When self-publishing, authors become business owners in a sense but with one product: their upcoming book. Like any business venture, you have your stakeholders and customers.
If you set it up correctly, you need to raise funds, work with editors, and talk directly to readers and fans to pay the bills of publishing your book correctly.
You should also understand that any money you acquire to publish – grant, contest winnings, crowdfunding – is taxable, so you’re not throwing money away, merely investing long-term into your future.
How Book Funding Works
Authors need to learn the art of self-promotion. Most funding comes from people the author knows directly, but the rest typically comes from crowdfunding.
Crowdfunding will be the test to see if you can be as successful at selling your book to audiences as you are to sponsors.
To be successful at crowdfunding, start by studying completed campaigns to learn from their strategy. Also, note that certain platforms like Spotfund and Indiegogo tend to be more author-friendly than Kickstarter and concentrate your efforts there.
Grant for writing a book
Researching grants for writing is not mistaken for ‘grant writing,’ which is the process of applying for funding provided by a private, corporate, or government grantmaker (for an organization, not a personal endeavor).
When you apply for a grant, make sure you’re story’s plot is complete and you have a marketing plan in place. These two elements make it easier to prove that you have a plan to sell this book, especially if you’re a first-time writer without a history of book-selling success.
Publication Grants are intended to encourage non-academics to do original research and to encourage academics to make their research accessible to the public.
The government makes grants available for various educational projects, so if your book has a purpose that advances a cause, there is potential to get funding for your book.
Grants are by far the best option for funding your book, but the caveat is that they’re hard to get. With a grant, you can allocate the funds to the various components like editing, cover design, and formatting that will make your book publishing dream a reality.
Funding for Self-Publishing
When it comes time to publish your book, do not cut corners. Readers unconsciously expect self-published books should have the same treatment as a book published through big publishing houses.
If you skip these steps or have inexperienced help, it can negatively affect your book’s long-term success. The reality is that readers do judge a book by its cover and the quality of the book’s content. Obvious oversights will turn off readers and reflect in book reviews.
How it works
Like a business, if publishing your book is truly a priority, you will have to work at it every day and set aside funds to build your publishing fund.
Like anything else in life, if you want it, you’ve got to find a way to make it happen. At Palmetto Publishing, we can help you with ideas to make a strong proposal and marketing plan, and when the time comes to publishing your book. Contact us today to get started!