Financing Your Self-Publishing Project as a New Author

I see the question come up a lot on forums, how does a new author come up with the money to fund a project? If you Google the question of how much it cost to self-publish you’ll get a variety of sites telling you pretty much the same thing. They all lean towards the opinion that it depends on you and if you’re like me and found that answer unhelpful don’t fret. Those online bloggers aren’t trying to be vague to throw you off. What they mean is the process of self-publishing is completely customizable. You get the freedom to select whomever you want. The decision to go a more affordable route is completely up to you, and affordable doesn’t have to mean the poorest quality. Affordable could mean hiring the best service provider within your budget range, and yes there of lots of talented service providers for any budget. You just have to do your research.

Now that’s all fine and dandy, but even still a good cover artist can run you three hundred dollars. How are you going to come up with that start up cash? Well, if you’re serious about self-publishing, you might want to consider opening up a business bank account or getting a credit card strictly for book-related expenses. It’s often not recommended to jump right into debt self-publishing, but you don’t want to sacrifice quality for price. It’s costly to go back and have a cover re-done or a book re-formatted. Be smart with your cash. If you can find a credit card with a good interest rate and rewards, you’ll find that little bit of startup cash to be a big help. If going the credit route is not for you, there is nothing wrong with saving up for services the old fashion way. I actually did both, and yes it takes time, but one big plus of saving the old fashion way is not having to pay it back.

Going back to opening up a business account, it’s also helpful during tax time. There are a lot of expenses related to self-publishing that can be written off, that means a bigger refund for you and more money in your pocket. There are drawbacks of course, like high minimum balances and fees, but that varies by institution so do your research.

I’ve found that having a credit card with a low balance of around one thousand or so was very helpful. I made a plan before publishing to pay for a third of the cost out of pocket, and it really helped me stay grounded and shop within my budget. There’s also nothing wrong with taking a part-time job to cover publishing cost. A few months in retail, while stressful, can be a major boost to affording the artist you really want to work with. It’s hard work, but a temporary hurdle overcome.

What about crowd funding?

That’s a viable fundraising option too. It works best for authors with an already established audience. How do you know if you have an established audience? Look at your social circle, do you have any friends or family that may be able to help you finance your project? How about your reader niche? For example, are you writing religious children stories? Maybe your local church may be interested in backing you if you agree to make a book donation. There are lots of people out there interested in seeing your project come to life, you just have to look and don’t be afraid to ask. You’d be surprised the reach your social circle has.

Lastly, it’s not a race. If you’re in love with an artist and you really want to work with them, plan and save to pay for their service. Remember this is your project, and as a self-publishing author, you get the final say in how you want your book to look. Don’t cheat yourself or your readers, by cutting corners. You deserve better than that.

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