Many CEOs and business leaders assume that a traditional publisher is the best path for them to take in getting their newly written book produced and distributed. Given how traditional publishers were the only option available for centuries, it makes sense that authors start the process of writing a book thinking that they will be traditionally published.
However, today, that’s not always the case. You have other choices now.
Traditional publishing may also not make the most sense for your particular book.
The disruption that has occurred in the publishing industry in the last 20 years, thanks to innovations in printing technology and entrepreneurial ventures, has led to new publishing business models and companies. No longer are major publishing houses, such as Random House, Simon & Schuster, Penguin, HarperCollins, and John Wiley & Sons, among others, the only way to become a published author.
In fact, the odds of landing a traditional publishing deal are unlikely unless you’re well-known or already have a large social media following.
Publishers today are risk-averse and are reluctant to sign a new author who may not be able to sell at least 10,000 copies. Unless you can almost guarantee that your community will buy that many books, you may have an uphill battle landing a traditional publisher. Not to mention the need for a literary agent to represent you and a strong book proposal prepared to market your book.
Traditional Publishing Advantages
Historically, major publishing houses were the gatekeepers, determining which books were worthy of publication and which were not. For that reason, some authors believe having a traditional publisher’s name on their book’s spine enhances the book’s credibility and prestige, as well as their own.
In some circles, that may be the case. Academicians and scholars, for example, may receive enhanced stature by landing a traditional publishing deal.
In the business world, however, the only real advantage is that traditional publishers agree to cover the costs of production. In that case, CEOs, founders, and business owners don’t need to come out of pocket to have their book edited, proofread, laid out, cover designed, printed, and distributed.
Authors who are cash-strapped may find this the only advantage that matters to them. Production and printing costs start at around $10,000 and go up from there.
By opting to sign with a traditional press, however, authors may inadvertently or unknowingly give up control of elements that may be important to them.
Types of Control at Risk
If you have the ability to pay upfront for the design, production, and printing of your book, you are in a strong negotiating position. You can consider a traditional deal as well as other alternatives, such as hybrid publishers and author services companies.
Where traditional publishers can offer:
- A potential advance against future royalties
- No-cost production and printing
- Well-established distribution network
- Sales representatives to help promote your book
- Potential enhanced credibility
Some of the potential downsides of traditional deals are:
- Long potential production timetables – 18-24 months after manuscript receipt
- Little to no input on cover price
- Input but no final say on cover design
- A requirement for a buy-back of a certain number of copies that ends up costing you money upfront
Depending on your topic, these considerations may be significant.
Timetable: Most business executives live and work with a sense of urgency. When their manuscript is written and ready for production, few are willing to wait another two years before it hits bookstores. And for tech topics, there is a very real risk that the content could be obsolete by that point, or have been overshadowed by a similar book.
Cover price: Publishers set a book’s cover price based on what similar, competing books cost, as well as what number is going to make their financials work. It’s possible that where competing titles are selling for $24.95, yours could be priced at $34.95 in order to make the financial model profitable. And you may not want to be the highest-priced book in your space. But it’s not your call.
Cover design: Publishers employ skilled graphic designers who know what types of covers sell. They are specialists at grabbing a customer’s attention. You wouldn’t want someone without publishing industry experience designing your cover; however, you may also want to offer input. For example, perhaps you want to include a pop of color that matches your company’s corporate colors. You can request it, but the final decision is not your own.
Buyback: If you were leaning toward a traditional deal in the hopes of not having to pay for production, a buyback effectively does the same thing. You commit to buying a certain number of copies, which you purchase at an author’s discount. Depending on the size of the buyback, this could end up costing you more than a hybrid press.
Where you may lose control of these elements of production in exchange for not having to pay for production and printing, by considering hybrid and author services companies, you can take back control of some or all of the above-mentioned items.
Retaining Control
With hybrid publishers and author services companies:
- You decide on the title
- You choose the cover design, with input from your publisher
- You decide on the cover price, with recommendations
- You have near-100 percent control of the content, within reason
- The production timetable is more like 10-12 months, not 18-24 months
- Many independent publishers have distribution arrangements with Ingram or Simon & Schuster
- You pay a fee for services upfront
- With hybrid publishers, you also pay a 15 percent commission, much like you would pay an agent
If you want to play a big role in making decisions about your book, you can try to write that into a traditional contract, if you’re offered one, or choose to work with a hybrid publisher or author services company where you retain full control.