A start-up small business vs. wishful thinking
An author writes. That is what he or she wants to do. In most cases, an author dreams. He or she dreams about bestsellers, about making a living from writing, about his or her book being made into a movie. These are all good-in fact, they are all great. Dreaming, hoping, fantasizing about ultimate success in one’s own writing is a virtue. Writing, however, is hard and writing really well is harder; it takes motivation, persistence, and continuous improvement.
For independent authors, the entire self-publishing journey is a three-stage adventure as described in Not a Gold Rush: The Taleist SelfPublishing Survey: “Writing a book is the first leg… getting it self-published is the second. The third leg is marketing your book. ”
The writing process is what every author understands and completely relates to. The publishing process is, to a lesser extent, also a familiar setting for authors, especially the experienced ones. However, after a book is finished and published, the next phase of getting the book known and making it sell is usually like stepping into an entirely different world. It’s a hard adjustment to make for most, but the fact is promoting one’s book is akin to operating a small business; it has very little to do with writing or the publishing process. An author who realizes, accepts, and adjusts to this reality has already taken the first step.
Proper book promotion is something that a lot of authors don’t do. These are the authors who try to find someone willing to put energy into translating their dream into this functioning small business of promoting it. Agents do this. Traditional publishers do this. They become that second personality, that small “business mind. ” In doing so, they allow the author to primarily stay in his or her writing, still dreaming and hoping, because the agent or publisher can take on the lion’s share of the small business that can actually belong to the author if only he or she knows how to handle it and handle it well.
Even in this case, when the agent or publisher is generally more involved, the author is still asked to step in and participate in the business quite often. The primary responsibility for the alter ego rests with somebody else, yes, but so does the profit. Less than 5%-by some measures, less than 1%-of authors find an agent or traditional publisher willing to take them on. For the other 95-99%, however, you-the author-are going to have to be two different people: a writer and a small business owner.
The characteristics of running a start-up small business
If you’ve never owned a small business, you would have no way of knowing what it’s about. I’ve owned and run small businesses for 27 years. There were times I have succeeded, as well as times I have failed. I’ve had Inc. 500 businesses, consulting businesses, marketing businesses, publishing businesses, and more. Based on my knowledge and experience as a businessman, I can tell you with 100% certainty that promoting one’s book and oneself-with the operations you have to go through-is just like operating any other small business. It has the same cycles, it has the same start -up needs, it has the same waiting, it has the same team building, it has the same “making-decisions-with-inadequate-data” characteristics, it has the same “throw-many-things-up-on-the-walluntil-you-know-what-you’re-doing, ” it has the same fear, and it has the same thrills.
The most important thing you need to know is that running a business has its own skill set needed, just like anything else. The most common problem among people who try to start a business is they may think that, if they are just good at what they already know, they’ll succeed. Someone good at working on cars starts to charge people, word gets around, he works on more and more cars. Eventually, the fateful day comes when he starts to hire people to help him. He is confident about his knowledge and experience as a car mechanic and believes that it’s good enough to take things to the next level based on that skill alone. He, however, is about to embark on a venture of which he knows nothing-making a business work, not just making a car run. He is about to find out technical and managing kills have little to do with each other.
The same thing goes with marketing your titles. Although a fair amount of book promotion is writing-blogs, articles, social media postings, press releases, etc. -this is just about 20% of it. You’ll want to concentrate on that and that’s a good thing. What is essential is that you accept and make it your mission to learn as much about the other 80% as you can, and spend enough time on that 80% as well. If you do that, you’ve got a shot. Unless you get an agent or a traditional publisher, if you say to yourself “Someone else can do all that. I don’t want to think about it” and then you do exactly that, you’ve lost before you have even started. This is not to say you have to be an expert in all parts of book promotion; it is, however, to say that you need to understand all parts of your new business well enough to oversee it. As what best-selling self-published author, Hugh Howey, mentioned in his article, “Hugh Howey: Self-publishing is the future-and great for writers”:
“The success of your work will depend on you knowing this business and embracing all the challenges that a self-published author faces… Promotion will be up to you. ”
We all start from somewhere-or with something-and it is always preferable and more effective to understand the basics first instead of trying to take in the whole all at once. Before you start with-or overhaul-your book promotion business, there are five things or the first five tools you have to get to know and familiarize yourself:
• Expectations of returns
• Systems orientation
We’d like to mention here and now, something that runs throughout the series of articles. As mentioned earlier, starting and running your book promotion business is exactly like starting and running any other small business in one big way. There is one simple rule of thumb, far more important than any other that will spell success of failure, and it is this:
If you avoid the biggest land mines, you have a chance at success. If you emulate those that have succeeded before you and truly make your best effort at doing that, you have an even greater chance of succeeding. In this series of articles we are going to show you the biggest land mines, and tell you what has worked best.
Please notice throughout this series of articles that, periodically, we will describe a behavior or an attribute a pattern of decision that either defines a bigger reason why authors fail or defines something that those self-publishing authors who reported making an independent living from royalties are doing. Our suggestion is that, when you see those you keep track and make a list of behaviors in common with authors that fail or with the Top Earners. We suggest that you refer to this list regularly and make sure you’re always avoiding the fail behaviors and emulating the ways that led to success. Most authors-in fact, most people-will tell themselves “This doesn’t apply to me” in this or that circumstance. They will go off on their own adventure, ignoring both lists, and end up looking around for whom to blame when they fail. It is your job and your responsibility to *not* be one of those people.
It is important to strongly consider capitalization before you start your book promotion business or any business for that matter. There are ways to prepare properly for those and ways to reduce capitalization needed.
Most self-publishing authors make one or two mistakes right out of the gate. First, they do their book production themselves. According to the Taleist survey for self-publishing authors, majority of the 1000+ respondents stated that they earn more than 3. 5 times of the royalty/revenue if they have the production work done by outside professionals, compared to if they did that work on their own. Second, when authors hire an outside firm to do this work, they tend to show poor judgment in their selection of firms. There are those who would spend $3000, only to get subpar production work done when they can get high-level prepress for 1/3 of that cost. With the former mistake, they enter into book production already having sabotaged themselves out of 2/3 of the returns they might get for promotion. With the latter mistake, they enter promotion $2000 poorer with what may or may not be an attractive product, which further decreases the chance of the book to sell.
Capitalization planning depends on a realistic idea of the amount of time it will take for promotion to succeed to a breakeven point. Most authors-in fact, most first time small business owners-vastly underestimate this amount of time. With most small businesses, it takes 3 to 5 years to get to breakeven. While the amount of time it may take to get to breakeven with book production is less than that, most authors-and most small business owners-give up after 3 to 6 months of effort. If you want to make it into that segment of the Top Earners-self-publishing authors who reported making a living off their royalty income (10% of self-publishing author respondents)-you should capitalize such that you can maintain your plan for at least 18 months, a probable timeframe to reach breakeven point. There are authors who accomplished this within 12 months, but very few in a shorter period of time.
The amount of capital needed obviously depends on the promotional systems picked, and this varies widely. It depends on what you can do yourself with competence. It depends on your willingness to invest time daily. It depends on the systems you decide to use whether or not they are “best-bang-for-your-buck” systems for your book or not. It depends on your ability and willingness to learn and adjust on the fly. The subject of amount of capital will be addressed later in this series and in more specific terms.
Capitalization is one part of the picture we are trying to put together, and like the rest of the foundations we are going to discuss, it also branches out and affects other aspects and, eventually, the whole venture. But, in order to understand the basics and the whole small business-start-up subject, we will start with the overviews before narrowing down into more details, during which we will introduce more important aspects of book promotions from the business perspective.