When working out the cost of publishing a book, a storyteller must take into consideration the cost of the services available to her throughout the storytelling timeline, and decide which services she doesn’t need, those she absolutely needs and will pay for, and those she will do herself.
The cost of setting up the business. She should think about what kind of business structure she’ll create. The cost of setting up her business will most likely have a bearing on what kind of business she’ll set up, whether it will be the super economical sole proprietorship structure, which will nonetheless leave her liable for any debts or financial obligations owed by her company, or the more expensive limited liability company, which protects her from financial liability. It is highly recommended that a storyteller register her business as an LLC, for it not only protects her from financial liability, it does, furthermore, carry the aura of greater professionalism and prestige, and will grow with her as her career as an author evolves.
The cost of setting up a business as an LLC – or incorporating it – includes legal fees, since this process is usually undertaken by a lawyer, and in Barbados, incorporating a business costs approximately BBD$1,500.00. In some jurisdictions, it costs nothing to set up as a sole proprietorship, but in Barbados, the cost is approximately BBD$150.00.
Write it yourself, or hire a ghostwriter? Many people dream of writing a bestseller, but they just don’t have the time to devote to the meticulous and time-consuming writing process. In his case, hiring a ghostwriter is an option. Be sure, however, that you’re crystal clear about your purpose for hiring a ghostwriter. There is a very thin line between hiring someone to put down in writing your own developed story idea from your notes or recordings, and hiring someone to create a manuscript with no input from you, but for which you receive authorial credit. The latter is a form of cheating, and is a very dishonest practice employed by many in the publishing industry.
The cost of hiring a ghostwriter varies according to the degree of difficulty of the writing process, as well as the length of time it takes the ghostwriter to complete the work, and can range anywhere between $500 – $50,000, or more.
Having the manuscript edited. Assuming the storyteller creates her own manuscript, one unavoidable cost is that of having the manuscript edited, even if she’s a very good writer. Many writers try to cut costs by neglecting to hire a professional editor to prepare their manuscript for publication. The result is usually a book that does not meet industry standards, which, of course affects their sales, and, worse, damages their reputation.
In my experience as a manuscript editor, there are several variables I need to consider before I set a price on my service. This is why I don’t have a rate sheet. Each publishing project is unique, and though I have a system, I tend to tweak it to suit the unique nature of each project.
For example, when I assess a manuscript, I take note of the quality of the manuscript, or how well it’s written. If the storyteller writes well, has a good command of the grammar, and has, furthermore, written a powerful, engaging story, I charge less than if the manuscript is filled with grammatical errors, is poorly structured, and isn’t very interesting. This is because it takes much longer to edit a poorly written manuscript than a well written manuscript, and the degree of difficulty of editing a poorly written manuscript is higher than that of a well written manuscript.
A competent editor might charge anywhere from USD$1,700.00 to USD$3,000 for editing a manuscript. Having your manuscript professionally edited is an essential component of your publishing strategy, and a good editor is worth her weight in gold. My own editing service includes an initial reading of the manuscript, a critique of the manuscript and recommendations for its improvement in a report, recommendations for a marketing strategy, and several rounds of editing, from content editing to proofreading. I also format the manuscript for publication.
A book is judged by its cover. Yes, people do literally judge a book by its cover, and so it’s important to create a really great cover for your book. It’s best not to do this yourself, unless you are an artist. Otherwise, get yourself a good graphic designer.
The cost of hiring an artist to create a cover usually starts at approximately USD$1,500. Bear in mind that the more skilled the artist and engaging the artwork, the more costly this service will be.