Blogger: Rachelle Gardner
If you’re a writer trying to wrap your mind around the business end of publishing, I hope you’re watching ABC’s Shark Tank. The show has nothing to do with publishing. But it has everything to do with understanding exactly what you’re doing when you put your query or proposal in front of an agent, editor or publishing committee. You’re going into the shark tank.
The program features 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, specifies the amount of money they’re asking for, and what percentage of their business they’re offering for that investment. So a guy might ask for $65,000 in return for a 15% stake in in his business; or $150,000 in return for a 30% portion of the company. The sharks get to decide whether they want to invest in the business, and they’re free to negotiate any way they want.
I love this stuff! I’m constantly noticing all the ways the whole scenario resembles publishing. When you’re trying to take your writing out of the personal realm of art and into the public realm of commerce, you’re just like these entrepreneurs asking for others to invest in them.
You’re 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 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. They’ve also spent money, a LOT of money, to develop the business. Like you, they had an idea, and they worked hard to execute it. They’ve reached the point where they can’t go any further on their own. They need a partner.
Once they make their pitch, the sharks grill them. 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?
After the investors ask all their questions, they’ll either say “I’m out” or they’ll make an offer.
“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. We’ll pass.”)
“This is strictly going to be catalog, direct mail, Internet sales. I’m out.” (“You may want to try self publishing or POD. We’ll pass.”)
“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. We’ll pass.”)
“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. We’ll pass.)
One of my favorite exit lines from a shark was: “It’s a unique idea but not an investable concept.” I see this problem with manuscripts, too. Countless unique ideas come across my desk, but trying to determine which are sellable and therefore, worth investing in… 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. (Like an auction 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.
Some 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.
Watch Shark Tank! I promise you’ll gain insights and maybe view this publishing journey differently.
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? Tell us.
TWEETABLES
Watch Shark Tank for a crash course in publishing. Click to Tweet.
Writers approaching agents are like entrepreneurs entering the Shark Tank. Click to Tweet.
I’ve watched the show before, and loved it. I see how this show relates to publishing, and it can seem very frightening. The sharks on the show normally want to know what’s different about your invention or idea that will bring more revenue than your competitors. On the positive side, if you get only one shark to invest, it’s a win for you. To me, the stakes are high in publishing because gaining a “shark”, publisher, or agent means the hard work of marketing has just begun. Thanks Rachelle. I love the show, but don’t like some of the milluonaires unwillingness to give some of them a chance. Sometimes it seems they forget part of gaining revenue is risky at times.(Equal opportunity)
I hear you, sometimes it seems brutal when the sharks won’t give someone a chance. But as an agent I understand how it works. It’s complex to weigh the risks and potential rewards, and you have to factor in whether YOU are the right person to handle it. I’m sure the sharks are as disappointed as I am when they have to turn someone away.
This is an intriguing line of though, Rachelle. Thank you.
I think of it as pitching my book to God. His questions to me have been: What is your motivation? Is this a work of love? Who will benefit? Is it the product of the talents I invested in you?
Once I have his “well done,” I can go ahead and pitch it to agents.
Shirlee, I like those questions. They’re definitely good for determining motive!
I’m sure it is much more gratifying to receive His “well done” than any kind of response from the Sharks. 🙂
I can see the similarities. It makes me wonder how many agent passes to allow to go by before a rewrite. And then should it be a query rewrite or manuscript?
Sheila, those are good questions – that only you can answer!
I guess that at this point I am ready to write my heart, for God, and let things happen as they will. As the rapper Prayz-1 says, “I’m not trying to please the gatekeepers, I’m writing for the King”.
(As an aside, Racchelle, thanks for mentioning The Last Lecture in last week’s post. I revisited it, and found the most important thing one can say to someone who’s seriously ill – “Please don’t die.” If you know anyone in this position, please, please say this. That person needs to hear those words. And please excuse the off-topic tag.)
“I’m writing for the King.” Amen!
Andrew, you are never off topic. Your words here are written to us, yes, but also to the King. We love those words. Please don’t die.
The Last Lecture is always good, no matter how many times I revisit it. Glad my post sent you back there. Thanks for your contributions here. Please don’t die.
Thank you so much. So very, very much.
I’ve only ever heard about this show. I don’t watch much television, but I think I’m going to have to check this show out.
The parallels you make between “The Shark Tank” and publishing are very interesting. It’s not only publishing where these sorts of things are evaluated.
As for learning the business end of writing, I enjoy it, and I see how necessary it is to have a good understanding, and a plan. I’m still formulating my plan as far as marketing my one-day books, but I’m definitely learning, watching what others are doing, and thinking about what might work for me.
Fascinating post!
Jeanne, you don’t have to watch it every week, but I think you can really learn a lot from tuning in to a couple of episodes. Enjoy!
I love Shark Tank! Just started watching it this year. But lately, I’d rather read a good book than watch it. But the entrepreneurs that come before them put on a major performance. I’ve never pitched a book before. Is that what is expected of writers? I honestly have no idea. And did you see Robert Herjavec on Dancing With the Stars? My daughter made me watch a few because of Robert. 🙂 And … I’d rather read. 🙂
Yes, the entrepreneurs put on a major performance, but they ARE on television after all. 🙂
You’re certainly expected to put that kind of time and effort into figuring out the best way to pitch your book, whether verbally or in writing, but you’re probably safe skipping the dog-and-pony-show.
🙂 I’m thankful to hear that, Rachelle! I think I could have answered my own question, but I needed to hear it from you. 🙂
Publishing is a business and is in competition with TV shows like Shark Tank, DWTS, etc. Sadly, the novel-reading public is diminishing,even taking into account our increasing population. As writers we’re also in competition with past writers with proven appeal. Tolstoy’s War and Peace, Fitzgerald’s Great Gatsby, etc., etc. ad nauseam. Even so, we shouldn’t be daunted by the competition. So, undaunted we send off our masterpieces to an agent, who is also in a similar boat. And their boats, like ours, must weather the storm and bail water to stay afloat. Agents and writers, get used to the idea. And hey, it’s fun. Personally, I think that Shark Tank is rigged. If these investors were real, they’d be doing something more profitable than collecting money on TV. But that’s just me. I’m a suspicious s.o.b. Lotsa luck.
Yep, we’re all in competition. Isn’t that what makes it fun?
Rachelle, Shark Tank is one of our favorite shows–but I never thought of applying what we’ve learned by watching it to the business of writing. Great post.
And, now that I’m thinking about it, I’d guess you combine the golden touch of Barbara Corcoran and Laurie Grenier with the heart of Robert Herjavec. Thanks for investing in me.
But don’t expect me to go on Dancing with the Stars like Robert!
Awww–I’d pay to see that, though.
Wow. This is such a great post! I loved the parallels between pitching to publishers versus pitching a product/business. It’s a total risk and investment to buy into someone else’s vision. I have been completely intimidated by working/learning the marketing side of publishing and viewing my work as a brand. That’s risky as well, but so worth it. I still stink at all of this, but I’m learning and trying new things. Thank you so much for this, it really clicked with me.
I like how you put it, “buy into someone else’s vision.” Yes, that’s what agents and publishers do. And that’s what you’re asking readers to do!
Interesting. As writers we think so much about craft and art that it is easy to forget the business end of things. But I am learning more about that as I collect rejection letters.
Kristen, you always bring a smile to my face. 🙂
Yes, Kristen, I think when you’re writing, you’re probably better off forgetting the business side of things. But at some point it has to kick in!
Rachelle, I love watching Shark Tank! It’s programmed into my DVR. I’ve made comparisons with the publishing industry while watching the show. One thing I’ve learned from Shark Tank is the investors are wired for certain products/businesses and the entrepreneurs know who they really want to come along side them. As authors, we need to put our “product” in front of the “right” publisher. Why waste our time pitching to Kevin O’Leary when we really want Laurie Grenier! 🙂
Sherry, Kevin O’Leary is so much like Simon Cowell. 🙂
I love Shark Tank, this blog post, and I completely comprehend the analogy. Unfortunately, there is a big difference between the shark tank investors and the publishing industry (dare I say this? Feel free to delete). The investors are forward thinkers beyond their traditional industry who insist on a lean, efficient business model. The publishing industry, like many other industries in their own fields, has been slow to recognize that writers are content producers, not book producers. The publishing industry could be creating stories across all kinds of media and exploring how to do so in the future through virtual reality platforms, theme parks, and other opportunities as yet unknown. Are writers content providers or word-wickers? The Sharks always consider how the product will perform in developing technology.
I’ve always enjoyed watching Shark Tank, it’s a great study into the art of selling yourself and your products. A great lesson though is if the sharks aren’t sold on the seller they aren’t going to buy the product, no matter how great the ideas are. Writers everywhere should learn to write like Hemmingway but sell like Donald Trump.
Something I’ve been looking into is using the assistance of professionals when approaching those in the publishing field.
Love this article, Rachelle! Shark Tank is one of my favorite shows. I can see exactly what you are saying in how their deals are similar to what we as authors try to attain with an agent/publisher. I’ve self published 3 times after having no success with my Query letters. My first 3 were real life/non fiction stories. The new project I’m working on is a series of 3 fiction books. I wonder if I might have more luck with Queries this time?
As a person straddling the non-fiction and fiction worlds, I’ve put a lot of effort and time into the non-fiction side, because that’s where my paycheck comes from. I haven’t written a non-fiction book (yet), but I developed a parenting curriculum and am building a fan base (mostly on social media). I tried to put some energy into building the fiction side (under a pen name), but then I wasn’t working on my wip. It’s a lot to balance. My hope is that if it ever comes to needing to show I can connect with an audience, the non-fiction side will count. Even still, my followers are pretty small scale. Hard to imagine how people grow into the 5 or 6 digit range.
My favorite was Dave Alwan of Peoria’s Echo Valley Meats. He went and and got pummelled, then researched, worked his tail off, and went back on with the needed answers and signed!
So far I have not been pummeled at all, but looking forward to heading back for my second round after a few more “prep” boxes are checked around the platform topic.
Fun post for me to see today because yesterday I used this very same approach in an English comp class I teach at the local community college. I showed last year’s episode of the Groovebook. Points made: know your audience, express your idea in 30-60 seconds, articulate why you are qualified to make/sell/write the product, and know the numbers. Students know I’m an author and I told them I have to do this with publishers. Yes, Rachelle. Shark Tank is waaaay too much like publishing!
What an interesting post. I have not watched the show but I will give it a try. It definitely takes an artful manuscript and transforms it into the book business, something most authors have difficulty doing. I would love to have read some examples of positive comments, why they accepted or invested in a project. I will have to watch the show. Great post Thank you.
Tremendous post, Rachelle.
And Rich’s point is so important. (Take what the “sharks” give you, go home, work on it, and come back.)
Many writers either give up, or aren’t willing to do the hard work to become what the sharks want. If you’re willing, you’re already in front of most others.
Also, there are times where the sharks will say they like a person, but the business model doesn’t work. In other words, it’s not personal.