You can self-publish your book by raising funds through crowdfunding. You can fully finance you project (and more) if you apply the necessary effort.
The truth of the matter is a lot of crowdfunding endeavors fail – while there are several factors involved, that’s primarily because of lack of effort on the author’s part. Some authors think crowdfunding is an instant panacea.
If you are prepared to do the ‘hard yards’, crowdfunding is a great way to finance your book (and gain early sales and readership).
The record book crowdfunding project is Brandon Sanderson’s post Covid-19
Surprise! Four Secret Novels crowdfunding campaign.
That campaign raised approximately $61 million Australian dollars in just one month. That’s right $61,000,000.00. You probably won’t raise that amount – but you can raise several thousands of dollars if you apply effort and are savvy. Sanderson’s campaign is a great case study demonstrating that the principle of crowdfunding for books works. You use the same principle but just need to scale your expectations down!
Sanderson’s campaign is a shot-over-the-bow for the traditional publishing industry that often hold authors captive with the “you can’t publish alone because you need capital” mantra.
Do you already know (or can find) and can contact 100-200 people who might support your new book? If so read on…
1. What is crowdfunding?
2. Steps to crowdfund for the publishing of your self-published book in Australia
3. How much money can crowdfunding raise for my self-published book project?
4. Can crowdfunding be a way to pre-sell a self-published book in Australia?
5.What are the best crowdfunding platforms to raise funds for self-publishing a book in Australia?
6. What are the negatives of using crowdfunding to help self-publish your book?
1. What is crowdfunding for self-publishing in Australia?
Crowdfunding in Australia refers to the practice of raising funds for a project or venture by soliciting contributions from a large number of people—typically via the internet. Individuals or organisations are able to secure funding from a large number of backers. Crowdfunding is often used for creative projects, start-ups, and small businesses.
Crowdfunding is a great way to build a effective book publishing project. In our experience your publishing project needs only around 100 supporters to say your crowdfunding endeavor is a success (albeit a measured success).
There are various forms of crowdfunding available in Australia, including reward-based, equity-based, and debt-based. Australian crowdfunding is regulated by the Australian Securities and Investments Commission (ASIC) and the Corporations Act 2001.
2. Steps to crowdfunding for your self-published book in Australia
Here are the steps you can follow to crowdfund for book publishing in Australia:
- Define your project: Clearly articulate the purpose of your book, what it’s about, and what you hope to achieve with it.
- Choose a crowdfunding platform: There are several crowdfunding platforms available in Australia, such as Pozible, Kickstarter, and Indiegogo. Choose a platform that is right for your project and meets your needs.
- Create a campaign: Set up your campaign by creating a profile, adding your project description, setting a funding goal, and defining the rewards you will offer to backers.
- Promote your campaign: Use social media, email marketing, and other channels to promote your campaign and reach as many potential backers as possible.
- Keep your backers informed: Keep your backers updated on your progress and share regular updates on the development of your book.
- Reach your funding goal: If you reach your funding goal, you can use the funds to publish your book. If you do not reach your goal, you may not receive any funding, depending on the platform’s policy.
- Deliver rewards: Once your book is published, deliver the rewards you promised to your backers.
Note: Before starting your crowdfunding campaign, be sure to familiarise yourself with the regulations and laws in Australia regarding crowdfunding and ensure that you comply with them. The Australian Securities and Investments Commission (ASIC) is responsible for regulating crowdfunding in Australia.
The typical amount raised in a crowdfunding campaign for a self-published book in Australia can vary greatly depending on several factors, such as the popularity of the author, the genre of the book, the target audience, the marketing efforts, and the quality of the campaign.
On average, successful crowdfunding campaigns for self-published books in Australia can raise anywhere from a few thousand to tens of thousands of dollars. The amount raised needs to cover the costs of publishing and marketing the book, as well as fulfilling any rewards promised to backers.
Here is some simple math:
- Number of supporters: 150
- Cost to print your book: $10
- Crowdfunding contribution: 110 contributors at $25 (bronze reward: 1 book), 25 contributors at $45 (silver reward: 2 books) and 15 contributors at $60 (gold reward: 3 books). This equates to (110 x $25) + (25x$45) + (15x$60) = $2,750 + $1,125 + $900 = $4,725
- Net financial support gained: Funds contributed – Cost of books = (110x1book)+(45x2books) + (15x3books) – 245 books x 10 = $2,450 Net funds = $4,725-$2,450=$2,275
It’s important to note that the success of a crowdfunding campaign is not only determined by the amount raised, but also by the level of engagement with backers and the quality of the final product.
Yes, crowdfunding can be a way to pre-sell a book in Australia. Reward-based crowdfunding is a popular method of pre-selling books, as backers can receive rewards in exchange for their contributions. For example, an author can offer signed copies, early access, or other exclusive perks to backers who support their campaign.
By pre-selling their book through crowdfunding, authors can also gauge interest in their book, secure funding to cover the costs of publishing and marketing, and build a community of supporters who can help promote the book once it’s released.
It’s important to keep in mind that pre-selling a book through crowdfunding is not a guarantee of success, and authors need to put in the effort to promote their campaign and reach a wide audience. They also need to fulfil any rewards promised to backers, which can add to the costs and complexity of the publishing process.
5. What are the best crowdfunding platforms to raise funds for self-publishing a book in Australia?
Here are some of the best crowdfunding platforms in Australia to raise funds for a self-published book:
- Pozible: A popular Australian-based crowdfunding platform that supports a wide range of creative projects, including book publishing. It offers a variety of funding models, including all-or-nothing and keep-what-you-raise.
- Kickstarter: A well-established, international crowdfunding platform that has a strong presence in Australia. It’s a popular choice for creative projects, including books, and operates on an all-or-nothing funding model.
- Indiegogo: An international crowdfunding platform that supports a wide range of projects, including books. It offers both all-or-nothing and keep-what-you-raise funding models.
These are just a few examples of the many crowdfunding platforms available in Australia. When choosing a platform, it’s important to consider factors such as fees, funding models, and audience reach, and to read the terms and conditions carefully to ensure you fully understand the platform’s policies and requirements.
6. What are the negatives of using crowdfunding to help self-publish your book?
It’s not all “sweetness and light”! Here are some of the negatives of using crowdfunding to raise funds to self-publish your book in Australia:
- No guarantee of success: There is no guarantee that your crowdfunding campaign will be successful, even if you put in a lot of effort to promote it. Crowdfunding is not a guaranteed source of funding and success is highly dependent on the quality of your campaign, the popularity of your project, and the level of engagement with backers.
- Limited reach: Crowdfunding platforms typically have a limited audience, and reaching a large number of potential backers can be challenging. You will need to invest significant time and effort into promoting your campaign to reach a wider audience.
- Competition: There is a lot of competition on crowdfunding platforms, and it can be difficult to stand out among the many other projects seeking funding.
- Campaign costs: Running a successful crowdfunding campaign can be expensive, with costs including platform fees, marketing and advertising expenses, and rewards for backers.
- Legal and regulatory compliance: Crowdfunding is regulated in many countries, including Australia, so it’s important to familiarise yourself with the laws and regulations that apply to your campaign. Failing to comply with the regulations can result in fines and legal repercussions.
- Fulfillment of rewards: Once your campaign is successful, you will be responsible for fulfilling the rewards promised to backers, which can be a time-consuming and costly process. Green Hill will help you get book production underway well before your campaign ends (usually authors conduct 2-month crowdfunding campaigns).
- Unmet expectations: Crowdfunding campaigns can sometimes lead to unmet expectations, as backers may expect a certain level of quality or completion that is not met. This can result in negative reviews and damage to your reputation. How do you get a quality book published? Certainly keep production in Australian hands. Have you heard of Green Hill Publishing, Australia’s trusted self-publishing company?
These are just some of the negatives of using crowdfunding. It’s important to carefully consider these and other potential drawbacks before launching a campaign, and to be transparent and realistic about what you can deliver to your backers.
You can self-publish your book by raising funds through crowdfunding, but you need to be aware of the pitfalls.
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