Setting a Budget & Other Real Things
When I considered jumping into indie publishing, I knew the most important thing I would need to do is begin with research! Not only because I didn’t want to make a thousand mistakes (the fewer the better), but because I wanted to know what I was getting myself into. Almost every article, blog, author, that I looked to for advice made certain that someone setting into this venture was aware of one major thing: Self-publishing is a business. Your books are your product and you are the seller.
With that in mind, I had to be realistic about how much I was willing to finance this endeavor.
A little personal truth here so feel free to skip: I’m taking a chance 100% on myself. And that could blow up in my face. There are no guarantees in many things you are attempting to venture out into, and knowing that both terrifies and excites people. But when it comes to me taking a chance on myself— odds I bet against what I think I can do or accomplish. I will be real here—I suffer from anxiety and self-doubt. I know that I’m not alone in that. When that mixes in with imposter syndrome, it can spiral occasionally out of control. The thing is, once I made the decision to self-publish, I realized that my imposter syndrome has been much better. There aren’t days that it hits and leave me frozen for weeks. I know it will come, it always does, but for now I’m enjoying the reprieve.
Thankfully, I have a supportive husband and family who remind me that we are in things together. To follow a dream is not only scary, but an adventure.
Now to get back to my process. Once my initial research was underway, one of the things I really had to consider was a budget. Not only because I wasn’t about to put our life savings into publishing a book, but also because I wanted to be realistic by not only giving this book a good chance, but also keep in mind that it is my first book, and the first book of a duology.
There were a few things I knew I would need to consider. What was pivotal, as far as I was concerned and my research yielded, to put a chunk of my budget towards. Those things were: Editor, ISBN numbers, Formatting Programs, Cover Designer, and Marketing Options. Then I looked at my own strengths and weaknesses. Am I creative? Yes, but does that mean I should attempt to put together a cover or format my own book? Not necessarily.
The BIG things I knew I would need outside assistance with were: editing, cover design (the one I found included typesetting and graphics for marketing), and preorder incentives. Then, of course, there were the costs I couldn’t ignore based on the fact that I am looking to publish beyond Amazon. Which meant I needed ISBN numbers for each format the book was published in (i.e. paperback, hardback, ebook…). I also knew I wanted to put my best work out there so hired an editor who I trust their feedback and experience. Formatting programs were another cost, but with my experience with tech, I was able to find a program that I felt comfortable with using myself. It was still a cost, obviously, since I had to purchase the software. With multiple books underway, though, I didn’t feel like it was a waste in money. If you are considering one and done, then I would definitely reassess if hiring someone may be a better route.
Then the OTHER things I had to keep in mind was the best way to market my book. Social media has a big impact in book sales now and with growing numbers of indie authors within my genre, standing out may be a problem. I followed a few other indie authors that had caught my eye with their books. Learning from others is a thing, people! I’m not saying to copy what bestselling authors do, but you can definitely come up with ideas that fit within who you are and want to be as an author. Now, I know for a fact that I wish I could put more of my budget into this area, but I had to be realistic for now. With the plan to publish a second book in spring of 2024, I knew that I would have a second chance to up my marketing costs during that round since a lot of the initial budget went towards software, website, and ISBN numbers (something you can buy in bulk at a discount).
The last thing I considered was pre-order incentives. I knew I wanted to have some way to thank readers for buying my book, and to help give incentive to take a part of a pre-order campaign is a great way to do so. For this, I put aside a portion of the money so I could hire an artist to help bring some of this to light. In the future I cannot wait to share what she’s made.
In closing, you have to decide what you consider to be important for your own process and journey in self-publishing. You will need to have an understanding of what your own strengths and weaknesses are and find ways that will best to accommodate your needs.
Here is a list of a few of the resources I used in my research in this area:
How to Self-Publish a Book in 2023
Ten Tips for a New Writer From a Self-Published Success
18 Strategies for Successful Self-Publishing
Five Low Cost Marking Strategies for Your Self-Published Book
