Crowdfunding is the talk of the publishing industry right now. But what exactly is involved in crowd funding a book – and would it work for you? Numerous companies now offer crowd funding for authors and each has its own approach. I can only tell you about my publishers, Unbound, who are the most high profile and successful of these companies.
Unbound is a ‘curated’ crowdfunding publisher. That means that it carefully selects the books that go on its site. The reality is that Unbound are as selective as any mainstream publisher. However, it is also the case that, because they take less financial risk, they are frequently more adventurous than other publishers.
So, if Unbound agree to publish your book, what happens after that? First Unbound help you to make a video and write a pitch about your book. This then goes up on the Unbound website and then you, as author, need to bring in the pledges – which are effectively advanced sales of the book.
In general, for a hard copy book you need to raise around £ 10,000 in pledges which equates to around 500 people pledging £20 each. If your book is going to be produced only as an e-book then the figures are much lower – £3,000 to £4,000.
Two years ago I published a memoir with unbound called Dead Babies and Seaside Towns.
It took me six months to raise £12,000 and it was hard going. But once the money was raised, Unbound operated in the same way as any other publisher. They worked on editing, proof reading, cover design, printing, publicity, marketing and distribution.
Now that the book is out, I don’t receive the normal 10% royalty. Instead, I receive a 50% profit share. In my case, I am not taking this money. I’m giving it to Sands ( The Stillbirth and Neonatal Death Charity). But that only makes the this highly favourable financial arrangement more important to me.
I am now publishing a novel with Unbound. That decision wasn’t easy. I was worried that I wouldn’t be able to raise the subscriptions a second time. But so far I’m doing well. It helps that I know exactly who signed up for the memoir and I’ve got their emails. That is part of what Unbound are about – building direct links between writers and readers.
It is also exciting to be part of a publishing experiment. And finally, I didn’t want to go back to a mainstream publisher. Perhaps I’m not the only writer who has got questions about the mainstream publishing industry and what it produces. I’ve reached a time when I want to publish my own work in my own way and unbound are helping me to do that. Who knows what the future may be.
You can subscribe to Alice’s new novel which is called ‘Between The Regions Of Kindness‘ here:
Alice’s website is here: http://www.alicejolly.com
You can find Unbound here: https://unbound.co.uk/books
Illuminating post, Rachel. That explains a lot. I already like the idea of Unbound but reading this makes me see it in an even more positive light…
All credit for that goes to Alice, she was wonderfully clear.