Traditional Publishing vs Self-Publishing

Writing a book is a great achievement, but what do you do when it actually comes to publishing your book? Nowadays, many options exist for authors looking to publish their books, which can become confusing, especially with all the self-publishing services.

We look into the two main ways, which are both rather popular with authors of today: Self-publishing vs traditional publishing.

Both are good ways to publish a book, depending on your skill set.

One may suit one author willing to put time and energy into learning new skills, such as how to form a book, whereas the other will suit another who wants to focus more on the writing and doesn’t want to get involved with any design.

There is no right or wrong way to get your book out in the market; all that matters is you get what you set out to achieve.

Traditional Publishing

With traditional publishing, the author completes a manuscript and sends a book proposal along with the manuscript to a publishing house or agent. If the manuscript is first sent to an agent, they will then send it on to potential publishers for the author, that is, if they accept to take on the manuscript. Within a publishing house, an editor will read the manuscript and decide whether or not it is worth publishing.

If a publisher decides to publish the author’s work, they will have the author’s rights and may pay them an advance for any future royalties.

Royalties are the percentage the author gets from the retail price of their book.

The publisher will then sort out all book elements, including how the book is formatted, design, marketing and price.

Pros

• It gives you the confidence that your writing is good enough to be published.
• Easier to get your books in stores and shops.
• Have a professional team to back you.
• Literary prizes are more likely.

Cons

• Publishers take a percentage of your book sales.
• Slow process.
• Don’t have much control over the process.
• Only take on work that they believe is good enough.
• Low royalty rates.

 

Self-Publishing

This type of publishing is a little different. With Self-Publishing, the author is the publisher. The author has full responsibility for the book, from proofreading to designing, to creating an author website, to selling. The author is in charge. The author can employ people/Companies to do such things with the book, but all funding must come from the author, or in some cases, authors may take part in events such as crowdfunding.

Pros

• Having control over the whole process, formatting, design, marketing, creating an author website, and distribution is down to you.
• The possibility of making more money.
• Publishing houses are likely to take more notice of self-published books.
• Typically keep all royalties.

Cons

• Difficult, lots of learning for formatting, design and marketing.
• Sometimes isolating, long hours spent on your computer learning new processes.
• You may find bookshops won’t accept self-published books; if they do, it may be a longer process to get them stocked.

Thoughts on Traditional Publishing vs Self-Publishing

We posted a poll up on our social media to see what our followers, both authors and publishers, thoughts were on the different routes of publishing. Whether they preferred Traditional or Self, the results showed there to be a 50/50 split.

One of our most loyal and long-standing customers, Goylake Publishing posted an interesting comment: “We think that books published by independent publishers and authors offer readers greater variety in subject matter and story structure. It is argued that traditional publishers act as ‘gatekeepers’, but we would respectfully suggest that readers should be trusted with that role. Self-publishing has a long tradition – Dickens self-published some of his titles, while many modern, well-established authors are now choosing the self-published route. As readers, we look for good books, regardless of the publisher, and we believe this trend is common amongst modern readers and will continue.”

Financial Considerations

When deciding between traditional publishing and self-publishing, you should carefully consider the financial implications of each route. Both paths have unique financial structures that can significantly impact an author’s earnings and long-term revenue potential.

Advances and royalties in traditional publishing

In traditional publishing, authors typically receive an advance against future royalties. This upfront payment is based on the publisher’s estimate of the book’s potential sales. Advances for first-time authors could range from nothing up to several thousand, though established authors may receive much more.

Royalty rates in traditional publishing are generally lower than in self-publishing. You can expect to earn 6-10% on paperbacks and 10-15% on hardcovers. For ebooks, the royalty rate is typically around 25%. However, authors don’t start receiving royalty payments until they’ve “earned out” their advance, which means selling enough copies to cover the initial payment.

Costs and earnings in self-publishing

Self-publishing offers higher royalty rates, with authors often keeping 60-70% of their book’s sale price. However, self-published authors must bear the upfront production costs, including editing, cover design, and marketing. Depending on the services chosen, these expenses can range from a few hundred to several thousand.

While self-publishing offers greater profit potential per book sold, authors must balance this against the lack of an advance and the need to invest in professional services to ensure a quality product.

Long-term revenue potential

The long-term revenue potential varies greatly between traditional and self-publishing. Traditionally published books have the advantage of wider distribution and the backing of a publisher’s marketing efforts. However, self-published authors retain full rights to their work, allowing them to explore multiple revenue streams such as audiobooks, foreign translations, and sequels.

Tax implications

Both traditional and self-publishing have tax implications that authors should consider. Self-published authors are considered small business owners and must report their income and expenses accordingly. This includes keeping detailed records of all book-related expenses and reporting royalties as business income.

Traditionally published authors receive royalty statements and 1099 forms from their publishers, simplifying the tax reporting process. However, they may still need to track expenses related to marketing and promotion.

Whether choosing traditional or self-publishing, authors should carefully evaluate their goals, resources, and long-term financial prospects to determine the best path for their work.

Printing your own book

For any author, book printing has become an increasingly accessible option. With the rise of digital technology in the printing industry, self-publishers now have more control over the entire process, from design to distribution. This approach allows writers to bypass traditional publishers and bring their stories directly to readers.

Control of the Design

One of the significant advantages of self-publishing is the ability to maintain complete control over the book’s design. Authors can choose from a wide range of customization options, including book size, paper type, binding style, and cover design. This level of control ensures that the final product aligns perfectly with the author’s vision.

Many self-publishing platforms offer user-friendly interfaces where authors can upload their manuscripts and cover designs. These platforms often provide templates and design tools to help authors structure and visualize the layout of each page. For those who prefer professional assistance, some services offer access to experienced designers who can help elevate the overall aesthetics of the book.

When designing a book, it’s crucial to consider factors such as readability, durability, and visual appeal. Authors can experiment with different elements to complement their storytelling goals and ensure the book’s appearance suits its content type and page count.

Control of all book printing

Self-publishing gives authors complete control over the book printing process, allowing them to make decisions that best suit their needs and budget. Print-on-demand services have revolutionised the industry, eliminating the need for large upfront costs or inventory management. This approach means books are printed as ordered, reducing authors’ financial risk.

Authors can choose from various printing options, including paperback, hardcover, and even speciality bindings like coil-bound or saddle-stitched books. The flexibility extends to paper quality, with options ranging from standard to premium paper stocks.

For example, Amazon’s KDP provides access to their vast marketplace and can make books available to bookstores. IngramSpark might offer higher royalties for books sold through traditional retail channels. Lulu stands out with its extensive customization options and integration with e-commerce platforms like Shopify.

By controlling the printing process, self-published authors can ensure their books meet professional standards while maintaining flexibility in production and distribution. This approach allows writers to compete effectively in the market and potentially achieve higher sales without the constraints of traditional publishing.

Conclusion

Both traditional publishing and self-publishing offer distinct advantages.

If you’re driven and prepared to handle your book’s formatting, marketing, and sales, then self-publishing could be a good option. Conversely, going for the traditional publishing route may be better if you have the luxury of time and seek additional support.

It’s crucial to understand your goals and your willingness to achieve them precisely.

FAQs

Q: Should I choose self-publishing or traditional publishing?
A: The decision largely depends on your specific situation as an author. For about 97% of authors, self-publishing is the preferred option due to the control and potential profitability it offers. However, traditional publishing may be more advantageous for a small percentage of authors (around 1%).

Q: What are some drawbacks of opting for traditional publishing?
A: Traditional publishing presents several disadvantages, including lower royalty rates, infrequent payments, loss of creative control, a lengthy publishing process, the potential for frequent rejections, and loss of rights to your work.

Q: What are the pros and cons of self-publishing a book?
A: Self-publishing offers several benefits such as complete creative control, higher royalties, quicker time-to-market, and more flexibility. However, it also comes with challenges like high upfront costs, limited resources, issues with quality control, and difficulties in marketing and distribution.

Q: Which is more profitable, self-publishing or traditional publishing?
A: Self-publishing can potentially be more profitable as authors can earn between 20% to 100% of the royalties. However, the actual profit depends on the number of books sold and the author’s effectiveness in marketing and reaching the audience, which can offset the initial publishing costs.