Excited, and armed with a draft of what is destined to be your first book, you head to a publishing company for a quote.
You’re jolted by the figure. The entire process from editing, to distribution and everything in between, will cost you around $9,000.
You break a sweat, swiftly stash away your “dead” draft. Dejected, you walk away. The dream’s abandoned or perhaps shelved for a season. A familiar route for many prospective authors.
But that doesn’t have to be you. There are several ways to finance your book publication and you could find one, or more ways that work.
You might also try out personal loans to boost your finances as you explore the options that we’ll delve into shortly.
Creative Ways to Finance Your Book Publication
Many authors publish books to establish themselves as authorities in a subject, to attract higher speaking fees, to connect with influencers in their field, or to stimulate sales leads. Here are 5 ways to finance your book publication.
Raising funds from strangers can be pretty challenging. However, several authors have successfully convinced audiences on crowdsourcing platforms to support their concept, and ideas have been translated into published books.
To enhance your chances of success, you’ll need to have a compelling justification to seek funding. You’ll also need an authentic book idea that’ll make them interested in what you want to publish. Add a vibrant online campaign on social media platforms to get the word out, and you’re heading somewhere.
Popular crowdsourcing websites include Kickstarter, IndieGogo, FundMyBook, Publishizer, and Unbound.
Reach Out to a Sponsor
Some organizations are willing to fund the publication of your book. With a bit of research, you can get linked to them. It will be easier to get support if you approach organizations that value the type of publication you’re putting out. They could be companies within your professional circles who find value in what you’re writing about.
In return, you may have their logo or market promos in your book or on the back cover. You may be surprised to find that there are companies that run a marketing budget to fund book publications in specific niches.
Use Your Social Networks
This will greatly depend on your connections. A loaded dude in your social circles may single-handedly do the job. Not everyone would be that lucky though. If you’ve been writing shorter pieces and publishing online, it’s likely you have an online community of friends that’s keen on your next release.
Leverage such relationships to fundraise for your publication. You could also explore the idea of pre-selling the book to help raise funds for its publication. You can try out personal loans to supplement what you raise through your social networks of friends, and family.
Every grant comes with a specific criterion making it difficult to qualify for available grants. They range from government grants to those that target fiction writers, women, and even writers from specific geographical regions. Not an easy bet if you asked but a possibility all the same.
Other Innovative Cost-Effective Ways to Fund Your Book Publication
There are other creative ways to fund your book publication. As an entrepreneur, you may not have all the cash flow to fund you. Even after you’ve gone for personal loans, the full publishing costs may still be too expensive.
- Publish an e-book. Although you’ll miss out on the privilege of having a tangible book, it’s a cheaper way of getting into the market. You eliminate printing costs, expensive graphics, shipping costs, and the chance of ‘dead stock’ in your storage.
- Publish the book using your company and deduct off publishing costs as business expenses. You’ll need to consult with your accountant to establish if your business is eligible for such an arrangement.
With a passion to write, your battle is halfway won. All you need is to soldier on and find a fundraising strategy that works for you. However, not every formula that works for someone else will work for you. Therefore, you shouldn’t despair if one initiative didn’t yield the desired result. Keep try and you’ll emerge victoriously.