Jan B. King: Book Publishing Inspirations and Explanations

Book Publishing Shark Tank

I hope you had a chance to watch the new ABC show Shark Tank this past Sunday evening. If you didn’t, check out the web site where you can read the details and watch past episodes at http://www.abc.go.com/primetime/sharktank. Three entrepreneurs pitched their inventions/business ideas to five successful investors, asking for a certain amount of money in exchange for a certain percentage ownership in the company.

I have prepared many business plans, including for my own publishing company and pitching and negotiating as entrepreneurs is very similar to the process of writing and pitching a book proposal. PUBLISHERS ARE INVESTORS. They just invest in one type of invention – a book. Aspiring authors or self-published authors looking for publishers would do well to consider some of the lessons learned by watching the entrepreneurs on this show. Here are some of the key things to watch for as you view the show:

1. The entrepreneurs were clearly not happy about facing hard questions by the investors. An author or inventor must have a sense of confidence, of course, but the entrepreneurs seemed genuinely shocked that the investors were not on board immediately. More contemptuous and defensive than open to feedback, they clearly thought the investors just did not get it. Wake up call to entrepreneurs (and authors): It is your job to give investors all the information they need to get it. If you do not do this, that is your fault, not theirs. And keep your attitude to yourself. If a publisher gets the idea you are a prima dona or will be difficult to work with and not open to suggestions, just one more check in the “why not to do this book” column. There are scarce dollars and time and expertise at stake here, and they have the right to ask all the questions they need to. Figure out who the investors are, what they usually invest in and gear your presentation accordingly.

2. The entrepreneurs were not prepared enough to make professional presentations to the investors. In some cases they could not answer what were obvious and simple questions and objections – what else is on the market, why is this unique, who is your target audience, why this – why now? As an author or entrepreneur the investor is counting on you to captain the ship and if you do not know the simplest maneuvers, he or she will be justifiably concerned that you haven’t done your homework in making sure this is a marketable idea that is going to work over the long term. If you are an author approaching a publisher, the best thing you can get (other than a contract offer) is feedback from a genuine expert who deals with books in your market every day. Take every piece of feedback seriously. You do not have to make changes, but you better be crystal clear on why you are doing what you are doing and be able to talk about it.

3. The biggest (and most laughable) mistake I saw made by all the entrepreneurs was not to have any sense of the value of what they were selling. Most asked for large sums of money for a very small stake in the ownership. It just doesn’t work that way. Investors generally want controlling interest in their investments so they can get in and make changes if the entrepreneur is over his or her head and in danger of losing it all. The same thing is true with publishers. Publishers typically want to have an exclusive right to the intellectual property in all media, unless you can come up with a compelling reason to limit the contract. Publishers also have the right to create the format for the book, change the title, limit the number of pages and illustrations and more – all because they have the expertise, built up over years of experience, that the author typically does not. As with the entrepreneurs, as an author, you must know the value of what you bring and have reasonable expectations of advances, royalties and other terms. Investors (and publishers) will not be taking on your project unless they think it will make money. It is important they like you and the project because they will be tied to you and they want it to be a good experience for all, but the bottom line is the bottom line. If you cannot demonstrate the profit potential to yourself, then how can you demonstrate it to others?

At the end, this is a plea for aspiring authors (and entrepreneurs) to get outside coaching and help to prepare for these big opportunities. You need objective assistance by someone not afraid to ask the hard questions that your investors may ask, but the market is certain to ask. It may be entertaining to watch entrepreneurs look shocked, get defensive and be embarrassed by the sharks, but it is a very discouraging experience if it happens to you.

If the publishing industry is new to you, it can look like a shark tank. Find help from someone who has worked in the industry, has experience pitching and making these deals and who is able to communicate with you in a way that helps you understand what to expect. If you do your homework, you may just find that the publishing industry is not a shark tank after all. Publishers want to publish good books, even in this economy and even with all the changes in the industry. They are looking for you – now it is your turn to show you are ready or them.


Creating a Publishing Success Team

“It takes a village…” is never more true than for new and aspiring authors.  While much of the idea creation can be alone work, the physical creation of the finished product we call a book is a team effort.  When I ran a publishing company in the 1990’s the model had long been established for successful publishers.  We had editors, some who worked to acquire new book manuscripts and others who polished manuscripts we had already committed to.  We had proofreaders whose job it was to thoroughly look at a manuscript, separately with two pairs of fresh eyes before that manuscript ever went to the printer.  We had a team of typesetters and book designers who created covers and the interior layouts.  We had a marketing and publicity department.  And for each book we assigned a “production coordinator” whose job it was to make sure all the steps were followed and nothing important was missed – the ISBN was assigned, the LCCN was obtained, the bar code was created and that our important quality procedures were maintained.

Those were the good old days for publishers before discount pricing and personal computers turned all that upside down.  But let’s not throw it all out because we can do it more quickly and easily than it was done before.  Because we had no choice but to take our time, we slowed down.  We left a job overnight to finish it the next morning because we knew we would come in with fresh ideas.  And more importantly we knew that as one member of a professional team if we missed something there would be someone else to double-check and time to do it.

When you are thinking about writing and publishing a book, and particularly if you have decided that self publishing is the way to go for you, then creating a publishing success team is one of the most critical things you can do to ensure success.  If you have used the services of a life or business coach, then you know how important picking the right coach can be.  A coach in the book world is often called a “publishing strategist” or a “book coach” or “book shepherd”.  As with so many other consultants these days, there are no rules and regulations regarding who can call himself or herself a professional book coach.  Getting good recommendations for these professionals is a must, but there is more you can do.  Check out his or her website to get a sense of the publishing background.  An individual who has published one or more books, even if these books were very successful, doesn’t necessarily make a good book coach.  That person has only had his or her experience to draw from.  A book coach should be someone, in my opinion, who has been an author, but who also has had a responsible job at a publisher, preferably as an acquisitions editor.

The book coach should recognize his or her value as the quarterback of the team, but not try to play all the positions.  Each individual expert brings important skills to the whole of the book process and the team may be made up of an editor, an indexer, a proofreader, a book coach, a cover designer, a book interior designer, a copywriter, a marketing consultant, a publicist, a web designer and more.  You may also want a virtual author’s assistant who can act as your “production coordinator” and handle the administrative duties and execute some of your marketing strategies.  Get personal referrals from happy authors and check out each individual’s web site for background and viewpoint. Having a collaborative spirit from team members is essential!

There are self publishing services companies that provide these services as a package.  That doesn’t let you off the hook for checking out individual team members’ qualifications.  You have a right to know who will be editing your manuscript and if you can’t get an answer about that person’s background there should be big red flags waving in front of you.

Becoming an author is not an easy process, but there is help and support all around you.  Find the right people and the journey will be much easier.


Using Publishing Services Companies for Self Publishing

Jun 27
1 Comment

As I said in the last blog, a company who has you pay for the privilege of publishing with them is not a publisher, no matter what they call themselves. That kind of company is called an author services firm or a publishing services firm by those in the publishing industry.

If you are thinking of doing business with a publishing services company, (sometimes called a POD publisher) – a company that calls itself a publisher but charges you a fee up front – make sure they are right for you. We’ve developed a eight-point checklist. If they can say “yes” to each of these, then you’ve found a great company to work with. If there are any “no” answers, please think twice!

1. Author retains all intellectual property rights – if you have to pay up front, there is absolutely no reason you should be selling your intellectual property in the bargain. There should be no discussion of royalties (which are only paid when you have sold rights).

2. Author benefits from book profits (isn’t just paid royalties or a commission) – again, if you have to pay the full cost of producing the book up front, why should the publishing services firm get a percentage of what you sell? If they only want a percentage from the books they are able to sell, that would be a reasonable exchange. If they are able to generate bookstore orders (unlikely, but not impossible), then they should take a percentage from those sales. Otherwise, the profits from the book sales, minus the costs to print, should be yours.

3. Author has the right to terminate the publishing services contract, preferably in 30 days, but no more than 60 days. -if you get a great offer from an established commercial publisher, you will be kicking yourself if you can’t take it because you are stuck with a bad contract.

4. Timeline the author can live with - many publishing services companies do not specify how quickly they will publish your book. There is no reason they cannot create the cover and interior and have the book printed within 90 days of when they receive the manuscript. Anything much outside of that time frame is unacceptable and you should only sign a contract that gives you a full refund if they do not have books in your hands within 90 days, unless you specifically agree otherwise for some reason.

5. Professional quality cover, interior and printing – I have seen way too many books with completely unprofessional covers and book bindings that are falling apart. A professionally-designed cover is easy to spot a mile away and if you aren’t sure of what you are getting, call in a professional to take a look for you. Many of the publishing services firms outsource their printing to LightningSource.com (just another reason for you to go direct), but if they do, at least you can be sure that the quality will be good.

6. Author is given cover and interior design files if contract is terminated - if you have had to pay to have your book cover designed and the interior typeset, then you want the right to get the design files back (not just a PDF) if you terminate the contract. Most POD publishers do not allow this.

7. Reasonable prices for books – if part of your contract is for the publishing services firm to print your books on-demand, then you want no more than a 25% mark-up to cover their administrative costs than if you took your book to your own printer. The on-demand printer you would be smart to use is LightningSource.com (for more reasons than I can detail here). The formula LS uses is $.90 x .015 x the number of pages in the book. So for instance, if your book were 183 page, the LS price per book would be 183 x $.015 = $2.75 + $.90, which equals $3.65 per book. Again, using this example, if the price quoted to you by the POD publisher were more than $4.56 per book, you are paying too much.

Too many publishing services companies charge a percentage of retail, like 50% of a $20 book, or $10 a book. This is how established commercial publishers work, but they do it because you haven’t paid for publishing up front – that is a whole different story.

Don’t sign a contract that requires you buy a minimum number of books.

8. Reasonable prices for other services – many of the publishing services companies want you to buy marketing services and they will offer you a menu that you feel like you need to be successful. Much better to interview qualified professionals and choose your own after talking to other authors and others in the industry. Don’t sign a contract that requires you to buy any additional services.


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