Pointers to Publishing | Consider crowdfunding to finance your book
Published:Friday | July 21, 2017 | 12:00 AMCorine LaFont
One of the greatest challenges an author has is finding funding. The dilemma is, where is the money coming from? You have great ideas but do not have the funds, or you do not want to take the risk of taking a loan or asking for financial support from family.
Crowdfunding might be your best bet, and there are many platforms out there. Crowdfunding has been the rave in the last few years, and it is growing.
What is crowdfunding?
In simple terms, it is an online initiative to raise funds for a project. Funds come from persons all over the world and your own network who have an interest in your project.
The crowdfunding platform guides you in submitting your proposal and offers technical support should you need it. It is always best to look at what others have done so you can learn what made them more successful at attaining their target. You can apply the same strategies as well.
Crowdfunding requires work, time, and effort, and it is a viable way to get your project and book off the ground, and it will take a lot of your time to personally oversee the promotion and marketing of your idea, which would attract more support for the cause.
You would need to chart progress and give regular updates of your writing and even share snippets of your work. You can write blogs, post videos, and so on. This way, the audience remains engaged. You are building a relationship with your sponsors and possible target audience.
It is important to deliver when you say you will, and if something should change that course, let your sponsors know.
Crowdfunding also allows you to get pre-orders as it brings readers, authors, and publishers together all in one place. If you have a compelling book, you may even be offered a publishing contract on some platforms.
At the end of your campaign, the crowdfunding platform will take a percentage from the total funds received. This is a standard fee, which is agreed upon before you commence your campaign. There are no up-front costs involved.
Some platforms allow an extension to attain your funding goal if you fall short, so take the time to read through all the instructions and policies on the various platforms.
These three crowdfunding platforms can be considered:
Do not be disappointed if you fall short of your goal. Consider it a learning experience. You can recalibrate your project and try again.
- Corine La Font is a speaker, coach author and self publishing consultant. Check out her website at http://www.helpdeskja.com or contact her at corinelaf@gmail.com