Authors have options when it comes to publishing. Each avenue has its own merits and drawbacks. I have simplified the list to give you a cursory look at each but would encourage you to look into all of them to make the best decision for you and your book.

Traditional Publishing is the model where the book is published by a corporate house that handles the design, sales and marketing for the author, as well as the payout of royalties. 

Pro: There is no upfront cost to the author; the publishing house has a marketing budget, and offers wider exposure with placements in book stores. They also pay an advance to the author. 

Con: The competition is great. Of the two million plus books published each year, only about 1% is handled by publishing houses. The author would need to obtain an agent, who will work with them to query publishers. The author may also have less freedom with the content if the editor chooses to change any of the content of their book. The author receives less royalties (about 10%).

Hybrid Publishing is the model where the author and publisher share the cost of the publication.

Pro: The publisher handles the editing, formatting and design part of the book, some even offering marketing and PR. The author may get a larger share of royalties (between 35-70%, depending on the publisher). 

Con: The author incurs upfront costs. Also, their books are also not guaranteed to go into bookstores. 

Self-Publishing is the model where the author publishes their own book, handling all the aspects that a publisher normally would.  

Pro: The author can write and publish on their own schedule. They control the content as well as royalty payments (between 35-70%).

Con: The author is responsible for finding their own editor, designer and formatter and this would need to be budgeted. They would also have to learn how to publish their book. And market it as well. 

I recommend following Jane Friedman, an industry expert who focuses on business reporting and author education. She’s published helpful information charts on publishing paths that are available for free. Visit https://janefriedman.com/key-book-publishing-path/ to learn more.