Pay authors a higher-than-standard royalty.
Below you will find the IBPA wording regarding “best practices” in black, while comments about Prairieland Press’s specific practices are in green.
A hybrid publisher pays its authors more than the industry-standard* royalty range** on print and digital books, in exchange for the author’s personal investment. Although royalties are generally negotiable, the author’s share must be laid out transparently and must be commensurate with the author’s investment. In most cases, the author’s royalty should be greater than 50% of net on both print and digital books.
Prairieland Press pays its authors 50% of net on print and digital books of all books sold via online stores or through wholesale and direct-to-consumer sales where the publisher has made the sale through their efforts and appearances (conferences and mailings.) If authors choose to purchase books themselves to sell (never a requirement for publication at Prairieland Press), they purchase them at 60% off the retail price, which gives them a profit of 80% of the net of those sales.
How did I come up with that figure, did you ask? Most of our books cost about $5 to print using print-on-demand technology and sell for $10 retail. If the author purchases them at 60% of retail, they are purchasing their copies for $6 each. If they then, in turn, sell them for full retail, they will make a profit of $4 each on those books. $4/$5=80%. So, if an author chooses to sell some of the books himself/herself, then this criteria of more than 50% is met. If they choose not to sell books themselves, then it is not met, but the royalty is still greater than traditional “royalty range” for a first-time author not represented by a literary agent.
CRITERIA #1: Define a mission and vision for it’s publishing program.
CRITERIA #2: Vet submissions.
CRITERIA #3: Publish under its own imprint(s) and ISBNs.
CRITERIA #4: Publish to industry standards.
CRITERIA #5: Ensure editorial, design, and production quality.
CRITERIA #6: Pursue and manage a range of publishing rights.
CRITERIA #7: Provide distribution services.
CRITERIA #8: Demonstrate respectable sales.
CRITERIA #9:Pay authors a higher-than-standard royalty.
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