What Every Business Strategist Needs to Know About Publishing Success
In this action-packed episode of the Play Big Faster Podcast, Terry Whalin, author of over 60 books who has worked with over 50 magazines and countless other authors, reveals the critical publishing truths that can transform your entrepreneurial journey.
From his journey as a high school newspaper editor to becoming a prolific author and business strategist, Terry shares invaluable insights for entrepreneurs looking to leverage publishing as a growth strategy.
Terry’s new book, “10 Publishing Myths: Insights Every Author Needs to Succeed,” addresses the unrealistic expectations many authors have about the publishing process. This episode unpacks these myths while providing practical strategies for navigating the complex publishing landscape, whether you’re pursuing traditional publishing, independent publishing, or self-publishing routes.
Key Publishing Strategies for Business Growth
The Path From Journalist to Publishing Expert
Terry’s journey began when a high school English teacher spotted his writing talent and encouraged him to join the newspaper staff. Despite having no initial sports knowledge, he learned quickly and eventually became the newspaper editor. This early experience led him to study journalism at Indiana University, one of the top 10 journalism schools at the time.
After a spiritual transformation in college, Terry made what he calls “a left-hand turn” and joined Wycliffe Bible Translators, spending 10 years in linguistics before returning to his writing roots. His first book was published in 1993, a children’s book titled “When I Grow Up I Can Go Anywhere For Jesus,” which launched his book writing career.
Reality Check: Publishing Myths That Hold Entrepreneurs Back
The first myth Terry addresses is the belief that “I will make a lot of money” from publishing a book. Many authors approach publishing with a “Field of Dreams” mentality—if they write it and put it out there, it will sell and generate significant revenue. This unrealistic expectation often leads to disappointment.
The reality of today’s market is staggering: “over 11,000 new books are published every day,” including self-published works. This creates intense competition for attention and makes strategic marketing essential for any author looking to stand out.
Building a Platform You Actually Control
Terry emphasizes that while many authors focus on building their presence on platforms like Facebook, LinkedIn, or YouTube, these are ultimately “rented platforms” that you don’t control. As a business strategist, he recommends building assets you can fully own and control:
“You want to build your stuff on somewhere that you as an author can control. That would be like your website, your blog, your newsletter. Things that you can actually do something with at the end of the day and nobody can take that away from you.”
Understanding the Three Publishing Paths
Terry outlines three distinct publishing options available to entrepreneurs and authors:
- Self-Publishing: While offering maximum control, self-publishing can become unexpectedly expensive, with some authors spending “$10, 15, $20,000” on their books. Terry cautions about companies that upsell additional services like screenplays, which can quickly inflate costs.
- Traditional Publishing: These publishers typically “control everything. They pick what the title will be, the cover, all where the book will go, all that kind of thing.” While providing credibility, traditional publishing offers less author control.
- Independent Publishing: A middle-ground option represented by publishers like Morgan James (where Terry works). These have established reputations while offering more author involvement. As Terry notes, “Publisher’s Weekly had an article actually last week and we were one of the top 10 independent publishers out there. We’ve been on this list 10 times.”
Timeline Expectations and Decision-Making
When it comes to realistic timelines from acceptance to publication, entrepreneurs need to adjust their expectations based on their publishing path:
- Traditional publishing: 18 to 24 months
- Independent publishing (like Morgan James): About 9 months
- Self-publishing: Can be much quicker
Terry warns that quick publication doesn’t always translate to success. Through systems like Nielsen BookScan, publishers can see your entire sales history: “You’re establishing a track record out there of what’s happening with your books. And if I look it up and see that you’ve only sold maybe a hundred copies of your book, that’s one story compared to maybe you sold 10,000 copies.”
The Ultimate Strategy for Publishing Success
Terry’s most powerful advice for entrepreneurs looking to use publishing to play big faster centers on persistence through rejection. He shares the inspiring story of the Chicken Soup for the Soul co-authors who were rejected over 160 times before finding success:
“They would turn to each other and they’d say one word. And the word was ‘next.’ Okay, this one didn’t work, where’s the next one? And so they didn’t just tuck that submission into their desk drawer, into their computer, but they were looking for the next place to send it.”
The secret to their eventual breakthrough—selling over a million copies and creating one of the best-selling series in the English language—was what they called “the rule of five.” Every day, they committed to doing five specific actions to promote their book: “They got up every day and they did five things to be telling people about their book. They did a podcast, a radio show, a newspaper article, a magazine article, a live event, something day in and day out.”
Essential Resources for Business Strategists Interested in Publishing
Terry’s Publishing Resources
- 10 Publishing Myths: Insights Every Author Needs to Succeed: Available for $10 including shipping, with over $200 worth of bonuses
- The 11th Myth: A free bonus chapter addressing the myth that “if I send my book to Oprah Winfrey, she’ll book me on her show”
Recommended Publisher Research Strategies
- When evaluating potential publishers: Google the publisher’s name along with words like “scam” or “complaints” to see what others have experienced
- For literary agents: Research their reputation before signing, as “often it’s harder to find an agent than it is to even get published”
Key Takeaways for Business Strategists
Persistence Trumps Rejection: Even the most successful books often face extensive rejection—keep pursuing the next opportunity
Publication Is Just the Beginning: Success requires consistent marketing efforts well beyond publication; the Field of Dreams mentality doesn’t work in publishing
Build What You Own: Focus on creating owned assets like your website, blog, and email list rather than solely relying on “rented platforms” like social media
Do Your Due Diligence: Research potential publishers and agents thoroughly, looking for red flags like multiple complaints or scam allegations
Understand the Trade-offs: Each publishing path offers different timelines, costs, and control levels—choose based on your business goals
Practice the Rule of Five: Consistent, daily promotional activities compound over time and can transform your book’s reach and impact
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