Is Crowdfunding A Book for You?

money-652560_1280Bands do it! Filmmakers , startups, charities, and many other creatives do it too!

Now indie authors are using crowdfunding to raise funds over the internet to help pay the costs of self-publishing their books.

There are reportedly over 450 crowdfunding platforms, but not all of them are suited for authors.

Indie authors face substantial costs for hiring various service providers: editor, copyeditor, proofreader, book cover designer, layout designer, indexer, website designer, publicist and publishing coach. Once their books are available, many authors spend additional money hosting book signings, book tours, and other events.

Creating a successful crowdfunding campaign can pay for some or all of the costs of getting your book published and promoted. Before launching a campaign, however, it’s important to decide if crowdfunding is right for you.

Examine these popular crowdfunding platforms to decide which is right for you.

Kickstarter.com

Started 2009
Avg. $5,000
Most well-known, but has strong competition. Only 60% accepted of 2,000 weekly. Must reach goal to be funded.

  • Gives creatives a way to raise funds for projects. Must meet goal to get funded—3% to them, 3-5% to Amazon for payments
  • Donation-based; must offer rewards to donors
  • 656 campaigns under publishing
  • Example: Stars in the Sky

IndieGoGo.com

Started 2008
Average $15,000

  • Open to any idea
  • Fees are 4% if the fundraising goal is met, 9% if it isn’t. There’s also a third-party payment processing fee of 2.9%
  • Donation-based; must offer rewards to donors
  • Accept almost projects, except porno of course
  • Keep what you raise less fees
  • Lot of varying campaigns for visitors to wade through

Pubslush.com

Started by mother and daughter

  • Serves literary community only
  • Fees are 4% , plus 3.5%
  • Can raise funds or set book up for pre-sales

GoFundMe.com

Started 2010

  • Personal causes and events
  • Donation-based; not required to offer rewards
  • Fees are 5% plus 2.9% service fee
  • Keep all you raise minus fees
  • Reaching goal not required

Example: http://www.gofundme.com/m4xkr4

Teespring.com

  • A platform that allows you to create and sell custom apparel with no cost, risk, or hassle. You can design t-shirts yourself on their site, set the price and decide a length of your campaign.
  • Your profit is whatever you add to Teespring’s price to create shirt.
  • Used by many entrepreneurs, not just authors, to earn money.
  • No initial layout unless you decide to hire a designer
  • They create and ship t-shirts when campaign ends
  • Must reach modest goal or shirts don’t get printed

Example: http://teespring.com/color-your-life-happy-t-shirt

 

 

 

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