Launching your first book is the most important moment in the career of a young writer. However, jumpstarting your first book launch can be a challenging task to accomplish if you are not able to cater for all the expenses and costs that go into launching a book.
The personal finance reporter of BBC News, Kevin Peachey says that “a recent survey of writers found that 25% of them had self-published a work, and 86% of them said they would self-publish again. They suggested a typical return on their investment of 40%, the research for the Authors’ Licensing and Collecting Society found.”
Here are some ideas that one can use to secure funding to kick-start your first book launch:
Use of a Credit Card
This is a risky way of securing capital to fund your business because if you fall behind in meeting your payments, there will be consequences. However, you can avoid this by ensuring that you meet the minimum amount required each month. Westpac offer a Low Rate Mastercard with an annual interest rate on purchases at 13.45%.
If you can meet the requirements and know your book will be a ‘best seller’ then maybe this is an option.
Crowdfunding
Crowdfunding is one of the ways to easily raise money from your family and friends. There many online crowdfunding sites that one can use to invite members of your family, friends and the public to pledge some money.
However, you would need to set a goal of how much money you would save over a specific period as well as the purpose of it.
Securing a Business Partner
Having a partner can be a very effective way of ensuring that you secure the funds needed to jumpstart your first book launch.
A writer can partner with a publishing company who would facilitate the printing and distribution in exchange for a set commission. However, the writer has to pitch a good book to convince a publisher to take them as a client.
Take a Loan
There are many ways to secure money for the launch of your book; one way is through a personal loan. Although many public and private lenders have become stricter on who they will lend the money to.
Access to money is not difficult with one personal loans company www.quickloans.co.nz offering New Zealander’s approval for up to $20,000 within one hour. That seems outrageous.
Attract Angel Investors
A writer can research the most common angel investors and subsequently create a good proposal that will be able to woo him/her. However, be careful not to give away your business and always have an exit strategy.
If this is successful, you may get funding that will help you cover the expenses of your first book launch.
Raise Money From Friends and Family
You can easily raise money by asking your closest people to help you with your finances. You can also ask them for a loan which you will pay after the book launch becomes a success.
Consider Factoring
This is an effective way of raising finance whereby a publisher or writer will sell his book at a discount to get cash up front. This is a good method if you are not able to raise cash.
Get Funding From Business Incubators
Business incubators can offer nurturing services and also secure funding. This will also enable you to meet mentors and future investors.
Building your name on the economic ladder is the same with starting up a business. Writers take years to finish writing a novel, and it also takes years to establish their names. But those years may speed up if the author knows what to do before launching his or her first book.
New Zealand Poetry provides a platform where aspiring and well-known authors can showcase their talents. This could be a way for you to build your name while on the process of writing your book. You can check them out and register now!