“I have a book in me.” It’s a phrase often used when someone is either writing a book of considering doing so. Which is great. Whether it’s a Memoir or Fiction or Non-fiction, before you pick up a pen (or keyboard) it might be worth considering whether you can afford this exercise in self-expression.
I’m now in the process of self-publishing my fourth novel, and in so doing faced a decision whether to self-publish, go with the new ‘hybrid’ publishing model, or try to go the traditional publishing route, where one of the ‘Big Five’ houses takes me on and publishes my work. The traditional route wasn’t an option, since I don’t have an agent and the route to traditional publishing is long. Hybrid is new and attractive for a number of reasons, and I’ll probably go that route with my next novel (unless an agent and publishing house magically drop from the sky). But if I’m going to go that route, I should do a cost comparison between that option and self-publishing.
Which is the reason I’m tracking all the costs (with the help of my publishing quarterback, Cheryl Callighan of The Authors Assistant). When the book is out the door and we’ve gone through the last of our PR retainer, I’ll finalize the spreadsheet and share with you. Promise.
Here are the categories of expenses, as I see them. Some of them are optional, such as engaging Cheryl to do all the legwork involved in getting a book published; others are fixed. I’ll delineate them at the final accounting. But here goes:
Writing Software: I wrote my first novels with Word. Based on a recommendation from an old friend, Jim Fallows, I bought Scrivener. It’s only $59 and worth every penny, helping you keep scenes, ideas, characters and the actual writing all in one place.
Editing: I don’t kid myself that I don’t need an editor—everyone can use one—but the costs can be extensive. Remember that, just like a proofreader, you’re paying them to read your draft(s) and then work with you to improve them. I use a small reading group, each of whom has different literary tastes, to run ideas and early drafts by.
Proofreading: (separate from editor) $350
Cover Design: $500
Internal book design: $1,500
Social Media: (wide range and depends on where, who and how long your marketing is) $500 – $2,000
Reviews: Typically these are free and connected with your marketing and book sales, however, if you employ someone to beat the bushes for reviews or engage an app like BookFunnel the cost can range from $100 – $2,000
Publicity: (3 month PR service @ $1,495/month) $4,485 service are getting online reviews, podcast opportunities, TV, etc.
The above are the major categories and related costs. If you self-publish and have the time and energy to do much of this yourself, you can publish for very little financial investment. But you’ll also probably wind up with an amateurish effort (especially if you proof and edit your own work) that doesn’t reflect the time and energy you put into the project.
That said, we’re back to the question of why did you write the book. If it was to have something you could give to friends and family, then cutting financial corners makes all the sense in the world. If, however, you want the book to attract outside readers, possible agents or publishers, or that elusive movie deal, then invest in the elements that will give the book a professional feel.
As I said above, we’ll track and report actual costs (as well as sales) and report back in a few months.
