Everything I Know about Self-Publishing

Source: Kevin Kelly Substack

In my professional life, I’ve had several bestselling books published by New York publishers, as well as many other titles that sold modestly. I have also self-published a bunch of books, including one bestseller on Amazon and two massive hit Kickstarter-funded books. I have had lots of foreign edition books released by other publishers around the world, including bestsellers in those countries. Every year I also publish a few private books to give away. I’ve contracted books to be printed in the US and overseas. I’ve sold big coffee-table masterpieces and tiny text booklets. Together with partners, I run some notable newsletters, a very popular website, and a podcast with 420 episodes. I accumulated followers on various platforms. I’m often asked for advice about how to go about publishing today, with all its options, so here is everything I have learned about publishing and self-publishing so far.

The Traditional Route
The task: You create the material; then professionals edit, package, manufacture, distribute, promote, and sell the material. You make, they sell. At the appropriate time, you appear on a book store tour to great applause, to sign books and hear praise from fans. Also, the publishers will pay you even before you write your book. The advantages of this system are obvious: you spend your precious time creating, and all the rest of the chores will be done by people who are much better at those chores than you.
The downsides are also clear: Since the publisher controls the money, they control the edit, the title, the cover, the ads, the copyrights, and licenses. Your work becomes a community project, and it slows the whole process down, because yours is not the only project everyone is working on. Your work needs to fit into their lineup, their brand, their catalog, their pipeline, their schedule of all the other projects going on. The pace can seem glacial compared to the rest of the world.
For the most part, however, the peak of this traditional system is gone, finished, over. Reading habits have altered, buying habits are new, and attention has shifted to new media. It’s an entirely new publishing world. Today, some books experience some parts of this, but exceptionally few are treated to this full traditional process.
Publishers
Established mass-market publishers are failing, and they are merging to keep going. Traditional book publishers have lost their audience, which was bookstores, not readers. It’s very strange but New York book publishers do not have a database with the names and contacts of the people who buy their books. Instead, they sell to bookstores, which are disappearing. They have no direct contact with their readers; they don’t “own” their customers.
So when an author today pitches a book to an established publisher, the second question from the publishers after “what is the book about” is “do you have an audience?” Because they don’t have an audience. They need the author and creators to bring their own audiences. So, the number of followers an author has, and how engaged they are, becomes central to whether the publisher will be interested in your project.
Many of the key decisions in publishing today come down to whether you own your audience or not.
Agents
In the traditional realm, agents helped authors and they helped publishers. Publishers did not want to waste their time evaluating probable junk, so they would spend their limited time looking at what agents presented to them. In theory, the agent would know the editors’ preferences and know what they were interested in, and the editor could trust them to bring good stuff.
For the author, agents had the relationship with editors, would know who might be interested in their project, and the agent would guarantee that the legal contracts were favorable to the author, and most importantly, negotiate good terms. For this work, agents would take 15% off the top of any and all money coming from the publisher. For most authors, that is a significant amount of money.
Are agents worth it? In the beginning of a career, yes. They are a great way to connect with editors and publishers who might like your stuff, and for many publishers, this is the only realistic way to reach them. Are they worth it later? Probably, depending on the author. I do not enjoy negotiating, and I have found that an agent will ask for, demand, and get far more money than I would have myself, so I am fine with their cut. Are they essential? Can you make it in the traditional publishing world without an agent? Yes, but it is an uphill climb.
The problem is, how do you find a good agent? I don’t know. I inherited a great agent very early in my career from the publisher I first worked for, and I have happily been with them since. If I had to start from scratch now, I’d ask friends with agents who make stuff like my stuff to recommend theirs.
In self-publishing, you avoid agents and so keep that 15%.
Advances
What an agent will ask for from a publisher is a bunch of money upfront, when the contract is signed. This is the advance. You pitch a book, and if the editors accept it, they give you a deadline of a year or so to produce it. The role of the advance is to pay you a wage until the book is released, after which it will begin earning royalties for you. Royalties might be something like 7-10% of the retail price per book. The money you get on signing is technically an “advance against royalties.” Meaning that whatever they pay you in advance is deducted from your royalties, so you won’t be paid anything further beyond the advance until and unless the earnings of your royalties exceed the advance.
It is very common for authors to not earn anything beyond their advance. The calculation for the amount of the advance goes roughly like this: Let’s say you earn $1 royalty for every book sold. The publishers estimate they can sell 30,000 copies in the first year, and so they offer you an advance against future royalties of $30,000, or one year’s worth of sales. Obviously, many other factors go into this equation, but to a first approximation, the most you will get for an advance is based on what kind of sales they expect immediately.
The rule of thumb for an author is that you should get the biggest possible advance you can (and this is how an agent can help) – even if this means you won’t earn out the advance. The reason is: the bigger the advance, the bigger commitment the publisher must make in promotion, publicity, and sales. They now have significant skin in your game. Publishers are stretched thin, and their limited sales resources tend to go where they have the most to lose. If an advance is skimpy, so will be the resources allotted to that book.
BTW, you should not have concerns about taking a larger advance than you ever earn out, because a publisher will earn out your advance long before you do. They make more money per book than you do, so their earn-out threshold comes much earlier than the author’s.
Thus one of the advantages of this traditional system – of going with a publisher – is that they bankroll your project. They reduce a bit of your risk. Likewise, that is the genius of Kickstarter and other crowdfunders for self-publishing: the presales bankroll your project, reducing risk. Crowdfunding becomes the bank.
Crowdfunding
I’ve written a whole essay on my 1,000 True Fans idea, simplified as thus: You don’t need a million fans to make self-publishing, or the self-creation of anything, work. If you own control of your audience – that is if you have a direct relationship with your customers individually, having their names and emails, and can communicate with them directly — then it is possible to have as few as a thousand true fans support you. True fans are described as superfans who will buy anything and everything you produce. If you can produce enough to sell your true fans $100 per year, you can make a living with 1,000 true fans. I go into this approach in greater detail in my essay first published in 2008 which you can read here.
Today there are many tools and platforms that cater to developing and maintaining your own audience. In addition to crowdfunders such as Indiegogo, Kickstarter, Backerkit, and dozens more, there are also tools for sustaining support with patrons, such as Patreon. Crowdfunders tend to be used at the launch of a project, while something like Patreon permits constant support, primarily for a creator rather than a particular project. These can be combined, of course. You could launch your self-published work with a Kickstarter, and then gather Patreon support for sequels, backstory and making-of material, future editions, or side projects. Periodic publications have subscriptions for ongoing support.