Is Self-Publishing or Traditional Publishing Better in 2021?
One frequently asked question among the aspiring authors I often talk to is whether self-publishing or traditional publishing is better.
The expectation is that I would say self-publishing because that’s the world in which I spend most of my time. But I actually believe there is no better or worse overall when it comes to publishing; it just depends on who you are and your goals for publishing your book.
Asking which is better is like asking “Is it better to be self-employed or to work for a company?”
And while there are some people out there who would shout entrepreneurship from the hilltops, the reality is that there is no universal “better.” The best decision will depend on what’s better for you.
I can't answer the question for you- it's something you'll have to gain information on and answer for yourself. If you need some help getting started, check out my post on determining what type of author you are to help give you some guidance on what route you might want to pursue.
In this post, I’m just giving you some pros and cons to help guide you in ultimately making your decision.
First, let me give you some definitions if you're completely new to what these terms mean.
I got this great definition for traditional book publishing from Writer's Digest. Traditional Book Publishing is when a publisher offers the author a contract and, in turn, prints, publishes, and sells the book through booksellers and other retailers. The publisher essentially buys the right to publish your book and pays you royalties from the sales. This requires you to license your book to a publisher, usually through an agent. Traditional publishing got its moniker because it was the primary model for publishing your book for a very long time. You have always had a handful of self-publishers, but traditional dominated the publishing world for many, many decades.
Self-publishing, which you also might hear referred to as independent or indie publishing, is publishing your book without the use of a publishing house. This model began to gain some steam in the 1990s, and after the introduction of the Kindle in the mid-2000s and the advent of print-on-demand services, it's grown to become a billion-dollar industry.
The Pros of Traditional Publishing
Prestige. Publishing with one of the (now) Big Four traditional publishing houses, Penguin Random House, Macmillan, Hachette Book Group, and HarperCollins, still brings a certain level of prestige if that’s what you’re looking for. If you want a New York Times bestseller title, it’s easier (still not easy at all, but easier) to get there going the traditional publishing route. Some authors like the association with a well-known name. Having your hard work rewarded with a contract still means something to many authors and can give your work more credibility in some circles.
More Resources. Traditional publishing vs. self-publishing is like the difference between working for a company and working for yourself. The publisher provides the publishing resources to varying degrees. They typically pay for and manage editing, formatting, listing, getting books into stores (to some degree marketing, but more of the onus of that is going to authors than in the past). You benefit from the publishing house’s team and their money.
Less Risk. By going the traditional route, the publisher is taking the financial risk. If the book doesn’t do well, the publisher takes the fall for poor sales, not you. You have less upfront cost and less to lose financially. (Contrary to *some* popular beliefs, self-publishing is not free. Download my budget and timeline quick guide for a real cost break down)
The Cons of Traditional Publishing
Getting signed. To go the traditional publishing route, you have to get a publisher to give you a deal. You need to successfully pitch your book and usually work with an agent. This can be a time-consuming process or something that never happens, and this is not necessarily due to the quality of your book, just what the publishing house believes will sell. The trad publishers also have many more people who need to make money off of your project, so taking a chance on a book that potentially isn’t going to sell enough to pay all those people isn’t worth it.
Timing. You have to be on the publishers’ timeline. You might want your book to be out two months from now, but the publisher’s schedule might put you in the middle of next year. If you're a speaker or an entrepreneur and you’re trying to time your book publishing with your business events and goals, you might not have the flexibility to work around the publisher's timeline.
Control. You don’t have as much creative control through the traditional publishing process. The publisher often has the final say over certain aspects of your book project regarding editing, design, etc. If you want to maintain a certain level of control and you're a control freak like me, it might be hard to hand that over.
Royalties. Royalties tend to be less with traditional publishers. Traditional publishing royalties range from about 10 percent on the low end to 25 percent on the highest end, whereas you can earn royalties up to 70% if you self-publish through Amazon. If you are printing and selling books yourself, you don't have royalties, just whatever you set minus production costs. Ultimately, with traditional publishing, you tend to earn less with each book.
The Pros of Self-Publishing
More Control. For me, this is the benefit of self-publishing. When you self-publish your book, you have all of the creative control. The direction of your project is entirely up to you. You don't have to edit or tailor it to someone else's idea of what will sell. The choices about your final product are all yours. You determine when and if you publish. You don’t have to wait for someone else’s approval, and you can publish on the timeline that works for you. You call all of the shots.
Higher Royalties. The percentage you make off of each book is higher, and you set your own pricing. You can charge what you feel like your book is worth and earn more of the profit.
Books stay in print. If your traditionally published books don’t sell fast enough to justify another print run, your books with that publisher will go out of print, meaning that the books are no longer being printed or reprinted. With a self-published book, it doesn’t matter how many or how few books you sell. You can still use a POD service to print them or do as many print runs as you choose.
Cons of Self-Publishing
You take on more financial risk. You have all of the control- but also all of the risk. All of the upfront costs are yours, so you take the hit if you don’t make your money back or lose money on your project.
Greater responsibility/ more headaches. You have the responsibility of managing every aspect of your publishing- from marketing to formatting to editing. Even if you hire others to take care of some of the pieces of your process, you still have all of the responsibility for assembling your team.
I’ve only listed two cons, but both of these are much harder than they sound. Self-publishing is really like owning your own business or starting another business if you're already a business owner, and if you are, you already know it isn't easy.
I hope I've given you some useful information as you decide which route you want to pursue. In closing, I'll say this is not an either/or proposition. Some people do both. There are hybrid authors who self-publish some books and traditionally publish others. The good thing is that the choice is really yours.
If you want a resource that breaks down the costs and timeline that you need when self-publishing, download your free self-publisher’s budget and timeline quick guide. Don't forget to like and share, and comment with any thoughts or questions!