How to Borrow Money to Get a Book Published
Publishing a book costs money. It costs money to have books printed and bound and to market it. If you are running your own publishing house you may also need to pay your authors an advance against royalties. If you are an author, it does not cost anything to have your book published by a traditional publishing house. However, if you choose to self publish your work you will need to finance the printing and marketing yourself.
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Instructions
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Approach your closest friends and family members for loans to finance your publishing project. If your parents have money to lend they may be a good source, but friends and other family members might also be willing to pitch in. Some people have had more success by asking for small loans from several different friends rather than one large loan from a single friend.
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Check with banks in your area about "signature loans." These are loans that run for a period of months on which the interest rate is prime plus 5 percent. You may have better luck asking for a larger loan from a bank, rather than a small loan.
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Apply for a Small Business Administration or SBA Loan. If you are a publisher, you are eligible for these loans. The SBA offers three different loan programs for projects under $10,000, under $50,000 and under $100,000.
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Raise money by offering pre-publication specials such as free shipping to anyone who sends a pre-payment on a book that is not yet printed. You can also raise money before a book is printed by securing an advance order deal with a book club.
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Look into alternate sources of funding such as selling stock in a book or giving investors a cut of the royalties on a book in exchange for their funding. Grants are another source of money especially for works of fiction and poetry.
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References
- Photo Credit writing book image by AGphotographer from Fotolia.com
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Comments
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Very helpful pointers, thank you very much!
