Self-publishing is an accessible option for almost anyone with a book they want to print and sell – and it has the potential to be a profitable option as well. However, self-publishing isn't always easy or straightforward. Before you choose to get started with this endeavor, there are several questions you need to ask yourself.
The Potential and Risks of Self-Publishing
Book printing is less expensive and more accessible than it used to be. There are countless guides online that can teach you exactly how to publish your own book and distribute it across major channels. And, of course, thanks to the reach of the internet, you have more potential buyers and readers than ever before. If you can write an awesome book and get it published in the right places, you stand to make a fortune.
In many ways, self-publishing looks like an obvious slam dunk. But there are also some potential risks involved. The accessibility and openness of tools and resources online have opened the door to a cavalcade of competition. Self-publishing can be expensive, especially if you don't know what you're doing. And because writing is so intensive, there's a chance you could spend months or even years of effort, only to find out that nobody wants to read your book in the first place.
Because of these risks and potential drawbacks, it's important to be properly informed and aware of the situation before you get involved.
Questions to Ask Yourself Before Self-Publishing
These are some of the most important questions to ask yourself before self-publishing:
1. What is my project? First, think about the project that you want to do. Obviously, this should align with your current knowledge, experience, and set of skills. You may already have an idea for a fantasy novel, or a nonfiction biography, or a coffee table book. But you'll need to go one step further if you want that project to be successful. Try not to get too attached to any idea here, as an idea with a shaky foundation is going to compromise your ultimate potential.
2. Who is my audience? Next, figure out who your audience is. Market research is your best friend here. You need to understand who your target demographics are, how they think, and how they make purchasing decisions for books like yours. While many authors attempt to write books that appeal to virtually everyone, this is usually an exercise in futility. It's better to cater to the interests of one specific niche.
3. How is this different? Think about other authors like you and other books like the one you're planning. If you want to be successful, you need to find a way to differentiate your project from theirs. So how is your book different? What is going to differentiate your project from those of your competitors?
4. How much money do I need to finance the project? At this point, you'll be ready to start budgeting and projecting expenses. There are several expenses that you'll face when self-publishing, such as printing the book, distributing the book, and paying for marketing and advertising.
5. How will I manage finances? How are you going to raise the money you need to fund your publishing endeavor? How are you going to track expenses and revenue in the future? Are you going to set up an LLC or another corporate structure for this and future books you write? You need to think like a business manager. There's nothing wrong with hiring a professional to do some of this work for you, but the work needs to be done.
6. Why will people want to read this? What's going to make people want to read this book? If your only answer is that the book is going to be good, you need to go back to the drawing board. You need people to buy your book and read it, and there are already thousands of interesting books on the shelves, so why do they need to read this one?
7. What have similar competitors done? Studying the competition can be beneficial in multiple ways. It can help you brainstorm ways to differentiate yourself. But it can also help you understand the positioning and marketing tactics that have led them to success already. What strategies seem to be most effective?
8. Where will I sell this? You can sell your self-published book just about everywhere – including major bookstores – if you have the strategy to support your aims. So where do you want to sell your book? And are you going to expand in the future?
9. How will I design/brand this book? Design and branding can make your book pop, even on the most cluttered bookshelves. It's typically well worth paying a professional designer to help you with the details here.
10. How will I market and advertise this book? Even if your book is amazing, it's not going to sell itself. That's why you need to think about how you're going to market and advertise this book. How do you reach your target audience?
You don't need to have perfect answers to every question. Instead, these questions are meant to get you thinking and increase your awareness of certain dynamics related to self-publishing. The more you research and the better you brainstorm, the closer you'll get to the “right” decisions – whatever those happen to be for you and your unique situation.