Crowdfunding for Authors:How Crowdfunding Can Help You Publish
The rise of publishing technologies and the ease of access to a book’s audience through social media and the Internet have made publishing easier than ever for aspiring authors. More writers, both new and established, are turning to self-publishing than ever before, but there is still a very big difference between publishing and publishing successfully.
How Can Crowdfunding Help Authors to Publish Successfully
In order to be successful, authors need to treat their book like their business and view themselves as not only the author, but as the publisher, too. It’s important that authors don’t just publish, but rather that they take the time to plan, market, and fund their upcoming book. Luckily, crowdfunding is helping authorsto take these steps and not only publish successfully, but smartly, too.
What is Crowdfunding and How It Can Help You Publish
Crowdfunding is the means of funding a project by collecting many small amounts of money from a large number of people, typically via the Internet. With crowdfunding, the project creator is able to devise reward levels at various monetary amounts, to both entice and thank their supporters. Because crowdfunding not only gives authors the means to raise funds, but to also market their book pre-publication, it’s becoming a logical step in the publishing process.
Top Five Reasons Crowdfunding Can Help Authors
Let’s take a look at a few ways crowdfunding can help authors.
1. Raise Funds for Publishing Costs
The most obvious benefit of crowdfunding is that it presents a way for authors to fund their publishing projects. Publishing can be expensive and crowdfunding allows an author to use their network and audience to contribute to the publishing costs upfront, rather than relying on sales to reimburse the costs of publishing. Having funding makes self-publishing less risky and also can help an author create higher quality book.
The reward-based crowdfunding model allows campaign creators to provide pre-determined rewards they promise to their supporters in exchange for their financial pledge. The most obvious reward an author can offer is their book, which essentially allows authors to collect pre-orders through their crowdfunding campaign. The ability to sell books pre-publication gives authors a great advantage once their book hits the shelves.
3. Build Buzz and Drive Traffic to Your Book Pre-publication
Marketing is required in advance of publication in order to build the momentum needed for success in the crowded book market. Authors should be building a buzz around their book in the months leading up to the publication date. Talking about a book that hasn’t yet been published can be tricky, but a crowdfunding campaign provides a tangible way for an author to build a buzz and drive traffic to their book pre-publication.
4. Build Reader Database
Having access to their audience and creating a direct connection with readers can help propel an author to success. Through a crowdfunding campaign, authors can create the direct connection that is lacking in the book market. A crowdfunding campaign isn’t just about the book, but about the story and the person behind the book. Why did the author write the book and why should the reader be interested? These personal bits of information can help to create an author-reader connection.
5. Gather Important Market Analytics and Reader Information
A crowdfunding campaign can provide authors with valuable insight to their audience. Market analytics such as age, gender and geographic location and knowing where their supporters came from (Twitter, email, newsletter blast, etc.) will help authors to cater their future marketing and promotional efforts. By receiving supporter information authors are able to maintain that connection and continue to build the important relationship needed to be successful.
Is Crowdfunding Good Option for Your Business?
Writing and publishing a successful book is no easy feat, but crowdfunding can help to streamline the publishing process and launch an author’s marketing plan. Raising funds is important, but the other benefits are helping to solidify crowdfunding as a natural step in the publishing process. If you’re an author who is serious about success, learn more and see if crowdfunding is right you.
Author Info/Bio:
Justine Schofield is the development director ofPubslush, a global crowdfunding platform only for books.Authors can raise funds and gauge initial market viability for their book projects.She has contributed to IBPA’sIndependentmagazine,Self-Publishers Monthly, Book Marketing Magazine, Business Banterand many more online publications. Shehas spoken on panel discussions about crowdfunding for authors and continues to foster the growth and development of crowdfunding within the publishing process.She tweets for@pubslush.Connect with her on LinkedIn.
Crowdfunding platforms allow authors to showcase their work, gauge reader interest, and secure funding directly from their target audience. As authors promote their campaigns, publishers can monitor which projects gain traction and resonate with readers.
Authors and publishers raise money and interest ahead of their book release with a campaign page in their crowdfunding platform of choice that includes different rewards for various contribution levels (here's one from a BookBaby author).
One option for authors looking to fund a self-publishing endeavor is to look for writing grants. Most of these grants can be used to get your book off the ground or to cover self-publishing costs, in addition to the living costs and research which grants are most often advertised for.
Crowdfunding: Consider launching a crowdfunding campaign on a platform such as Kickstarter, GoFundMe, or Indiegogo. With a well-crafted campaign page, compelling pitch video, and targeted outreach to your network and beyond, you could generate enough funds to cover the costs of printing and distributing your book.
Whether you decide to hire an agent and try your luck at the Big 5 or self-publish with the help of professionals, starting a GoFundMe account will help you raise the funds you need.
You can be straight 'Anonymous' or can choose a pen name. In the case of the latter, I would recommend studying other author's names for inspiration and then picking one that is original, memorable and easy to spell. Make sure that the name suits your target audience.
In crowdfunding, investors can get a chance to make money from startups and new entrepreneurs. However, before they dedicate money to investment crowdfunding, they need to know what benefits they can get. The benefits of crowdfunding for investors include profitable investments, broadened investment portfolios, etc…
There are websites specifically for these types of campaigns. While crowdfunding websites take a percentage of the money raised as a fee, crowdfunding donations don't have to be repaid like a loan.
Artists run “campaigns” that offer “rewards” in return for these pledges of financial support for their projects. You usually commit to raising a certain amount of money for your project by a deadline. If you don't meet your funding target, the money gets returned to your project supporters.
It's still a long process for Hybrid publishers, but the author pays the publisher money up front to publish their novel. Yes, you read that correctly. The AUTHOR pays the PUBLISHER to publish their book.
The average cost of publishing a book is around $2,000–$4,000, but many authors spend a lot less or a lot more. Publishing a book can cost as little as $0 in some scenarios. On the other end of the scale, there are also authors who spend $10,000 or more. That's a very large range, but there's a good reason for it.
Self-published authors can earn 40% to 60% royalties for the selling price of a book, while traditionally published authors typically earn 10% to 12% royalties. First-time authors willing to publish traditionally will receive a prepayment. This is usually $10,000 (not so much for first-time authors).
Officially, however, a publish-worthy book is one that has a clear target audience, a unique and compelling premise, and strong writing. It must also be marketable and have the potential to sell well. Publishers are looking for books that stand out, ones that will capture readers' attention and keep them engaged.
Kickstarter is one of the most popular crowdfunding platforms, known for supporting creative projects, including books and publishing. Authors can set up a campaign for their book project, offering various rewards to people who pledge money.
A first-time author of a traditionally published book can usually expect an advance of $1,000 to $10,000 and a 5% to 18% cut of the royalties. Many self-published authors have reported earning up to 70% in royalty fees for their ebooks although they do not receive any advance payment.
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Marketing is required in advance of publication in order to build the momentum needed for success in the crowded book market. Authors should be building a buzz around their book in the months leading up to the publication date. Talking about a book that hasn’t yet been published can be tricky, but a crowdfunding campaign provides a tangible way for an author to build a buzz and drive traffic to their book pre-publication.
Justine Schofield is the development director ofPubslush, a global crowdfunding platform only for books.Authors can raise funds and gauge initial market viability for their book projects.She has contributed to IBPA’sIndependentmagazine,Self-Publishers Monthly, Book Marketing Magazine, Business Banterand many more online publications. Shehas spoken on panel discussions about crowdfunding for authors and continues to foster the growth and development of crowdfunding within the publishing process.She tweets for@pubslush.Connect with her on LinkedIn.