 Hello, hello, writers! I'm Kristin Kiefer, author of fantasy fiction and creative writing resources, and you are listening to the Well-Sturried podcast, where I share insights, encouragement, and actionable advice designed to help you craft sensational novels and build your best writing life. Always in 30 minutes or less, so you can get back to writing, of course. Ready for the show? Let's get talking. All right, all right, come on in, friends. Today is May 31st, 2017, and you are listening to the Well-Sturried podcast. Thank you for joining me, by the way. If you are gearing up to publish your first book, or maybe just considering your publishing options and what path you will take when the day comes for you to publish, then today's episode is a great one for you to listen into. Today we are talking about the pros and cons of traditional publishing, and if you'd like to read along as you listen in, you can visit well-sturried.com-publishing-pros-p-r-o-s. I'll leave that link for you in today's episode description as well. Now, as always, without any further ado, let's dive in. Determining which publication path is right for you isn't a decision you should make lightly. Both the traditional and independent publishing industries offer writers the opportunity to share their work with the world. Despite lingering self-publishing stigma, neither path is inherently better than the other, and both have their fair share of advantages and disadvantages. Understanding what each path to publication entails is key to making the best decision for you and your stories, regardless of which option you might find yourself drawn to at first glance. If you haven't already, make sure to check out our podcast episode on the pros and cons of self-publishing fiction. But if you'd rather learn about the advantages and disadvantages of publishing traditionally, then stick around and keep on listening. First up, we're going to talk about the advantages of traditional publishing. Because industry gatekeepers determine who's in and who's out, traditional publishing is often seen as the more legitimate and professional publishing option for aspiring authors. If your manuscript can land a book deal, then you'll know your work is truly good enough, right? I talk at length about why this belief can be so damaging in our episode on choosing which publishing path is right for you, which I've linked in today's transcript. But I wanted to bring this to your attention again now, because buying into the idea that traditional publishing is the only real way to publish can skew how you view the following advantages and disadvantages of building a career within the industry. Remember that good enough is a subjective concept, and that the only thing a book deal can really prove is the potential marketability of your manuscript at a single point in time. Cool? Okay, now let's break down the pros and cons of traditional publishing. The first advantage, literary agents support. Most traditionally published authors are represented by literary agents who help them navigate the industry and develop their careers. Literary agents are known for shopping manuscripts around to publishers and negotiating contracts on author's behalves. Good literary agents also champion their authors through every step of the publishing process, providing guidance and support through deadlines, book tours, project development, and beyond. Without the support of a literary agent, some writers may find it difficult to maintain clarity and momentum as they seek long-term publishing success. Self-published authors may also find it difficult to develop subsidiary income streams, such as expanding into foreign language markets without agent support. Advantage number two, a built-in publishing team. When an author inks a book deal, they can rest assured that their publisher will assign their book to a team of professional editors, prefreaders, formatters, and cover designers who will work to bring the best version of their book to life. Self-published authors don't have the benefit of this assurance. Instead, it's their responsibility to build their personal team of publishing professionals and to pay to commission each service upfront. Speaking of which, advantage number three, little to no upfront costs. Unlike self-published authors, those who go the traditional route don't have to fork over any cash to usher their books into the world. Traditional publishers take on all production expenses end of story. That said, some writers aspiring to publish traditionally still pay out of pocket to give their books a strong shot at success. For example, an author might pay to have their book edited professionally before querying agents or to attend literary conferences. Many published authors also foot the bill for some of their book's marketing expenses. Advantage number four, cash advances. Most book deals include signing bonuses called advances. Income the author is guaranteed to earn regardless of how well their book sells. Though many factors impact the scope of an advance, debut authors who've signed with well-established publishing houses can generally expect to receive between five and 15,000 US dollars, which will then be paid out in installments over the course of a year as the author fulfills contract requirements. Advantage number five, greater visibility and reach. It isn't impossible for self-published authors to see their book shelved in physical bookstores, to negotiate international book deals and subsidiary contracts, or to book author events like tours and readings. Nevertheless, traditionally published authors are far more likely to experience these achievements. The visibility and reach that traditional publishers can provide may also help authors develop their careers more quickly, earn critical acclaim via awards and reviews, and become a household name in fiction. Advantage number six, more time to write, theoretically. While every successful author must devote a significant portion of their time to marketing their work, traditionally published authors don't also have to spend time coordinating every aspect of their book's production. That's why they have a publisher, and perhaps more time on their hands to write as well. Advantage number seven, greater opportunities for acclaim. Some hallmarks of a traditional writing career simply aren't available to self-published authors, including the opportunity to win world-renowned book awards, garner popular starred reviews, and appear on many bestseller lists. And finally, advantage number eight, greater marketing assistance. While all authors must play an active role in marketing their books, those who publish traditionally may have the benefit of working with their publisher's marketing department to expand their book's reach, and the better their book sells, the more ongoing marketing support they'll likely receive. With all of that said, let's talk about the disadvantages of traditional publishing. After listening to all of those advantages, you might find yourself thinking that some of these pros sound more like cons. Maybe you don't like the idea of working with an assigned publishing team or earning an advance that's paid out over such a long period of time. Regardless of subjectivity, here are eight aspects of traditional publishing that most would consider a disadvantage rather than a benefit. Disadvantage number one, lower royalty rates. Self-published authors typically enjoy 60 to 80% royalty rates. Meanwhile, traditionally published authors may take home as little as 12 and a half cents for every dollar their book earns. Why so little? Firstly, publishers take a large cut to cover production expenses. Royalty rates for traditionally published authors typically fall somewhere between 15 and 25% depending on format. For example, paperback, hardback, ebook, or audiobook. Most literary agents then earn a 15% cut of their author's earnings. It's also important to note that authors only start receiving royalties after their book earns out. That is, after sales exceed their initial advance. And that number factors in the publisher's cut and their literary agents rate. In other words, if an author receives a $5,000 advance, their book might need to earn upwards of $40,000 before the author ever sees another penny. For more information on advances and royalties, I've linked to a great breakdown by Alan Jacobson in today's episode transcript, so be sure to check that out. Disadvantage number two, infrequent paydays. While self-published authors receive monthly royalty payments, traditional publishers typically only pay out twice a year. Combined with the fact that authors can only estimate how much they've made before it hits their bank account, these infrequent paydays can complicate personal finances. Disadvantage number three, loss of creative control. Most traditionally published authors have little to no say over how their book is presented, including its title, cover design, back cover blurb, and even where it will be stocked in bookstores. Think a literary novel shelved as romance or a historical drama packaged as a murder mystery. Sometimes publishers even insist upon content changes that would drastically alter the author's vision for the story. And though a literary agent may be able to intercede on the author's behalf, a loss of creative control is often inevitable. Disadvantage number four, a long publishing process. A self-published author may be able to prepare their book for publication in as little as a few months, and listing a book for sale online usually takes less than 48 hours. Not so for traditionally published authors. When a writer inks a book deal, their manuscript is added to the end of a long publishing timeline. Though 18 months is a common ETA, a book may take upwards of three years to finally appear on shelves. Disadvantage number five, rejection, rejection, rejection. Breaking into the traditional publishing industry is far from easy. Most authors receive dozens, if not hundreds, of rejections from both literary agents and publishers before their book finally makes it to print. And rejection may not end there. One signed book deal is no guarantee that a publisher will issue a contract for subsequent books, especially if the first book doesn't sell well. So much rejection and instability can make pursuing a career in the traditional publishing industry a mentally and emotionally exhausting endeavor. Disadvantage number six, loss of rights. Self-published authors retain the rights to all of their work, but when a writer signs a book deal, they sell the rights to their material to their publisher, which can prove a major issue in many situations. For example, an author might be forced to make revisions that don't align with their creative vision. They might also struggle to regain their rights in the wake of a shake-up in the publishing house that left their manuscript in the lurch, or if the publisher declines to pick up additional books in their series. Disadvantage number seven, complicated contracts. Book deals and subsidiary contracts can be complicated to say the least. A good literary agent helps authors navigate these contracts, but all the legalese can nevertheless result in less than ideal circumstances, especially if the author doesn't fully comprehend their rights and the nature of the industry before going into the signing process. And finally, disadvantage number eight, the ever-shifting industry. Publishing is a messy industry. All authors will experience the ebb and flow of trends, but the traditional publishing industry can be especially turbulent. Literary agents come and go. Publishing houses fold and merge. Acquisitions editors quit, switch publishers, or rise through the ranks. Among other messy industry shifts, these shake-ups can leave authors in a lurch, without an agent, with a manuscript in limbo, or with a contract they can't escape. In many ways, the traditional publishing industry is a true give and take. Despite many attractive benefits, the drawbacks to pursuing a traditional writing career are far from inconsequential. But, of course, self-publishing has its own pros and cons that are also worth exploring. Think traditional publishing might be right for you? I can't wait to cheer you on through every step of the querying and publishing process, writer. Just make sure to check out our other episodes on publishing before committing. You've got a big decision to make here, so don't settle until you're sure. Thank you for listening to today's episode of the podcast, writer. I hope you found it helpful to your writing journey. If so, make sure to subscribe to the podcast so you never miss a new episode, and to give the podcast a quick rating or review. Doing so goes a long way toward helping the podcast reach new writers and lets me know that you're enjoying what I'm creating. You can also give me a shout-out directly on Instagram at christen underscore keeper. For additional guidance as you work to craft sensational novels and build your best writing life, be sure to head on over to www.well-storied.com where I share blog posts, workbooks, e-courses, and other helpful resources for writers. Again, that's w-e-l-l-s-t-o-r-i-e-d.com. Thank you again for tuning in to today's episode, my friend. Until next time, happy writing!