As a fellow self-published author, I am sure you have heard the horror stories in the press about the extortionate costs involved when self-publishing, and how it can cost as much as 20,000 USD to publish a book yourself. Even quality publications like The Guardian (http://www.theguardian.com/money/us-money-blog/2014/aug/28/self-publish-novel-how-to-amazon) have got on the bandwagon of reporting the inflated costs involved for self-publishing a book.
While these stories are invariably click bait, designed to cause a stir and thus get the “story” in front of as many eyes as possible, there is no doubting that there are plenty of places to waste your money when it comes to self-publishing, if you are so inclined to do so.
MAKING A TIME INVESTMENT
When I started out as a self-published author, I decided to take the ‘do-it-yourself’ route, paying out the least amount of money possible, and preferred to make a time investment rather than a financial one, slowly learning from the gurus in the self-publishing community (the likes of Joanna Penn, Steve Scott, David Gaughran and of course Johnny, Sean and David over at the Smarter Artist), while wisely avoiding those companies that offered so-called “solutions” to authors.
I soon discovered that there were areas where you do have to spend some of your hard earned cash, if you are serious about turning your love of writing into an actual career. After all, self-publishing is a business, and just like any other business, you will need to invest both time and money if you are going to be successful.
4 KEY FINANCIAL INVESTMENTS
I have come to the conclusion that there are certain areas, where every author should be prepared to invest some money, right from the get go. In fact, I believe there are four such financial investments, which every self-published author should make to give themselves the best shot at success.
Those 4 investments that every self-published author should make, are as follows:
– Invest in the Editing of your Book
– Invest in a Cover for your Book
That is not to say there will not be other opportunities further down the line, when it might be prudent to re-invest some of the money you have made, in order to build on your success (an obvious investment being targeted advertising or a BookBub ad). However, to begin with, the aforementioned FOUR investments are where you should be looking to spend your budget.
This month, I shall look at each of these investments in detail, and will offer my reasoning as to why all four are essential if you really are serious about selling books for a living.