it, do it on a computer, or have it typeset?
- How many copies will you print and on what quality of paper? Generally, to produce a professional-quality book and promote it properly, you'll be in the range of $3000-15,000 in today's marketplace.
*$3000 is closer to the minimum, however, many people get into the game for under $1000.
Can I Support Myself by Self-Publishing?
If you're thinking about self-publishing your first book and quitting your day job, that may not be realistic. It takes time to build up any business, and it will take time to build up your self-publishing business. It's not fair to say that many self-publishers are not profitable—they are. However, like most businesses, self-publishing is not a "get rich quick" scheme and it shouldn't be seen as one.
Book Overruns and Book Underruns
Yes, you do have to pay for book overruns up to 10% of your ordered quantity when you self publish a book. If, for example, you order 200 books, and 210 or 220 books are shipped, you must pay for the extra 10 or 20 books. The reason is that book printers cannot estimate spoilage in the printing press process exactly.
According to the custom, a 10% book overrun or a 10% book underrun counts as a complete job. You get charged for a book overrun and credited for a book underrun. If you absolutely must have a minimum quantity of self published books, then the spoilage factor doubles to 20% on the plus side. If your minimum is 200 books, for example, then you must accept an overrun of up to 240.
Generate Income to Help with the Self Publishing Cost
If you don't have enough money to finance a print book, try some creative ways to generate cash to help raise money for the self publishing cost.
- Hold a garage or tag sale, and plow the profits into your book
- Sell some unwanted items on eBay or at the local swap meet
- Write articles and papers on your topic, and bank the cash from these sales
There are many ways to finance the costs of your book, so get creative, and get writing!
Payment for Late Delivery of Your Books
You will not receive payment for late delivery of your books, unless you have a written guarantee of a specific date spelling out the conditions and/or consequences if that date is not met. Book printers have a general idea how long it takes to print a book in their plant. The actual time it takes depends more often on you. There are many questions to consider, including:
- How well is your self published book prepared?
- How long will you hold the book proofs?
- How many changes will you make?
To be on the safe side don't plan on having your self publishing books in hand until you actually receive them. Don't schedule a book signing or autograph party until you are absolutely sure you will have books in hand—you'll avoid a lot of worry and aggravation that way.
The Real Cost of Self Publishing
When you set a budget for your self publishing cost, don't forget the cost in time and energy. You will have to devote a large part of your time to marketing and promoting your book. Do you have that time to invest? If you can honestly say "yes," then get that book published! If you have a busy schedule that you can't push aside for a while, then self publishing is not an option. Self publishing takes up a large amount of time. And, if you want to be successful, it can't take a backseat to anything else.
| Guru Spotlight |
| Candi Wingate |
