Peter Winick breaks down book publishing for thought leaders: the real costs of producing a professional book, what traditional publishers actually do versus self-publishing, royalty structures, and why most authors underestimate the marketing work required after publication.
Realistically, I'm coming out with this book. Now, in my mind, I'm no expert, I'm gonna self-publish. Why? Well, because I don't need anyone to publish me, do I? What do they do, just take my money?
Well, it's a bigger question than that. In your case, because I know you, that's probably the right answer because you have a followership, you have a brand, you have all those things, and a publisher is probably not going to do all that much for you in terms of a big New York publisher.
So what do they do for people?
Well, it's not a one-size-fits-all. So there are some people, which it's less and less and less and less, where the big New York publishers make sense, right? Most people, it's either a hybrid model. So publishing is not as black and white as it used to be. There's the big publishers, traditional publishers, there's total vanity press, and then there's all sorts of hybrids. So there needs to be an understanding of your strategic objectives on the front end. So let's say your objective is to get the book out to as many people as you choose to in a profitable way, in a way that you have control over, right? Because if there's going to be an F-bomb in the book and you don't want Wiley saying, no, we don't have, you know, we don't write that way, that's not going to work for you. So it might be freedom. It might be speed. Hey, I'm going to get this done in 6 months versus big publisher, 18 months. Could be margin. You do the book yourself, a book doesn't cost but $3, $4 a pop. You can sell it for $20, $25 versus making—
$100.
a $1, $1.50 royalty.
That's, that's what I mean.
Yeah.
And not only that, but this publisher, because I got a book offer and it's a publisher.
Yep.
Decent one. Everyone's like, no way. I'm like, yeah, way. Why is that so freaking surprising? But they're banking on I'm going to go do all the selling.
So who needs— and I'm like, who needs a toll taker?
That's all I'm saying.
Yeah.
What do I need them for?
Well, there's 2 things that big publishers are looking at. Used to just be one. What is it that Brad has to say? Right? So what's your— what's the essence of the book? And do you have anyone to say it to that will actually listen? You've got a big following. So they're looking at it, looking at your numbers and your metrics and your downloads going, I think that guy can sell 20— I'm just making up a number— that guy can sell 20,000 books, $20 a book. That's $500,000, whatever the math is. So we'll throw him X, we'll pay for the books. Kind of a no-win for us. And you're looking at it going, Well, geez, if I can sell 20,000 books, I don't need a partner that's taking 80 cents on the dollar.
Not only that, I can pay for the books.
Well, that's what I'm saying. You could front-load the cash.
So is that what a publisher's for, is to front-load the cash?
In some instances, to front-load the cash. It's distribution.
See, that's— but they're not distributing anything. Well, like, I thought a publisher is this, like, you go with us, kid, and you're going to sell a million copies. You go try yourself, you're going to be stuck at right around 10,000 or 15,000.
That's, that's 1994 thinking. It's changed.
Yeah, but they want me to go do all the selling, and then they want me to call Tony Robbins and Grant Cardone and tell them to pitch my book.
Of course they do.
Which again, I can claim that I will, and claim, and that'll help the deal get done. Like, oh, if you tell them this, they'll do it for sure. Well, number one, I don't know that Grant or anybody else will pitch my book for me. I'm supposed to tell them that they will.
Well, but you're going to be— if you publish it yourself. So let's take Grant, for example.
Yeah.
Are you going to be equally motivated if you got a dollar a book or if you got $15 a book to persuade Grant using your charm and your persuasion skills?
$15.
Yeah, no kidding. Right.
So what I'm thinking about doing is before I even finish the book is I'm going to go put up a good-looking website that says preorder.
Yeah.
And take their $20 right now and have 1,000 or 2,000 or 3,000 people fund the actual printing of the book in the first place?
You could. You don't really— I mean, it's not a lot of cash.
How much is it to print a book? I mean, what's the minimum run?
It depends. You're gonna need— you probably—
I mean, you're gonna want 1,000 of them.
No, more than that. You probably want a couple thousand. I mean, I mean, minimum $30,000 to $50,000 probably to print 5,000 copies of something. But you're probably gonna need editorial. It's a 6-figure investment to do it right. Because the other thing is, if you're putting something out that's representative of your thinking, it's got to be good.
