What is crowdfunding for authors – and how can it help to get your book published? Our guest post today introduces this new technology and how it impacts the publishing industry.
Crowdfunding Q & A
by Justine Schofield, communications coordinator at Pubslush.
Crowdfunding is one of the newest buzz words to hit the Internet, but many people are still unsure what exactly crowdfunding is, so here’s a quick Q&A to break down the basics and explore how authors can use this new technology.
What is crowdfunding?
Crowdfunding is a means for artists, businesses, and entrepreneurs to raise funds to help mitigate the financial risk of their creative or business ventures.
Where does crowdfunding happen?
Crowdfunding sites provide the platform to facilitate the process. Every crowdfunding campaign has their own page where supporters can learn more about their projects and pledge financial backing.
Who can join in this movement?
Any person or business with a strong pre-existing network and good self-marketing skills can crowdfund. Indie movie producers have crowdfunded to fund film productions. Businesses have crowdfunded their start-up costs or to expand the production of their business. Writers can crowdfund to help cut out-of-pocket expenses of self-publishing.
Why should authors crowdfund?
Traditional publishing houses typically only publish books that have a pre-existing fan base – a low risk investment. The archaic nature of traditional publishing makes it extremely difficult for new authors to be acquired by a publishing house. Enter crowdfunding for authors. A successful crowdfunding campaign can provide the financial backing and proof of market viability for a new author, giving them the accreditation needed to be successful in the publishing industry.
Through crowdfunding, authors are creating an outlet for their network to preorder their book, which will provide them with funds pre-publication and cut the out-of-pocket costs of self-publishing. One of the coolest parts of crowdfunded book campaigns is that an author’s supporters now become a major part of the publishing process. By helping to fund a book campaign, readers are also helping to decide the next books that get published, creating a more democratic publishing industry.
What’s the next step to get started?
A lot of work is required before the launch of a crowdfunding campaign. Since campaigns typically run 30-60 days, it’s important to be prepared and hit the ground running to maximize your campaign time. Here are the steps authors should take to prepare for their campaign:
- Know the goal of your campaign.
- Research publishing costs.
- Create a funding goal and reward levels.
- Develop an in-depth marketing plan for your campaign that breaks down weekly reach out goals.
- Create a list of people to reach out to including friends, family, co-workers, fans, and people in your audience.
How will crowdfunding change the future of books?
Crowdfunding simply provides an online outlet to potentially sell your book pre-publication, giving independent authors a chance to produce quality books that may not have been published otherwise. Crowdfunding will help authors publish more successfully and give readers the ability to help influence the books that are published.
There’s a ton more information on crowdfunding, publishing and more on Pubslush 101. Learn more today and become a part of the next big publishing movement!
Feel free to leave comments and questions below. Thanks Justine for this educational Crowdfunding Q & A for authors!