Going Solo: The Surprising Advantages of Self-Publishing
I was recently talking to an old acquaintance on the phone who reached out because they needed help with their book.
They were working with a small publishing house and weren’t happy with the service they were receiving.
“Have you thought about self-publishing?” I asked.
“What?” they responded a little angrily. “No, I’d never do that. That’s only for amateurs.”
I felt my stomach tighten in protest.
My initial reaction was to get defensive and launch into a tirade about the benefits of self-publishing, but I didn’t push it.
If they only knew.
There’s still a stigma around being a self-published author, but it’s fading quickly.
Because when you actually dig into the nuts and bolts it’s pretty clear there are enormous benefits to going the self-published route, and the stats prove it.
The truth is the self-publishing industry is on fire 🔥
Don’t believe me? Let’s look at the data:
#1 - 30% of ebook sales are from self-published authors.
This is an insane stat at face value.
But what’s 10x more impressive is that this market share has doubled in just the past decade.
That’s nearly TWICE the growth rate of the traditional publishing industry.
This is a signal of where things might be headed.
#2 -70% royalties for self-published authors.
The last time an industry saw rewards like this was in the early 2000s when digital media began revolutionizing content distribution.
I’m betting the same democratization and profit shift will happen again here.
This is one of the reasons I push people so hard to self-publish.
If Amazon takes 30%, and your publisher takes 50%, that leaves you with less than HALF of what you’d get if you published it yourself.
Is this worth it? Depends on where you’re at and your goals, but we’ll talk about that a little later.
#3 - 40% increase in self-published titles across platforms.
To give you a sense of how big this number is, it would be like if every person in Los Angeles wrote a book.
Or every New York City subway train was filled with new authors (and considering it’s NYC, it probably is).
My guess?
Self-publishing is going to eventually overtake traditional publishing the same way digital media overtook physical media.
And at this rate, that will probably happen by 2030.
That said, I see two clear benefits to going the traditional route: a big ca$h advance and…
The LISTS.
If you’re hellbent on being an NYT best-selling author (or any of the other lists like WSJ), you’ll need to be traditionally published.
But then I’d ask, if those are vitally important to you, are you sure you’re writing for the right reasons?
Listen, we all want to be rich and famous. I get it.
You’re talking to a guy who tried to be a rockstar for over a decade.
Having been around a few famous folks in that industry, though, I can tell you it’s the same with writing.
And entertainment, and politics, and…
Chasing accolades will always be a black hole of never enough (watch the documentary “The Weight of Gold” if you don’t believe me).
I’m not saying you shouldn’t go all out and market the hell out of your book, but I do think it’s important to be cognitive of motivations.
The second reason to go the traditional route is if the cash advance makes it worth it.
Just make sure it’s a FAT check, because also like the music industry, you don’t see a penny of your sales until you pay back your advance.
Think of it like a venture capital investment.
It might help you get off the ground initially, but nothing in this world comes free.
If you aren’t absolutely desperate for the money, I wouldn’t recommend it.
So if traditional publishers don’t help you with marketing, don’t help sell your book, and take 50% of your sales, the real question is…what do you gain by doing it?
Questions I wanted to ask my friend over the phone, but didn’t.
Because the truth is I recently self-published my first book, and I never once was unhappy with the process.
I had complete creative control, and know that I don’t owe anyone money on the back end.
That’s a feeling that’s tough to beat.
Sure, it might not be a NYT best-seller.
But I had a blast making it and am excited to get it out there 😎
What do you think about this though? Do you agree or am I completely off my rocker?
Lmk your thoughts in the comments below 🙏
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