Crowdfunding for Authors: A New Way to Fund Your Book

Have you ever dreamt about publishing your very own book? Can you imagine seeing your name majestically printed on the cover, your words encapsulated within, the fruit of your endless hours of work, waiting to spark a journey in the reader’s mind? But, alas! You find yourself grappling with the harsh realities of traditional publishing and the expenses associated with self-publication. Don’t let these obstacles deter your literary dreams. What if an enchanting solution lies at your fingertips, promising to change the game in your favor?

Welcome to the unexplored realm of crowdfunding for authors, a freshly paved pathway that offers you an exciting alternative to fund your book. Crowdfunding campaigns for books raised over $100 million in 2020. The world of crowdfunding allows you to turn to prospective readers and fans, inviting them to make a small financial contribution that will collectively enable the publication of your book.

But like any alluring prospect, it brings along its own set of challenges and rewards. This comprehensive guide is designed to give you a balanced look at crowdfunding from the author’s perspective, dissecting the potential benefits and drawbacks of this progressively popular funding method. 

Does the sound of crowdfunding echo a promising tune to you? Are you ready to dive deep and explore the platforms you can leverage, their fee structures, and the strategies to make a successful campaign? Then, engage with this educational guide as it embarks on the twisting and turning journey of crowdfunding for authors.

Understanding Crowdfunding: What It Is and How It Works

What are the pioneering paths to publish your words? Have you ever wondered about the different ways that could propel your manuscript from your desktop to the bedside table of enthusiastic readers? Welcome into the world of crowdfunding, a revolutionary financial model that could turn your dream of getting your book published into reality. But first, what is crowdfunding exactly?

Essentially, crowdfunding is the practice of raising funds for a project or venture from a large number of individuals, typically via the Internet. One could liken it to a vast digital landscape where ordinary individuals claim the power traditionally held by large financial institutions. In other words, it’s the democratization of funding for creative projects, in which authors, like you, can play a starring role.

But how does it work? Well, imagine pitching your idea to not just one or two investors, but hundreds, even thousands. Intriguing, isn’t it? Picture yourself standing in the virtual market place, your manuscript in clear view, and shout out your proposition to the passing crowd. If they feel a connection, they may decide to invest some of their hard-earned money into your work. The process captures the essence of many small gestures making a significant impact.

Break it down though, how does it function? Well, it operates under different models:

• The Donation Model: Backers contribute to your campaign out of sheer goodwill, without expecting anything in return except perhaps a hearty “thank you”.
• The Reward Model: Backers contribute expecting a non-monetary reward such as a signed copy of your book or a public acknowledgement in your book.
• The Equity Model: Backers contribute with the expectation of a financial return on their investment, typically, in the form of profit-sharing.
• The Debt Model: Backers provide loans that you will need to repay over time with interest.

To summarize, crowdfunding is a potent tool to marry your creative aspirations with the necessary monetary resources. It is about drawing on the might of the crowd, engaging their interest and acquiring their financial backing. But, like any other tool, it comes with its own set of rewards and challenges. Let’s delve into that, shall we?

Pros and Cons of Crowdfunding for Authors: Why You Should(n’t) Consider It

Embarking on the journey of crowdfunding for your book can be exhilarating, but like many other endeavors, it has both its advantages and drawbacks. Prior to jumping headfirst into this approach, it’s imperative to weigh both sides of the coin. Shall we dive in?

Pros of Crowdfunding for Authors

1. Creative Control: Perhaps one of the most enticing aspects of crowdfunding is retaining creative control. Unlike traditional publishing routes, where an author must worry about satisfying the whims of publishers and editors, crowdfunding allows authors to retain creative control over their projects.
2. Potential Fan Base: Crowdfunding campaigns inherently involve marketing your book to a wide audience. This process can, in turn, help authors amass a dedicated fan base even before the book is published – a luxury rarely offered in conventional publishing.
3. Funding and Transparency: Crowdfunding provides an upfront way to secure financing for your project, and the campaign setup lends itself to being transparent with your backers. This helps to birth trust with your supporters, something that can aid you not just in one campaign, but for future projects as well.

Cons of Crowdfunding for Authors

1. Pressure and Accountability: While having a wide support base can be a pro, it can also put the author under considerable pressure. Greater accountability comes with crowdfunding since backers expect to have a finished product at the end of the campaign. This can bring about a unique form of stress for the author.
2. Time and Effort: It’s worth noting that successful crowdfunding campaigns often require a significant investment of time and effort, both in the planning and the execution stages. From creating engaging content, managing your campaign, to regular communication with backers – the energy necessary may be overwhelming for some.
3. Unpredictability: Crowdfunding is neither a magic wand nor a surefire ticket to success. The uncertainty of whether or not the financial goal will be met is omnipresent until the very last second of the campaign. Moreover, things can go awry due to unforeseen circumstances such as platform glitches or sudden changes in backer sentiment.

Despite these pros and cons, the world of crowdfunding opens up a galaxy of opportunities for authors, significantly those willing to take driver’s seat in their creative journey. The question now lies – would you consider harnessing the power of the crowd for your book?

Popular Crowdfunding Platforms for Authors: Features and Benefits

Crowdfunding for books becomes an incredible possibility only with the help of specialized platforms that bring authors closer to their audience. Authors should research and compare different crowdfunding platforms to find the one that best suits their needs and goals. Let’s delve into the popular crowdfunding platforms that cater exclusively to authors, along with their key features and benefits.

Kickstarter

Perhaps the most famous of all crowdfunding platforms, Kickstarter has a dedicated section for publishing projects. From children’s books to cookbooks, if you can think of it, you can kickstart your project here. 

• Features: Kickstarter uses an all-or-nothing funding model, which ensures you either reach your target or not at all. It supports a broad range of creative projects and encourages unique rewards for backers.
• Benefits: The vast user base of Kickstarter can help your book gain greater visibility and traction. Kickstarter’s community is passionate about supporting creative projects, giving authors the possibility of fund and audience base creation in one fell swoop.

Indiegogo

Although it began as a platform for independent films, Indiegogo has since grown into a versatile crowdfunding platform. It supports a varied spectrum of projects, including publishing. 

• Features: Indiegogo offers both fixed (all-or-nothing) and flexible funding models, giving you more control over your funds. It features an in-depth analytics dashboard for tracking campaign progress.
• Benefits: Due to its global reach and multi-currency support, you can tap into a more diverse audience with Indiegogo. The flexible funding model also means you get to keep whatever funds you raise, even if you don’t meet your goal.

Unbound

Breaking the traditional publishing model, Unbound is a crowdfunding platform specifically designed for authors. It combines traditional publishing methodologies with crowdfunding principles, giving the best of both worlds to authors. 

• Features: Unbound operates on an all-or-nothing model. However, what sets it apart is its strong publishing backbone, where they take up distribution forces once the book is funded and written.
• Benefits: Unbound not only assists in raising funds, but also takes over the responsibility of editing, designing, publishing, distributing, and marketing your book. This way, authors can focus on what they do best – writing.

Remember, choosing the right crowdfunding platform for your book comes down to your personal preferences and specific project needs. Explore these options, consider their benefits, and make an informed decision towards your book’s success.

Building a Strong Campaign Page: Elements to Include and Avoid

When you’ve decided to crowdfund your book project, the centerpiece of your campaign is undeniably your campaign page. A well-crafted, persuasive, and professional-looking page can make or break your funding efforts. It’s your direct line of communication with potential backers, and it’s where they’ll decide whether to invest their money in your dream or click away.

Key Elements to Include

1. The Story: Weave a compelling narrative about your project. Why are you writing this book? Why does it need to exist? Allow your passion and enthusiasm to bleed through the page.
2. Video Introduction: There’s nothing quite like a creative, engaging video to connect with potential backers on a more personal level. Speak directly to visitors, succinctly explain your project, and share your vision with viewers.
3. Imagery: High-quality images and visuals can stimulate intrigue and make your campaign page more attractive. These can include book covers, concept art, author photos, or any compelling graphics that can help people visualize the finished product.
4. Rewards for Backers: These are incentives to get people to support your project. Commonly, this can include signed copies of the book, mentioning backers in the acknowledgments, or even a chance to name a character in the story.
5. Budget Break Down: Transparency is crucial in crowdfunding. Provide an overview of how the funds will be spent. This helps backer see where their money is going and helps build trust.

Common Pitfalls to Avoid

Just as there are elements that can enhance your campaign, there are also those that can detract from its potency. You’d do well to steer clear from these common pitfalls:

• Slack Presentation: A hastily put-together page might signal lack of seriousness or preparation. Ensure your page is free of typos, has a polished design, and includes high-resolution images.
• Overpromising: Promising too much can lead to unfulfilled expectations and disgruntled backers. It’s critical to be realistic about what you can deliver.
• Poorly Structured Rewards: Rewards that are too expensive or lacking in value can deter potential backers. Ensure the rewards you offer are both enticing and reflective of the contribution.
• Vagueness: Avoid being vague about your project or budget. Provide as much information as possible to maintain transparency and build trust.

In conclusion, your crowdfunding page is your project’s virtual storefront. It must be informative, inviting, and exude credibility. By incorporating key elements and avoiding common pitfalls, you’re setting your campaign up for success. Remember, your page is an invitation to a potential backer to join you in bringing your book into reality. Make it count.

Success Stories: Inspiring Examples of Authors Who Funded Their Books

Every journey to book publishing is unique and filled with twists and turns. However, there’s something particularly inspiring about those authors who managed to transform their dreams and ideas into an actual, physical book with the help of the crowdfunding community. Let’s take a look at a few standout stories that exemplify the power and potential of crowdfunding for authors.

David Malki – Wondermark

Creator of the popular webcomic “Wondermark,” David Malki successfully raised over $150,000 on Kickstarter to create a hardcover collection of his comics. His campaign touched on the nostalgia factor, promising to create a book that would make a beautiful addition to any collection. Malki’s success demonstrates that, with a loyal audience and a clear sense of what you’re offering, crowdfunding can turn a passion project into a tangible reality.

Octavia Butler – Fledgling

The late Sci-Fi legend, Octavia Butler, was posthumously funded on Indiegogo to release a special edition of ‘Fledgling’ by Wise Wolf Books. The campaign smashed its initial goal, spotlighting the staying power of beloved authors and the willingness of fans to contribute financially to keep their legacy glowing. 

Libby Page – The Lido

Libby Page’s debut novel, “The Lido,” began life as a project on Unbound. Page’s pitch for a heartwarming story about community and friendship resonated with readers, and she managed to successfully fund her project on the platform. The book was later picked up by a traditional publisher and became a Sunday Times Bestseller, demonstrating the potential for crowdfunding to kickstart a traditional publishing career.

Rob Thomas – Veronica Mars: An Original Mystery by Rob Thomas

Transitioning from screen to page, creator of the TV series “Veronica Mars,” Rob Thomas took to Kickstarter to fund an original novel featuring the iconic sleuth. His campaign swiftly exceeded its initial goal, thanks to a die-hard fanbase for Veronica Mars. This success story underscores that a built-in audience can be a significant asset when turning to crowdfunding to publish a book.

These stories serve as a beacon of hope and demonstrate the amazing possibilities when you tap into the power of the crowd. Through crowdfunded publishing, these authors not only made their book dreams come true but also found a way to connect with readers on a much more personal level. Now, the question remains: Are you ready to tell your story?

Conclusion: Embracing the Power of Crowdfunding for Your Book

Just think, wouldn’t it be wonderful if, instead of struggling to find traditional routes to fund your book, you could tap into the power of the crowd? You could share your idea, collect funds, and self-publish, all while retaining creative control over your work. No more hitting brick walls and jumping through hoops. That’s the promise crowdfunding offers. And it’s time you embraced it.

But remember, with great power comes the responsibility of creating a compelling campaign that earns people’s trust and support. There’s no magic spell here – your campaign must be thoughtfully curated and honestly presented. Do you remember the key elements we discussed? Your story, a structured plan, your budget, rewards, engaging visuals and regular updates blend to create a compelling campaign. And of course, be sure to sidestep those common pitfalls that can undermine your efforts.

The journey might be tough, but remember, all great books were once mere ideas floating in their authors’ minds. Think of authors like David Malki, Octavia Butler, Libby Page, and Rob Thomas. They started out just as you are now. They took risks, made their pitches, and leaned into the spirit of crowdfunding with both optimism and realism. Their book dreams turned into tangible, successful realities.

In conclusion, if you’re an author dreaming of breathing life into your story idea, crowdfunding can be a powerful ally. It is a challenging, demanding process and requires extensive commitment and preparation. But at the end of that tortuous journey is a reward that’s beyond monetary value – the pride and satisfaction of holding your own published book, backed and brought to life by a crowd of supporters, cheering you since day one. Now isn’t that a story worth telling?

So take that bold step. Steer your ship towards the majestic seas of crowdfunding. Embrace its power, its people, and their potential to transform your dream into a printed reality. Are you ready to take control of your book’s future?