The times are changing in the book world
During my recent interview with Morgan James Publishing founder David Hancock, listeners were provided with a view inside the realm of book publishing. David says that traditional publishing is going to have to change and he unveiled some of the mysteries and truths about the book world. For instance:
- 96% of traditionally published books are considered to be complete failures (as in they lose money)
- Most authors don't earn more than their initial advance
- The average Business book sells between 3000-5000 copies - which isn't enough to keep the publisher "interested" before the publisher gives up on it
- Some of the major publishing houses are in financial trouble (Houghton Mifflin has somewhere in the neighborhood of 7 billion dollars in debt and cannot afford to buy more books)
- Book stores are suffering in the difficult economic times
David emphasized that writing a book remains an incredible experience. Additionally it provides the author an extra dimension of professional credibility while adding the potential to increase income. “Fill a need and tie it in with your passion,” he said. “If you have a great idea you need to act on it, most importantly do something,” which spurs the question, “What are You Waiting For?”
Discovering his passion
Beginning his career as a successful mortgage banker/home builder David wasn’t satisfied. “I was hungry to find out how I could do more,” he said. He wrote his first book at the urging of others to gain extra experience and recognition in his field. He said he enjoyed writing the book, but the publishing experience was “horrible.” The publishing company didn’t allow him much say, he didn’t get to chose the cover or keep his rights, and the book wasn’t what he had wanted it to be. However, it did give him the credibility he desired and doubled his income within several months. Afterwards, he wrote a second book, and had a similarly “unhappy” publishing experience. For his third and fourth books, he self-published, but the books didn’t sell the same as they had with the publishing company promoting him. “Ninety-nine percent of self-published books don’t go past the author’s garage,” he said. That’s when he was inspired to create a unique publishing company.
His company, Morgan James Publishing, is referred to as a hybrid in the publishing world. David explained he combined the best of all worlds. He took everything he liked about traditional publishing and what he liked about self-publishing and put them together. He wanted to empower authors to play an active role in the process. Many new authors still live by the myth that you write a book, then sit back and wait for it to sell and for Oprah to call. The truth is, no matter who you publish with it’s the author’s responsibility to move the books from the book stores into the consumer’s hands. “You can use your book to enhance your business,” he said. To serve this purpose, Morgan James has a tremendous amount of resources available on its website which serve both to inspire and inform its authors as well as the general public.
David’s company has won awards, such as the 2007 American Business Award, and has created its own award, called the “Ethan Award,” for entrepreneurs. David’s company’s revenue is up 50% from last year. He credits his success to his meticulous selection of books and authors.
David's upcoming book, “The Entrepreneurial Author: Surviving Tough Economic Times,” will be available soon. David’s mission is to teach others how to get their book written and sold. “My passion is to help authors achieve their goals,” he said.
David also suggests the following resources:
http://www.rickfrishman.com/
http://www.author101university.com/
http://www.megabookmarketinguniversity.com/
To watch the video, click here.
Click here to listen the archived show.
For David's 10 Commandments for Entrepreneurial Authors go to: http://morganjamespublishing.ning.com/profiles/blog/show?id=1975222%3ABlogPost%3A16235
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