Publishing your first book is exciting! After months—or potentially years—of writing, it’s natural to want to give your new book every possible advantage.
Many authors finally reach the publishing stage determined to do everything “right,” which is an excellent mindset to have. But knowing what “right” means can be challenging, often leading to spending money on things that aren’t actually necessary yet—or oppositely, not spending where it would be wise to.
Publishing a professional book doesn’t require an unlimited budget. Many successful authors built their careers by being strategic about where they invested early, and where they chose to wait. So if you’re publishing your first book, it helps to know the top 5 financial mistakes new authors make, and how to avoid them.
Mistake #1: Spending Thousands to Have Someone Else Do It for You
One of the most common mistakes debut authors make is assuming they can’t learn the basic ins and outs of publishing. So, they seek out high-cost pay-to-play services, often called vanity presses.
These types of services are marketed specifically toward that self-doubt and fear of doing something wrong your first time around. For thousands of dollars, they’ll offer to take care of all the steps, but they tend to also fluff their deal with false promises of bestseller status, guaranteed visibility, or “secret publishing shortcuts.”
While some legitimate publishers do exist out there, as a new author, it’s very easy to believe a vanity press is the way to go. But self-publishing is called self-publishing for a reason: these days, it’s easier than ever to publish a book yourself and produce even better results than most of these services ever will.
Do This Instead
Whenever you’re considering any type of publishing service or product, first pause and ask:
- Does this solve a problem I don’t think I can figure out how to solve myself?
- Can I very clearly and transparently measure the value of this offer?
- Is this something I need right now?
There are so many helpful books, groups, websites, and other resources out there in the wonderful indie publishing community that can teach you just about everything you need to know. Start with those and teach yourself the basic skillsets you need for your first few books.
Mistake #2: Treating Editing as Optional
Even for those authors who have done professional work on other people’s books or content, refusing to spend at least some money on professional services for your own book can really backfire.
A professionally edited book helps create a better reading experience, reduces distracting errors, and boosts your professionalism as an author. Even the most talented writers who have been publishing for years benefit from outside editorial feedback.
Skipping editing entirely to save money can ultimately cost more in poor reviews, reader dissatisfaction, or republishing costs if and when you do decide to have your book edited later.
Do This Instead
Invest in the best editing you can reasonably afford at this stage. If a full, paid editorial package (developmental, line/copy, and proofreading) isn’t currently within your budget, always consider alternatives, such as:
- Critique partners to replace developmental editing
- Writing and grammar software to help with line/copy editing
- Beta readers to help catch proofreading mistakes
Some level of feedback—preferably human at one or more stages—is almost always better than none at all.
Mistake #3: Designing Your Own Cover (Without Experience)
Many authors are also tempted to save money by creating their own cover. While there are certainly authors with strong artistic skills, book covers are marketing tools first, and artwork second. So unless you have professional experience with designing book covers specifically, it’s highly recommended to hire someone who does.
Readers make purchasing decisions in seconds that are often based on very specific genre expectations. If a cover looks amateur or doesn’t send the appropriate signals as expected for your genre, it can really hurt your book’s chances of success, regardless of how great your story may be.
Do This Instead
Prioritize a professional cover however you can. If your budget is limited, there are still plenty of more affordable options to consider, like:
- Premade covers from larger design companies
- Newer, independent designers who may charge less
- A simplified design instead of something highly customized
If your budget is really tight, you can also consider starting with only publishing the eBook version of your book, meaning you only need a digital version of your front cover designed. This tends to cost less than a full eBook, print, and audiobook design package, especially when paired with one of the above suggestions.
In addition, having the interior of your book (whether eBook, print, or both) professionally formatted is also a wise idea. This helps to ensure the reading experience is smooth and that your book feels like a professionally published one.
Mistake #4: Spending Heavily on Advertising Too Soon
Many first-time authors who have only a single book published assume heavy advertising will help rocket that book to success. As a result, they launch expensive ad campaigns immediately or soon after publishing.
The reality is that advertising tends to be most effective when authors have multiple books available for purchase. With only one title, it can be difficult to earn enough from sales in order to offset advertising costs, because every reader can only be a single-purchase customer. There’s no ability to benefit from the multiple purchases that result from read-through, which can greatly help increase every single customer’s value.
Do This Instead
First, focus on learning the basics of audience-building and organic marketing (that’s marketing you don’t pay for). Some great early efforts can include:
- Building an author website
- Starting an email newsletter
- Networking with other authors
- Continuing to grow your catalog
Advertising typically becomes more effective once you have additional books for readers to purchase. In the meantime, stick to all the great ways you can start building your platform that cost little to no money. You might be surprised by how effective it can be!
To learn some great tips and insights about book marketing and audience building, check out The Ultimate Guide to Marketing for Authors.
Mistake #5: Building a Business Before Building a Catalog
As an author, being organized and intentional is an excellent thing. But many newer authors will spend substantial time and money building elaborate business systems before they’ve even published enough books to feed back into those systems in a truly helpful way.
Premium business software, custom branding packages, complicated sales funnels—most of it can wait. Will some of them be useful eventually? Most certainly. But for most new authors, books should remain the foundation of the business, and managing and marketing the first few can be done with very basic (often free) systems.
Do This Instead
Focus on writing and publishing the next book. A growing catalog often does so much more to increase your long-term revenue than almost any other investment you make. Every new release creates opportunity for:
- Readers to discover your work
- An increase in read-through rate
- Higher return on current investments
Once you’ve got three or four books published, that’s a much better time to look at how your processes have been working, where you can improve, and what makes sense to spend more money on in order to make those improvements.
The TL;DR
What is worth spending money on if you’re publishing your first book:
- Professional editing
- Professional cover design
- Interior formatting
- An email newsletter platform subscription
- An author website
What isn’t necessary to spend money on if you’re just starting out:
- Vanity press services
- Large advertising budgets
- Premium software subscriptions
- Expensive coaching programs
- Advanced marketing funnels
Mind you, none of these things are inherently bad investments, especially if you’ve got the budget to spend on them. They just tend to become more valuable after you've published a few books and gained more experience.
Looking for a breakdown of what the costs of publishing a single book can look like? Check out this article.
Related Questions
Can I edit my own manuscript?
You can absolutely self-edit your manuscript, and every author should do so at least once after they finish their first draft. But it’s incredibly difficult to spot developmental issues or general writing and proofreading mistakes when you’re already so ingrained in your story. Even if you perform several rounds of self-editing, professional feedback of some kind can significantly help to identify all kinds of issues that will make your book stronger in the long-run.
How do I find a professional cover designer on a budget?
It’s a great idea to join a few self-publishing groups online and ask them for any recommendations, being sure to mention that you’re on a budget. You’re sure to find authors who are or recently were in your same position who can make great recommendations. You can also check out some of the bigger-name design companies and see if they offer discounted premade covers or simplified packages.
Why is an author website an early-career necessity?
An author website gives readers a central place to learn about you, discover your books, and join your email list. Unlike social media platforms, you fully control your website and won’t lose access to your audience if an algorithm changes or platform policies stifle your business growth. Even a simple website can help establish credibility and make it easier for readers to find you online. Learn more about building a great author website inside The Ultimate Guide to Author Websites.
