We all know that self-publishing is one of the fastest evolving industries out there, but just how to authors raise the finance that they need to publish the book in the first place? Many writers work all hours in menial jobs in order to fund the book of their dream, while others use their savings to self-publish rather than put down a deposit on a house. And others, well they crowd-fund.
You might first of all be wondering what exactly is crowd-funding, and how it will work for you. Many self-published authors have no idea what crowd-funding is, and that’s because, until now, it has largely gone under the radar.
Crowd-funding has become a new go-to resource for artists, entrepreneurs and start-up businesses that need funding for a project. It has been used to produce music albums, start up new businesses and, publish books. It is a social way of raising funds and mitigating the financial risk of creative projects and business vendors.
First of all, you should create a campaign on a crowd-funding platform such as Indiegogo, Kickstarter or Fundit, and ask people to pledge an amount of money in return for a reward. This reward could be a signed copy of your book once it is published, or tickets to an event that you are organising. Effectively, you are asking people to donate money to your project, and ensuring that they will own a copy of your book once it is published, a win-win situation for both of you.
Depending on which crowd-funding platform you use, there may be an all-or-nothing clause on your project, stating that unless the full amount is achieved then the owner of the project receives nothing. Saying that, make sure you choose your platform carefully to ensure that your project is kick-started with the terms that suit you best.
The advantages of crowd-funding far outweigh the advantages of raising the money yourself, and they will far outlast the end of your funding project.
Crowd-funding will give you all of the following benefits, and more:
- Increased brand awareness of your book. The more donations you get and the more you talk about your crowd-funding project on social media, the more your book will be well known and anticipated before it has even been published.
- Crowd-funding give you a definite deadline and allows you to really focus on getting the job finished. If you have promised your pledgers a book by a certain date, then you have to do your best to adhere to that.
- Pledgers will feel as if they are a part of your journey and will look forward to your book coming out as if they have purchased a gift for themselves.
- Having any amount of pledgers will give you confidence in your self-publishing journey. Knowing that even a few people believe in your book and your project will help your self-confidence to excel so that you can concentrate on the content rather than the hypothetical.
- Many crowd-funded projects attract the press, and if yours manages to do this then it will result in more pledges, more awareness and ultimately more sales.
- Ultimately, self-publishing is a costly business, and so any amount of funding that you can achieve from crowd-funding will cover at least part of your costs and create less risk in your first print run.