Being a writer is not an easy thing. Both routes to publication--traditional and self--are rough. But, as with anything else in life, with research, patience, and a lot of hard work, you can succeed.
Define "success."
What do you need to consider yourself successful? Do you need to be #1 on the bestseller lists? Do you need movie deals, merchandising options, and $50 million? Do you need to be read by every literate person in the world? Do you need to write the Great American Novel? Do you need to make a comfortable income and entertain? Your definition of success will determine what you write and how you plan to achieve that success.
Do your research.
As a writer, you should already be proficient at finding out what you don't know. Use those skills to learn everything you can about the publishing industry. Right now, there's a great deal of discussion on the subject. I recommend starting with general information, like who are the Big Six, and then driving down to more detailed information, like who publishes work similar to what you write and how much those authors make. Read the blogs of traditionally-published authors, read the articles on publishing at online news sources, look at the bestseller lists. Learn absolutely everything you can about the traditional publishing industry. And then look at self-publishing. Don't just look at Amanda Hocking and John Locke. They're stellar, absolutely, and they're very inspiring--but they are not the norm. Look at less-exceptional self-published authors. Read their blogs, check out their books on the bestseller lists. Some of them may even be willing to share their sales numbers and figures. Arm yourself with all the knowledge you can gather.
Self-publishing or traditional publishing?
As self-publishing becomes more viable, as authors eke out a respectable living and corps of fans, the stigma dissipates. It's not entirely gone, not yet, and it may not ever truly be gone, but right now, self-publishing is not the bad idea it used to be. With that said, it's not for everyone. Decide what you want out of your publication. Look at each method and determine which one offers the most of what you want.
Make a plan.
For example, my plan looked like this: 1) Start writing. 2) Get blog. 3) Get Twitter. 4) Get website. 5) Publish. That's a very basic plan, and each step had several bullet points beneath it, and the plan has since expanded to include things about more pen names and the possibility of starting my own publishing company in the next two years or so, but I could not have done any of this without a plan. So make your plan and know what needs to be done. Take action.
Set reasonable expectations.
Your chances of becoming the next Stephen King, Dan Brown, Nora Roberts, J. K. Rowling, or Stephenie Meyer are slim to none. Your chances of becoming the next Amanda Hocking or John Locke are even slimmer. I'm not saying don't dream big and don't try hard, I'm just saying that you should start this publishing journey with reasonable expectations. Writing is not the way to get rich. Self-publishing is definitely not a get-rich-quick scheme. I came into this with the expectation that it would take at least one year to start selling enough books to pay for things like our car insurance, and that it would take two or three years to start making my old salary. And that only if I had five or ten solid books with good covers and decent reviews. My expectations were in the low-to-reasonable range. I expected to be in this for the long haul. And, I'll be honest, it never really occurred to me when I should consider this endeavor a failure and when I should give up. But...
Decide what constitutes failure and have a backup plan.
I should have. There is a lot of trial and error in this business. Sometimes, books just won't sell, no matter how aggressively you market on social media websites or in the paper or wherever else. If Cowboy wasn't selling as well as it is and those sales didn't seem to be spilling over to Cass and Better, I would have to re-think my strategy. (My strategy of "tell the people I know and then do some other stuff if I need to." I didn't say I had all the answers.) You should probably set a timeframe. Say, a year. If your best-selling book isn't moving enough units to satisfy your reasonable or low-to-reasonable expectations, try something else. Maybe you need an agent. Maybe you need a vanity press. Maybe you need to go back to the drawing board. Just remember that everyone fails. Failure is part of writing. Learn a lesson and move on.
Write.
I'm operating under the assumption that if you want to be published, writing is a compulsion. This may be obvious, but I think it bears stating. Don't stop. Don't ever stop writing, don't ever stop learning, don't ever stop getting better, and don't ever stop trying. Write from before you decide which route to take to publication, write while you plan, write write write.
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