Paying Authors More Profits

I was thrilled to read this Wall Street Journal article a few weeks ago, announcing a New Kid on the old Publishing Block: Author's Equity.

The publishing company will pay $0 upfront – so no advance – but offers authors 60–70% of profits as opposed to the customary 10–15%. Investors include some of my favorite thought leaders, James Clear of Atomic Habits and Tim Ferriss of The 4-Hour Workweek.

I approve of this model. Why? A few reasons.

First off, for the record, the typical advance these days – unless you're already a celebrity, an influencer with millions of followers, or a somewhat known leader – will likely only be about $10k. 

Second, this model recognizes that in today's world, most sales are generated not by publishing houses but by the authors themselves. In fact, one of the greatest myths I combat in my daily conversations with aspiring authors is the idea that if you get a publishing deal, the company will help promote your book. 

Let me state this loud and clear: It is on YOU to promote your book.

Even if you're in the 1% of authors lucky enough to land a deal with a traditional publishing company, they will do very little to promote your work. They will edit your book extremely well. They will design it. They will get your book distribution online and into stores. They might produce your audiobook. They might get you some reviews at places like Kirkus or The New York Times. They may find a few big name authors to give you cover quotes. That's about it.

No matter what, you have to generate sales.

So why not take a bigger chunk of the profits? You've earned it!

WRITING TIP OF THE WEEK: Build Your Book Tribe

As you begin to even think about writing your book, it's not too soon to begin building your Book Tribe!

1. Gather emails. Input every email you have from friends, family, friends of friends, acquaintances – anyone you know who might be interested in your book. Enter them into Mailchimp or a similar service.
2. Share. Start to post to social media or send emails out talking about how you're writing a book. You can talk about your process – good days, bad days, prompts and tools you use, anything!
3. Research. Begin to look into where you might promote your book – visit your local bookstores and talk to the owners, explore groups and schools where you might talk.
4. Reach out. Who are your favorite modern authors? Reach out to them! Compliment their books. Maybe they'll support you down the road.

Have you begun to build your Book Tribe? Does the Author's Equity model interest you?

Aloha,

MeiMei

QUOTE OF THE WEEK

The advice I like to give young artists, or really anybody who will listen to me, is not to wait around for inspiration. Inspiration is for amateurs; the rest of us just show up and get to work.

– Chuck Close, Artist