Budgeting for Books

The internet can be wild and wonderful marketplace, but it can be wily and—let’s get real—wretched, especially for an emptor who is not expert at cavere. Evidently, scams flourish in a personless exchange.

Most prospective self-published authors know to exercise caution when vetting publishing, marketing, or promotional schemes. But most will (and should) spend relatively significant sums on hiring help to write, edit, design, format, convert, print, market, promote, and distribute a book.

According to a recent NetGalley Insights post, reporting on a joint NetGalley and Independent Book Publishers Association survey of author-publishers, “the majority of authors spent between $1,000 and $6,000 on their books”

Self-published authors may expect a front-end expense to actualize their ideas as books, but traditionally published authors can (and should) allocate funds for their books, too.

Traditionally published authors will receive an advance and/or royalties for their work, and these are more likely when an author has a finished (and excellent) manuscript in hand. Of course, completion takes time, and time, as discussed in a prior post, is discrete and therefore valuable.

While the advance (and/or royalties) can offset costs, it rarely compensates for time already spent, much less extras such as marketing and promotion beyond that offered by a traditional publishing house. That’s why traditional authors can benefit from building in a line item for marketing and promotion expenses, too.

Not all traditional authors will need or even want to spend money on a PR or other promotional plan, but quantifying the expense in a book budget can help make good on the time already invested.