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4 Things I Wish I Knew Before Self-Publishing a Book

4 Things I Wish I Knew Before Self-Publishing a Book

“Dude, you should totally write a book!”

Maybe you’ve heard that before or it’s just something you’ve always wanted to do. But writing is only part of what it takes to get a book in the hands of eager readers.

Self-publishing is all the rage these days but there’s still a lot to learn for a first time author.

As I write this article, my book has officially been released for five months. Sales are steady but I’m ready to get back to writing.

Get back to writing? Didn’t I just “write” a book?

Yes, but the majority of my last six months has been spent getting the book ready for sale.

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So before you start down the self-publishing road, here are a few things to take into consideration.

1. Once You Finish Writing, Expect More Work

I finished writing my book in December of 2011; the book was officially available on Amazon the first week in June 2012. I used CreateSpace for editing, internal design, and publishing. I used my sister for cover design.

I could have cut down on time if I’d simplified my internal design and cover—or just used CreateSpace for the cover design as well. But it was my first baby and I wanted the cover to be awesome and knew my sister would do a great job (which she did!). So I was happy to wait while she designed my cover between a full-time job and single motherhood.

The copy editing process with CreateSpace was fairly easy. Once submitted, it only took a few weeks to get my first manuscript back with tracked changes. After that, I made changes and used family and friends to proof read. Depending on your manuscript length, (mine was around 32K words,) this takes time.

One thing I would have done differently is be more diligent about format checking the Word document before submitting the final manuscript for proof printing. Things like two En dashes (- -) instead of one Em dash (—) which looked fine in the manuscript due to the font I used showed up all over the place in the printed proof. Of course this is what proofing is for, but with CreateSpace you only get so many corrections for free so you might end up having to prioritize what changes are made or pay extra.

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2. The Headaches of Paperback

Every aspiring author wants to see his or her name in print. I can attest to the fact that it’s a pretty cool feeling. There’s nothing like holding your book in your hands for the first time. However, when it came time to market and set pricing, the print version added some extra headache to pricing options.

Let me explain…

My main sales strategy was to consist of online sales through my website. The goal is to set pricing in a way that encourages people to purchase an eBook bundle—PDF, .mobi, and .epub—via my website since Amazon.com takes 40% of the print books list price. Yeah, you read that correctly, 40%. But they also have the ability to reach millions of potential readers.

I can way overanalyze things and probably spent unnecessary time worrying about how to price these different formats (Kindle, Print, PDF, etc.) to maximize profits and reach. Two goals which seem to conflict with each other; future testing will reveal some insights no doubt.

At this point, I still have a lot of testing to do as far as pricing, but it would have been a lot simpler to offer only a Kindle and/or eBook bundle. Nonetheless, I’m not sure I would have done it any differently for my first book. It’s just something to think about.

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3. Blurb Requests

When it came time to request blurbs, I wanted to send out a copy of my manuscript that had been through at least one round of copy editing to avoid most grammar or spelling errors. This was pretty late in the game and thus added time waiting (and praying) for responses.

Everyone wants’ the best blurbs for their book, but requesting them takes a special knack that I’m not quite sure I navigated correctly. I did get some awesome blurbs, but it’s hard to know if I did it the right way. I just tried to think of how I would prefer to be approached, and what would make it easier for me?

Some suggest sending an “example” blurb in your request so all they have to do is tweak it a little and add their name to it. This seemed awful presumptions to me, but I did have better luck once I started using this approach.

Next time I’ll spend more time revising my rough draft and start sending it out a lot sooner.

4. Trailer video

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Being in the non-fiction (self-help) niche, I’ve seen other authors use interview styled trailers with success so I decided to have one created for my first book.

Although there’s no way to tell how much impact my trailer has had on sales at this point, I’m not sure I would do it again. It added additional time and money to the project, so the jury is still out on its effectiveness. At some point, I’ll A/B test the sales page to see how it affects conversions.

Another use for the trailer will be to promote on YouTube and other video sites. I purchased a handful of easy-to-remember domain names around topic keywords that redirect to my sales page with logic to track where the sales originated. This will allow me to track traffic from assets like free eBooks, newsletters, podcast, etc. to know what’s working.

Distribution is another area for consideration. For example, do you use Amazon only or do you use a service such as Smashwords.com to distribute the eBook version to multiple sites?

Yeah… there’s a lot to think about and it can get overwhelming at times.

So even though I’ll approach my next self-published project a little differently, I learned valuable lessons. If there’s one piece of advice I could give to anyone considering self-publishing, it would be determine what your budget is and bootstrap the things you can’t afford. But most importantly, kick procrastination to the curb and just do it!

Featured photo credit:  book of fantasy stories via Shutterstock

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4 Things I Wish I Knew Before Self-Publishing a Book

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Last Updated on July 10, 2020

The Definitive Guide to Get out of Debt Fast (and Forever)

The Definitive Guide to Get out of Debt Fast (and Forever)

Debt can feel crushing, like a weight that is always weighing you down. Looking at those numbers, it can feel as if you’ll never get out from under it. However, if you really want to learn how to get out of debt, it is possible with a great deal of focus and self-control.

Getting out of debt isn’t impossible. Like any big goal, all that it takes is an action plan to identify where you are and creating a plan to zero out your debt.

Identifying All of Your Debts

The first part of paying off your debt is getting a complete picture of what you owe. When you have everything written out in front of you, it makes it much easier to create an action plan. Depending on how much you owe, it might also help you realize it’s not as bad you might have originally thought.

Here’s how you can get started identifying your debts:

1. Own Your Debt

Before you start identifying all of your debts, take a moment to process that you have debt but want to get out of it.

Forgive yourself for any past mistakes, missed payments, or overspending. It might be painful to accept how much debt you have at first, but you must own it.

2. Make a Debt Tracker

It’s astonishing how few people ever created a tracker to understand their total debts. Most likely, it comes from not wanting to accept the guilt of having debt, but, if avoided, it can make it nearly impossible to get out of debt.

Open up a new Google or Microsoft Excel sheet and list out all of your debts. Start with the name of the creditor, interest rates, total balance, loan term length (if any), and the minimum amount due each payment. This will include student loans, credit cards, and any other type of debt owed.

3. Get Your Debt Number

Once you’ve made your debt tracker and taken the other steps, identify your total payoff number. This is crucial, as you will have a starting point and a clear goal that you are trying to achieve.

Prioritizing Your Debts

All debt is not created equal. It’s imperative to understand that there are different types of debt.

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1. Understand Bad and Good Debts

Bad debts are usually paying for things you want instead of always need. While there might be some emergencies that max out your credit cards, often times it’s excessive spending[1].

There are three main types of bad debt:

  • Credit Card Debt: The average American household owes over $16,000 in credit card debt!
  • Auto Loan Debt: According to CNBC , the average auto loan in the US is $30,032!
  • Consumer Loan Debt: Consumer loan debt isn’t as common as credit card and auto loan debt, but it’s still considered bad as interest rates are usually between 10-28%.

Good debt is identified as investments in your future. Here are three common types of good debt:

  • Student Loan Debt
  • Mortgage Loan
  • Business Loans

2. Decide Which Debt to Pay off First

Once you know each type of debt and their interest rates, you can begin to pay off debt quickly.

Focus on paying off bad debt first, regardless of if it is a credit card or auto loan. Start by paying off the loan with the highest interest rate first.

If you have several credit cards with different interest rates, you want to focus on the one with a higher APR. You will actually save more money by eliminating the card with the highest interest rate.

3. Don’t Pay the Minimum Amount

Paying the minimum amount digs you into a hole as interest rates will offset your payment. Even a small amount more than the minimum can help you pay off debt much faster.

Removing Obstacles to Pay off Debt Quickly

Creating a debt tracker and prioritizing a plan is simple, but avoiding temptation can be difficult.

1. Set a Reminder to Track Your Debt

“If you can’t measure it you can’t manage it.” -Peter Drucker

It’s so important to track your debt to ensure that you get it paid off quickly. Similar to working out and measuring your results, you need to track your debt constantly. Start with a weekly reminder, where you sign on and log your updated number. Did you increase, decrease, or stay the same?

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Regularly tracking your student loan balance can be incredibly motivating, as well. You will get a huge confidence boost each time you see your total debt amount decreases.

Set weekly and monthly goals so you can have short term wins and keep the momentum going.

2. Hide Your Credit Cards

If your biggest debt is credit cards, you need to eliminate temptation and remove them from your wallet.

Some people have gone to extreme measures by freezing their credit cards. Why? This would create an ice block around your card, which would require you to chip away at it slowly. This will give you time to think if it’s the best idea to buy that thing you’re about to buy.

3. Automate Everything

Willpower can be a huge downfall to paying off your debt. By automating your bills each month, you will ensure that willpower isn’t involved.

4. Plan Ahead

Getting out of debt will require some sacrifices, but with enough planning, you can make it work.

For example, if you know that you have a friend’s birthday or family dinner coming up, plan ahead for the costs. Whether you need to cut back on spending the week before, pick up a side job, or meet them after dinner, do what is needed.

5. Live Cheaply

The only way to get out of debt is to make some sacrifices on your spending habits. Find ways to save money each month so you can apply that amount to your outstanding debts. Here are some ways to save money each month:

  • Live with roommates
  • Cook dinners and prepare lunches for work instead of eating out
  • Cut cable and choose Netflix or Amazon Prime
  • Take public transit or bike to work

Finding the Lowest Interest Rates

The higher your interest rates, the harder (and longer) it will take you to pay off any debt.

If possible, you want to find ways to lower your interest rates to help get out of debt quickly. Here’s how you can get started:

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1. Maintain a High Credit Score

Your credit score will have a large impact on your ability to refinance your loans and receive a lower interest rate. If you have a low credit score, it’s unlikely you will be able to refinance your loans. Use these credit tips to increase and maintain an excellent score:

  • Never miss a payment
  • Don’t exceed 30% of your credit limit
  • Don’t sign up for more than one card at once
  • Limit hard inquires, like auto-loans and new credit cards
  • Monitor frequently with free credit-tracking software

2. Find Balance Transfer Offers

Start by opening a free account on credit.com. Credit.com offers you the chance to open a free account and see what type of balance transfer offers you can receive. Some of your existing credit cards might already have 0% or lower APR balance transfer offers available.

Contact each of your credit card providers to ask about lowering your rate for a one-time balance transfer offer[2].

If you do take advantage of this option, make sure that you use a balance transfer and not a cash advance. Cash advances have a ton of high interest fees (15-25%, depending on your credit card) and will only compound your debt problem.

How to Get Rid of Debt Forever

Setting up a plan, removing temptations, and getting the lowest interest rates is the first step to get out of debt.

1. Keep Monitoring and Adjusting

Once you have a plan, don’t get comfortable. Track your debt payoff plan and make the necessary adjustments when needed.

Monitor your credit scores with a free site like CreditKarma. The higher your credit score climbs, the more likely you will be to secure a new, lower-interest loan.

2. Earn More Money

There are only so many ways to save money. Instead of clipping another coupon or making sacrifices for your morning coffee, find ways to earn more money!

Think about it…it is much easier to find ways to earn an extra $1,000 per month than find $1,000 to cut from your budget.

Here are some examples of ways to earn more money:

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Talk to Your Boss

Have a conversation with your boss about current salary and/or commission rates. If you’re not satisfied or want a change, don’t be afraid to look around at other positions. Some of them might even have a student loan debt reimbursement plan!

Start a Side Hustle

This could be coaching students on the weekends, driving for Uber, or taking paid online surveys. There are tons of ways to make money outside your 9-5. Now that you have a clear plan to pay off your debts, you’ll be more motivated than ever to figure out creative new ways to earn money.

Build an Online Business

There are so many websites and blogs that earn money from ads, affiliates, and other online products. Find your niche and get started.

3. Celebrate Your Wins

As you progress in your debt payoff journey, don’t forget to celebrate your wins. You need to always reward yourself for the hard work and discipline that is required to get out of debt.

While you shouldn’t celebrate so big that it increases debt, make sure to factor in little rewards to keep you motivated.

4. Set New Financial Goals

Eventually, with a plan and these steps, you can rid yourself of your debt. Once you do, make sure to celebrate your monumental achievement, but don’t stop there.

Now, you can focus on acquiring wealth and increasing your net worth. Set new financial goals so you have a new target to aim toward. Here’s how to set financial goals and actually meet them.

These could be anything now that you are debt free! Think about where you want to travel, buying your first home, or saving for your future retirement. Just like before, make sure that your goals are specific, measurable, and achievable.

Conclusion

Congrats, you can now set a plan in motion to finally pay off your debt quickly (and hopefully forever)!

Remember, if you want to get out of debt quickly, it’s not always easy. Just like any big goal, there will be sacrifices, challenges, and problems to overcome.

More Tips on Getting out of Debt

Featured photo credit: Pepi Stojanovski via unsplash.com

Reference

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