During these bad economic times, do you still think it’s a good time to self publish a book?

During these bad economic times, do you still think it’s a good time to self publish a book? Normally I wouldn’t write about the same subject twice within a year but a lot has changed since I first wrote about this in the October issue. If you pay too much attention to the fear mongering coming out of Washington these days, you’re probably hiding under a rock right now waiting for someone to come take the last few dollars you have in your pocket.(My rock is full, or you’d be more than happy to join me)

Back in October the “Hope and Change” gang was just starting to get their feet wet in Washington.  The stock market was at 13,000, the plans were set to turn those pesky rich people into poor people, and the masses were getting ready to let the “good times” roll. My original idea was to publishing this article on April 1st, in case I wanted to use “April Fools” as the punch line but decided that this subject is much too serious for that.  Instead of April 1, I chose April 15th, tax day to help make my point. This is the official day that those who make give to those who take. In keeping with the times I guess it could also be called “Spread the wealth” day or “Investment” day… but for me, it’s still tax day.

One quick question that I’ve been asking people for over 35 years…. How much money do you make? Seems like a simple enough question.  “I make $52,000 per year!”  “So your paycheck is $1000 per week?” ,I ask.    At this point I get the “you fool” look. “Of course, I don’t take home $1000… I have to pay my taxes”  “Then you don’t make $52,000 per year… do you?  It seems pretty simple to me. What you make is what you have to buy goods and services… period. Unfortunately 90% of the people out there will answer that question with the gross pay answer… and believe it. If you are one of these 90%, and have a book you’d like to publish, you are the perfect candidate for one of the dozen or so different POD Vanity publishers. These Vanity Presses work with the same “smoke and mirrors” technology that the government uses to take your money and make you feel good about them taking it.   Think about this real hard for a minute.  If you have a book to publish and can truthfully answer the question, “How much do I make”… read on.  If not, you might want to visit www.northpole.com or www.toothfairy.org. or www.authorhouse.com .

If you’re still with me, you are among the small percentage of authors who are perfect candidates for self publishing… true self-publishing…. publishing as a means of generating income. Bad economic times are perfect times for entrepreneurs. While the masses are watching the talking heads on TV, telling them how bad things are, and these same masses sit around feeling sorry for themselves, the entrepreneur sees this time as an opportunity.  Some of you have read this before but I’ll repeat it again for those who haven’t.  The two most successful financial endeavors of my life, were born during tough economic times and with me out of work and broke.   The first, in the late 70’s, was the invention of a highly controversial political board game with my friend and co-author of the Publishing Basics book, Bob Johnson. We started off with nothing, talked a couple local grocers into putting up enough money for a few prototypes, and delivered one of the prototypes to the local newspaper. The next thing we knew, the media got hold of it and hundreds of TV and radio shows later, we had sold 100,000 copies of a $16.95 board game. A good idea, a little luck and a lot of hard work changed hard times into good times.

The second was the creation of RJ Communications in 1994.  Having just been laid off from my printing sales job and the company owing me a great deal of commission, but not paying, I found myself broke with no income once again. The choices I faced were similar to what I faced back in the 70’s.  I could either look to the government to solve my problem or go out and solve them myself. I chose the latter…again.  To make a long story short, the company is now 15 years old and oversees the publishing of almost 1000 titles per year. Once again, a good idea, a lot of hard work and a little luck was all that was needed.

If you are sitting there with a book in your word processor and you are wondering whether or not to publish, there is no time like the present to do so. Lack of money never breaks the spirit of a true entrepreneur. If you do it correctly and follow a few basic rules, your publishing idea could turn into steady extra income or even a fulltime endeavor. Remember there really were a Mr Simon and a Mr Schuster. If you play your cards right, maybe your name will be a household word, too, someday.  Even if it’s only a household word within the walls of your own house, that’s ok too. It doesn’t take much money to get started and a steady income stream is well within the realm of possibility. In theory, you are receiving an extra $13/week in your paycheck, courtesy of your future grandchildren and great grandchildren.  You can take this money and buy a few Starbuck’s coffees, or invest in a few lottery tickets (right up there with Author House, Santa Clause and the Tooth Fairy), or you can use the money to publish your book and a chance to make some real money.  The choice is yours… do it now. A dear friend of mine, who has plenty to complain about if she were the complaining type, recently sent me these two simple lines.

Life isn’t about waiting for the storm to pass

It’s about learning to dance in the rain.

All you entrepreneurs out there… it’s time to learn the self publishing dance.

The basic steps of Self Publishing are:

Step 1 – Read Publishing Basics – Navigating the Self-Publishing Minefield – This simple first step can help you build the firm foundation needed to successfully publish your book. Warning: Skipping this step can cause you to waste hundreds if not thousands of dollars

Step 2 – Purchase an ISBN - The ISBN is what identifies you as the publisher. YOU MUST OWN THE ISBN if you want to claim you are self-publishing.  The single largest mine in the self-publishing minefield is the deceptive practice of the vanity presses saying that they will assign you an ISBN.  They can only do this if you feel like being owned by someone else.

Step 3 – Obtain an Editorial Analysis – while this step is not 100% necessary, it helps improve the odds of the success of your book. You really need someone other than friends or families evaluate your manuscript prior to investing any sizable amount of money in the publication of your book.  Exception to this step is books strictly intended for friends and family.

Step 4 – Chose an editor - there is a time to utilize your old English teacher’s talents and a time to use a professional editor. It is NEVER the time to edit your manuscript yourself. Ultimately you’ll make this important decision based on your personal circumstances and the goals of the book.

Step 5 – Layout the text – Text formatting and layout programs start at only $99. As tempted as you might be to do-it-yourself, it is not recommended, even if the book is strictly for friends and family.  Even friends and family can appreciate a professionally designed product.

Step 6 – Design the cover – Like text layout, this is not the time to wrap a homemade designed cover around a great text. Do-it-yourself cover design is great if you are still in grade school but there is no room for it in professional publishing.  Professional covers designs start at $149.

Step 7 – Print your book – this part seems pretty obvious but it’s the part that separates the true entrepreneur from the hobbyist. You need books to sell books.  The quantity you print (and later sell) will ultimately determine if you make money or not. It’s OK to start small to get your publishing feet wet, but you eventually need to print a quantity of books at a low enough unit cost, if you have any hope of making any money.

Step 8 – Storage and Fulfillment – You’ll probably start off storing books in your closet and licking stamps and shipping orders yourself.  You’ll tire of this quickly, if you’re doing your job in sales.

Step 9 – Distribution – This is another area where you are going to have to walk before you run. Initial bookstore distribution can be achieved via Thor POD distribution. As your book builds sales, you may be able to attract a more traditional book distributor.

Step 10 – Website design – this could be anywhere from step one to step ten.  Ultimately your well designed website will be the best sales tool you have other than yourself.  It is an absolute must for any self publisher who envisions their book selling beyond family and friends.

Step 11 thru 1011 – Sell, Sell, Sell – No two authors are alike.  What works for one, may not necessarily work for another. For under $30 you purchase a copy of 1001 Ways to Market Your Book.  Maybe you will not get 1001 ideas but I guarantee you’ll find more than enough to justify the investment.  This part of the process is the most fun as well as potentially the most rewarding.

Best of luck.

Happy Tax Day!

Last 5 posts by Ron Pramschufer

• ATTN: Vets…Don’t leave it to the historians. Have a story to pass on? - July 20th, 2010
• How did Book Expo America work out this year? - June 30th, 2010
• How did that Publishing Basics Seminar, in New York, work out for you? - June 30th, 2010
• Do you have any plans for Book Expo America this year? - March 19th, 2010
• Self-Publishing and the New Millennium plus 10 - January 14th, 2010