The program features a group of six venture capitalists looking for businesses in which to invest. The contestants are entrepreneurs with small businesses needing capital. Each contestant stands before the “sharks,” pitches their business, and specifies the amount of money they’re asking for, and what percentage of their business they’re offering for that investment.

It’s fascinating hearing the pitches, the investors’ reactions and questions, and the negotiations. Then you get to see which businesses come away with an investment and which walk away empty-handed. I love it! I’m constantly noticing all the ways the whole scenario resembles publishing.

When you’re taking your art out of the personal realm of your home computer and into the public realm of commerce, you’re just like these entrepreneurs asking others to invest in them.

YOU are asking a publisher to invest in you. You’re asking them to put their time and money on the line, to share the risk, and you’re also offering them the opportunity to share in the reward. (You’re asking an agent to do the same thing.)

The entrepreneurs who appear on this program seeking investors are, like you, creative people. Many of them are inventors of incredibly unique products. Most of them have spent years developing their product and their company. (Probably longer than most of you have spent writing a book.) They’ve also spent a lot of money to develop the business, sometimes in the millions. Like you, they had an idea, and they worked hard to execute it. They’ve now reached the point where they feel they can’t go any further on their own. They want a partner—like when you get your book written and want a publishing partner to take it to the next step.

They work really hard to prepare an exciting presentation. They go before the Sharks and present their business idea, making sure they’re entertaining as well as informative. (This is TV, after all.) Woe to them if they’re boring. Kiss of death. (Good thing to remember.)

Once they make their pitch, the sharks grill them with questions. How many have you sold? Are you sure this is a good idea? Exactly who will buy this product? What are you doing to market this product? How will people get to know your name in this competitive market? What previous experience do you have in this business? How many hits do you get on your website? How can you possibly compete with the gigantic names that dominate this particular niche?

What questions will publishers ask about YOUR product? Make sure your proposal anticipates those questions and answers them.

On Shark Tank, after the investors ask all their questions, each one will either make an offer, or they’ll say “I’m out” (usually giving a reason first).

• “You’ve done a fabulous job. But it’s a tiny market. I’m out.” (“Your book is terrific but the potential audience is too small for us.”)
• “This is strictly going to be catalog, direct mail, Internet sales. I’m out.” (“You may want to try self publishing or POD.”)
• “I just don’t think this is a good idea. I can’t see anyone buying it. I’m out.” (“Your book simply doesn’t appeal to us.”)
• “There are five big brands that dominate your category and I don’t see how you’re going to compete with them. I’m out.” (The genre you’re writing in is glutted, not to mention dominated by household names.)
• “This is a great idea, but I don’t think you’re ready.” (Keep working on your writing and building your platform, and try again in a year.)
• “It’s a unique idea but not an investable concept.” This was one of my favorites, because I see this problem with manuscripts, too. Unique ideas come across my desk, but trying to determine which are sellable and therefore, worth investing my time… that’s the trick.

What’s really fun on the show is when more than one shark makes an offer to invest in the entrepreneur’s company. They’ll play off one another and even compete; the entrepreneur can then negotiate a better deal. (Kind of like a bidding war in publishing.)

Sadly, many of the entrepreneurs go home without an investor. The sharks tell them that this product on which they’ve spent all that time and all that money isn’t worth an investment. For some of them it’s heartbreaking, because they’ve put everything they have, materially and emotionally, into it. And it might fail. Sound familiar?

Most of these people will go on to find a way to make their business a success without the sharks. Others will cut their losses, quit that business or that product, and go on to something else. Each person will find the path that’s right for them, but I have to think that the chutzpah that got them this far will keep serving them well.

I have to think the same about you, too. The guts and courage that makes you sit in that chair and pound out those pages word by word, day by day… it will serve you well, whatever happens.

Are you watching Shark Tank? Whether you have or haven’t, how do you approach the business aspects of publishing? Do you enjoy learning about it? Would you just as soon pretend it doesn’t exist? 

* An earlier version of this post originally appeared when Shark Tank first premiered in 2009.

If you should decide to invest in some personalized counsel, I offer coaching for unpublished authors here: My Coaching Services

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The post Welcome to the Shark Tank appeared first on Rachelle Gardner.

Most agents try to offer some kind of explanation if they’re saying no to a requested manuscript. But giving this kind of feedback is sometimes more difficult than you might think. Each manuscript usually has some good points, and some not-so-good. Often we agonize over our decision. It’s good, but is it good enough? I like it, but will others like it? Are the positives enough to overcome the negatives?

Before I try to analyze exactly what’s going on with a manuscript, I try to experience it as a reader would. I pay attention to my gut as I’m reading.

You know how sometimes you’re reading a book and you don’t want to put it down, and you’re really frustrated that it’s time to go make dinner or put the kids to bed, and you just want everyone to leave you alone so you can read your book? And whenever you’re doing something else, you just want to be finished so you can get back to reading your book?

But other times you’re reading a book, and it’s easy to put down. You find yourself distracted. You go check your email, or see what’s on TV. Or fall asleep. Not that you can really define anything bad about the book, it’s simply not holding your attention. And when you have some time to read, you debate whether to go back to that book or not.

I have the same kinds of responses when I’m reading manuscripts, and I’m paying close attention to my responses. Do I want to keep reading? When I’m doing something else, am I eager to get back to reading the manuscript? If not, I will probably pass.

Of course, I can usually identify why the manuscript isn’t keeping my attention. Maybe it’s just plain boring or the writing isn’t good enough. Maybe it starts out strong but then falls apart. Maybe the characters aren’t well-developed. Or the dialogue isn’t working. Or it didn’t feel original. Or any number of other problems. But for me, the yes or no starts in my gut. It’s not scientific, but it’s what I’ve got.

I’m sure you’ve had the same thing happen in areas of your life or work in which you have to rely on your instincts.

Sometimes, I must say no to a novel.

Photo credit: https://unsplash.com/photos/VBoa34qcW4w
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The post Why Didn’t I Say Yes to Your Novel? appeared first on Rachelle Gardner.

I was interviewed on the Lead Stories Podcast with Jo Saxton and Steph O’Brien. Listen in, if you’re interested! (It’s about 45 minutes.)

We talked about:

• What I look for in someone I might represent as an agent
• What coaching looks like and why it is worth it
• How I redirect people who aren’t ready for publishing yet
• Whether I think everyone has a book in them
• What I think the best social media platform is
• Current hot topics in Western culture

Some questions for writers to ask themselves:

1) Am I writing for myself or am I writing for a reader?

2) Can I identify who my reader is and why they would want to read this?

3) Have I worked hard to become a strong writer? (Am I getting feedback, improving my craft, reading books in my genre etc.?)

4) What are my personal forms of resistance when it comes to writing? (Write a list and watch out for them!)

Listen to the Lead Stories Podcast HERE.

The post Let’s Talk About Writing, Publishing, and Coaching appeared first on Rachelle Gardner.

 First of all, I love the way writers, editors, and yes, even agents, are a true community. Competition exists, but it doesn’t get in the way of real relationships. That’s what this business is about, relationships, and the people I’ve met in this business are simply the best.

I love working with authors. Your passion impresses me; your bravery amazes me. The commitment authors must maintain in order to be successful is nothing short of monumental, and for that, I salute every one of you. It is my pleasure and privilege to support you in the small ways that I do.

I love the new submissions that I get to see all the time. They show me the incredible diversity of ideas out there. They show me the courage of those who have convictions. They tell me that no matter what anybody says, people will always want to write books, and people will always want to read them.

I love the thrill of the hunt for great books. The anticipation that underlies the reading of every query and proposal. The “aha” feeling when you think you’ve found one.

I love calling writers and offering them representation. It can be the beginning of a wonderful partnership that can enrich both of our lives.

I love the moment when an author realizes they are actually going to have a book published. The offer’s on the table… the contract is signed… their dream is coming true. There is nothing better!

Image copyright: ha4ipuri / 123RF Stock Photo

The post Valentine to the Publishing Life appeared first on Rachelle Gardner.

I’ve always liked this quote, because it’s so true—and it applies to publishing, too. We don’t know how a book will do until it goes on sale, or sometimes, until it’s been on sale several months or even years.

Publishing companies and Hollywood studios routinely produce works they predict will sell based on past success of similar works. It’s a flawed method of decision making, but it’s the best we’ve got.

Besides analyzing past experience, what can we do to predict future success of a book or movie? We watch the market; we pay attention to the cultural zeitgeist; we look at what’s going on in the world and think about how that might affect people’s choices in how to spend their leisure time; we look at what people are enjoying in the other arts.

But predicting the future based on the past is an inexact science. Not really a science, even, but an art. Anytime we’re trying to project future success of an individual project, we are making an educated guess, no more.

A corollary to “nobody knows anything” is Billy Wilder’s famous tip: The audience is fickle. Sure, last year they may have gone crazy over vampire novels, but will they still be so enthralled next year? Nobody knows.

It takes just as much effort, time, and money to create a movie or a book that’s going to bomb as one that’s going to do well. This underscores the truth of “nobody knows anything” because if we knew—if we were able to make accurate predictions—then perhaps in the pursuit of the bottom line, only bestsellers would be published and only blockbuster movies would be made.

Instead, we have thousands of non-bestselling books published every year so that there are many, many great choices for those of us who like to read. The fact that nobody knows anything works in your favor if you’re a writer, and even if you’re a reader.

Anytime you ask an industry professional a question that has to do with predicting the future (Will Amish fiction ever go away? Is paranormal going out of style or will it still be hot next year?) just remember that the answer they give you is not gospel, it is simply their informed opinion based on what they see around them. It could be completely accurate… or dead wrong.

Only time will tell.

Based on what’s happening in books and movies today, what predictions can YOU make about the future?

TWEETABLES

Can we predict the future success of a book? Click to Tweet.

Nobody in publishing knows what’s going to work. It’s a guess, every time. Click to Tweet.

Image copyright: sifotography / 123RF Stock Photo

The post Nobody Knows Anything appeared first on Rachelle Gardner.

Everybody, get a grip.

 
1. We’ve known for a long time that B&N’s position was—and is—precarious. This is not news. (Forecasting “B&N closing by the end of the year” is, however, a great way to get lots of clicks and shares.)
 
2. While it could happen, we haven’t seen any evidence that B&N will be dead before 2015. This business is always rampant with rumors, and what good does it do? I prefer to ignore attention-seeking prognostications and wait for the real news.
 
Now, let’s say Mr. Levin’s prediction is correct. What then?
 
I daresay the world won’t end. Things will change for publishers and readers and everyone in between—but things have already been changing and we ought to be used to it by now. It’s not as if publishers are unaware that this could happen. And it’s not as if readers are clinging to B&N as their last and only hope for access to books.
 
Let’s take a few of the statements in this article and expose them to the light.
 
“Literary agent David Vigliano says that the disappearance of bookstores, and the move to buying books on Amazon, represents the death of browsing.”
 
No offense to either Mr. Levin or Mr. Vigliano, but this is categorically untrue. Millions of readers are browsing just fine, thank you very much, online and in (gasp) libraries. Why do you think B&N is having so much trouble? Not just because of showrooming (people browsing in the store, then buying online.) But because many, many readers have already made the switch to online browsing and are having no trouble finding the reading material they want.
 
“Serendipity – the sweet surprise of happening upon an unexpected book – is an experience that can happen only in a bookstore.”
 
This feels to me like the ranting of Luddites who can’t get used to this thing called the Internet. They can’t believe that it actually WORKS. Again, this statement is so untrue as to be almost ridiculous. Millions of readers are experiencing “serendipitous” sweet surprises much more often nowadays via the Internet than they ever could from walking into a bookstore.
 
“Yes, Amazon’s algorithms can point you to books you may like, but there’s no substitute for wandering the aisles of a bookstore, looking into a section you might never have visited before, and finding a new author or subject you had never considered.”
 
Oh, brother. I regularly find new authors and subjects I’d never considered—by tuning in to NPR and the Wall Street Journal, by following smart bloggers, by checking Facebook every now and then, by belonging to a book group, by browsing on Goodreads, and by having actual conversations with actual people. I have probably been in B&N five times in the last five years—and I read as many books as almost anyone I know.
 
“Barnes & Noble killed privately owned bookstores, and Amazon and technology are killing B&N. It’s downright Darwinian.”
 
It took a lot more than B&N to drive many privately-owned bookstores out of business—it was the advent of digital books, and it was all the big stores (Borders, Walmart, Costco, etc), and it was Amazon. But think about it. If B&N folds, it might be exactly what we need to bring back the privately-owned local bookstore that knows how to serve its own community.
 
Could B&N close this year? Sure. Would it be a tragedy of epic proportions? No, except for the fact that many would lose their jobs because of it. My heart goes out to those people.
 
Publishers (and writers, and agents, and everyone else in the book food chain) will figure out how to rally. We’ve been adjusting to massive changes for half a decade already, and there’s more to come. I understand it’s difficult to deal with uncertainty (you have no idea how well I understand this). But I’m so over the drama, and the fear, and the hand-wringing.
 
Let’s keep looking ahead at the possible changes in our industry, and asking ourselves: What’s good about this change? How does it bring us into the future? What do I need to do to adjust to this change? Does it offer any opportunity for me? 
 
I’d like to hear your thoughts.

Comment below, or by clicking: HERE.

Tweetables

Barnes & Noble closing? Agent @RachelleGardner says: Everybody get a grip. Click to Tweet.
 
Could B&N close this year? Sure. A tragedy of epic proportions? No, says agent @RachelleGardner. Click to Tweet.
 
“The report of my death was an exaggeration.” Mark Twain–and Barnes & Noble? Click to Tweet.
 
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The post OMG! What if B&N Closes? appeared first on Rachelle Gardner.

When you’re a debut author trying to break in to traditional publishing, one of the most important things to remember is this:

Minimize the obstacles.

You already know it’s not going to be easy to break in, so you want to avoid making it even more difficult on yourself. This is why agents give so much advice on their blogs. Not every piece of advice applies across the board to every author, but we’re trying to help you have the best chance of attracting an agent and publisher.

Assuming you’ve written a terrific book…

What are some possible obstacles to finding an agent and publisher?

Read the post at Books & Such to find out. Click Here.

The post Minimize the Obstacles appeared first on Rachelle Gardner.

Have you seen my DEFINITIVE post on How To Get Published?

Have you ever wondered what you should say if an agent calls to offer representation?

A great title is an important aspect of attracting an agent’s or editor’s attention. Here’s how to create a perfect title for your book.

Did you know I have a list of qualified freelance editors on my website?

By the way, all those pages can be accessed in “Popular Posts” both on the sidebar and in the tab at the very top.

Would you like to follow more agent blogs? I have an agent blogroll.

Want to check out Mary DeMuth’s e-books on writing book proposals?

You can find those under the “Resources for Writers” tab.

I get emails everyday asking for information that I’ve already covered somewhere on the blog, so I’m trying to help make it a little easier for you to find what you need.

Those links in the bar across the very top have drop down menus with incredible resources for you!

Under the Submissions tab you’ll find:

My Submission Guidelines

What I’m Looking For

How to Write a Book Proposal

Want to learn about writing query letters? Click “Find Post by Subject” (light blue band, upper left under my name) and scroll down to click on Query Letters. You may want to start with these posts:

Query Letters: Not That Complicated

Top Ten Query Mistakes

Anatomy of a Winning Query

Query Paranoia

If you’re looking for a particular topic, you can use those tabs above (in the light blue band) that say “Find Post by Subject” and “Search this Blog.”

Hope that helps you navigate your way around my blog!

The post The Publishing Information You Need! appeared first on Rachelle Gardner.

Most people think these situations get resolved purely on the basis of money, i.e. whoever offers the biggest advance. However, as I discuss with each author who finds themselves in an “auction” situation, there’s more to it than money.

The real question is not, “Who’s offering the most money?” but “Who will be the best publishing partner for me?”

Here are 6 factors we consider when choosing a publisher.

1. The editor.

Crucial to the author’s positive publishing experience is the editor who’s acquiring the book. It’s important to us that the editor convey sincere enthusiasm for the author and their book(s). We want an editor who has truly caught the vision for the book and hopefully for the author’s career; someone who seems to appreciate the author’s unique style and wants to work with it (as opposed to immediately offering ideas for changing it).

We try to suss all this out in conversations with the editors. Usually when there are multiple offers coming in, the agent and author have conference calls with each editor. In addition, I have the advantage of already knowing most of the editors, so I have a feel for who they are before we even begin discussions.

2. The buy-in from the publisher as a whole.

It helps when the editor conveys that not only the editorial team, but sales and marketing and everyone up to the publisher and CEO love this book and author. A strong buy-in from the beginning can make a big difference in how well a book is handled.

3. The publisher’s track record with similar books.

We look at how well other books in the same genre have been handled. Often we have our own previous experiences with that publisher so we know how marketing and sales were handled, and we know how many units sold. If I don’t have personal experience with that publisher, most likely another member of the Books & Such team does. We also look at whether any of the publisher’s previous, similar books have been bestsellers.

4. The publisher’s contract terms.

The publishing contract is a big deal and each publisher handles it differently. If we have a choice of publishers, and we know for certain that one publisher is more likely to have more favorable contract terms than another, it’s definitely going to factor in to our decision.

5. The advance and other financial terms offered.

Lest you think I’m saying the money’s irrelevant… it’s not. Often the amount of advance offered is a direct reflection of the publisher’s enthusiasm and commitment. And let’s face it, a strong financial arrangement can make a big difference in an author’s life. So we definitely consider the money!

6. The author’s opinion.

Sometimes an author has had a “dream publisher” in mind for a long time. Sometimes they just have a gut feeling or a real connection with an editor on our conference call. If this is the case, it certainly goes into the hopper as one of the things to be considered when making this decision. The publishing relationship is going to be a long one that has a major impact on the author’s life, so they definitely need to speak into the decision and share their own thoughts.

Is this different that what you expected? What would be the most important to you on this list? Have I left anything out?

The post How We Choose the Best Publisher appeared first on Rachelle Gardner.

Here are six big reasons.

1. Objective validation

To be “chosen” by a publisher means that a group of people who are widely read, and who see dozens of new projects come across their desks every single week, believe your book has value and will find a reading audience. It means that people who see all kinds of writing—from really bad to really great—believe that yours is somewhere in the ballpark of “really great.”

2. Editing and design

Virtually all writers, including the very best, will find their writing improves and their books are better because they’ve worked with talented editors. Publishers also provide a professional and polished interior and exterior look for their books, in both electronic and paper formats.

3. Expanding your readership

Even though writers usually need some kind of platform and they have to do a lot of marketing on their own, the publisher does their own marketing, reaching whole different audiences than the author is able to reach on their own. (See my post Do Publishers Market Books?)

4. Mainstream media

Traditional media is still an important driver of book sales — talk shows, news programs, and reviews in major magazines, newspapers and websites (New York Times, Washington Post, People, etc.) Not every author can get this kind of publicity, but books published through traditional houses have a much better chance. Most of the mainstream media still chooses not to review or feature self-published works, except for the occasional phenom such as The Mill River Recluse or Fifty Shades of Gray.

5. Partnership and expertise

Authors know that when they work with a publisher, they’re partnering with a company that has years, decades or even centuries of experience choosing, editing, designing, marketing and selling books. Sometimes it’s nice to know you’ve got a partner who knows what they’re doing.

6. Emotional payoff

There is just something special about the fulfillment of a lifelong dream. For many people, the dream only feels fully realized when they’re contracted by a traditional publisher.

What are your thoughts? Why are YOU pursuing traditional publishing?

I have nothing against self-publishing! Let’s not get a whole “us vs. them” thing going here. I just happen to work primarily in traditional publishing, so that’s where my focus is. This post is NOT about or against self-publishing.

The post 6 Reasons Authors Still Want Publishers appeared first on Rachelle Gardner.

Visit Michael Hyatt’s blog by clicking here.

In the interview, Michael and I discussed advice for new authors looking for an agent, common mistakes new authors make in approaching agents, the importance of  a formal book proposal, why authors should still consider publishing with a traditional publisher… and more.

Drop by and tell him I sent you!

The post In Which I am Interviewed by Michael Hyatt appeared first on Rachelle Gardner.

Obviously, the standard way to view advances is, the more the better. Right?

Well, maybe… maybe not.

A large advance is a good thing because it means that no matter how many copies your book sells, you’ll receive at least that much money (minus your agent commission).

If we’re taking the short view—the “take the money and run” view—then this is a very good thing. If you’re an author who may not have books beyond this first contract, then getting as much money as possible up front is a great idea (from the author’s perspective).

However…

If you’re taking the long view—the “I hope to make a career out of this” view—then whoa, doggie, not so fast. Let’s not be shooting for the biggest advance possible. Let’s shoot for a good advance—one that you can reasonably expect to earn out.

If you earn out your advance, and then sell far more copies above what’s needed to earn out, then some really great things happen:

1. You’re a star in the eyes of your publisher, and they can’t wait to give you another contract.
2. You get checks in the mail regularly—beyond the advance—that could turn into quite a nice little twice-annual revenue stream. At that point, trust me, you’ll be very happy you didn’t take it all up front.
3. Not to put too fine a point on things, but come tax time, you’re going to be very happy as well. Paying taxes on a little income at a time (like with a smaller advance and then ongoing royalties) is MUCH easier than trying to pay taxes on a sudden six-figure windfall.

On the other hand, if you get a HUGE advance, with no evidence to show that your book will sell enough copies to merit it (save for the instincts of the publisher), you risk some unpleasant consequences:

1. If you don’t earn out, your publisher is extremely reticent to contract you again. If they love you despite sales numbers that fell below expectations, they’ll contract you but with a significantly lower advance.
2. You won’t see any checks along with those twice-yearly royalty statements. Depressing!
3. You end up paying taxes on a huge amount of money up front. Ouch, painful!

It can be a better idea to negotiate for higher royalty rates when possible, because a higher royalty means you have the chance to make more money in the long run. You earn back your advance faster, and then the checks start coming sooner if you’ve earned out. Your royalty rate can make the difference between you earning, say, 80¢ per book sold or $1.00 per book or $1.20 per book. That makes a big difference in the long run. In my mind, it’s more important to make more per book than to worry excessively about how much of that you get “up front.”

So, my point is this. Trust your agent when they’re negotiating the advance. A good agent will try to get you the best advance possible while balancing it with a reasonable expectation of what you can earn out, so that you can become a star and build a successful long-term career as a writer.

Any thoughts on advances? Any questions for future posts?

Update: Based on the comments, I just want to clarify. I’m not talking about asking for a smaller advance up front. I’m talking about two things: (1) Accepting an advance that’s smaller than you’d hoped, and looking at the upsides of keeping it small as I’ve outlined here; and (2) Choosing to accept the advance the publisher offers (even if it’s smaller than hoped) rather than trying to negotiate it higher, and instead negotiating on other points that are more important to the author.

The post Author Advances: Is There Such Thing as Too Much? appeared first on Rachelle Gardner.

If you want to go to your Google Reader right now, click HERE.

Thanks!

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When I’m editing manuscripts, I somehow turn into the cruel and heartless eliminator of… exclamation points!!! Seriously, I’ve developed a hatred for them! People tend to WAY overuse them! Not to mention italics and bold, and that oh-so-effective use of ALL CAPS!!!!!!!

Here’s a hint to avoid coming across as amateur: Use the above devices sparingly in any writing intended for publication. (I’m being specific here, because in blogs, emails, social networking and text messaging, you’re free to go crazy.)

If you tend to use a plethora of exclamation points, do a search-and-replace in your manuscript and put a period in place of every single one of them. Yep, every one. Then you can go back and add an exclamation point here and there if you really must. But I’m not kidding: V E R Y . . . S P A R I N G L Y.

Same with other means of artificial emphasis: italics and ALL CAPS. Your writing should be so effective by itself that the emphasis isn’t necessary.

As for bold, don’t ever use it in running text! (It’s OKAY for headers!)

Isn’t THIS irritating!!!!

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© 2011 Rachelle Gardner, Literary Agent

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