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Q&A - How To Self-Publish Your First Book
Coffee With Cole: The Digital Writing Podcast
Choose Smartly: Book Deals vs. Self-Publishing
Pursuing a traditional book deal may seem enticing due to the perceived status and validation it offers. However, the financial reality reveals that the average nonfiction book advance is only around $25,000, and for fiction, it is approximately $15,000. This advance is typically not received as a lump sum but rather in stages, making the actual yearly income around $7,000, far below minimum wage. Additionally, after recouping the advance, authors earn a mere 10-15% royalty, effectively ceding 85% ownership of their work to the publisher. This disproportionate arrangement often reflects a poor business deal, akin to giving away significant equity in a startup for a relatively small initial investment. Many writers continue to accept these unfavorable terms, indicating a lack of awareness or understanding of the implications of traditional publishing versus self-publishing options.
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