Pros

Self-publishing has a long and venerable history. Bartlett's Familiar Quotations, Twain's Huckleberry Finn, and Edgar Rice Burroughs' Tarzan series, among many others, were self-published. In our time, new authors of all stripes have successfully circumvented the publishing system. Some of the attractions of self-publishing are:

• More profit. Self-publishing authors can expect to pocket an average of 25-35% of the retail price of the book, compared to 10-15% of the net price (after bookseller and wholesaler discounts) typically offered by publishers.
• Control. All editorial, production, and marketing decisions are taken by the author. Most authors know their subject matter and audience better than any publisher, and this is their chance to show it.
• Speed. Most book publishers work on an 18-month cycle--and this is after the book has been accepted, which can take months or years. A self-published book can be in readers' hands in a fraction of that time.
• New opportunities. Two recent technologies are of enormous benefit to self-published authors: digital or on-demand printing, and the Internet. The former virtually eliminates up-front and inventory costs (often the largest costs associated with self-publishing), and the latter opens up worlds of sales possibilities, also at minimal cost.
• Satisfaction. Self-publishing is a complex and risky undertaking; success can be a source of deep satisfaction for authors, who know that every sale is due entirely to their efforts.

Cons

• Fewer sales. If the title is of general interest (especially fiction), or fits in a niche that is already well-served by publishers, an efficient publisher can almost always sell more copies than an author. This is, after all, the main reason that publishers exist.
• Effort. Self-publishing is above all an enormous amount of work. All the tasks that are routine for publishers must be learned, often the hard way: editing, typesetting, layout; dealing with printers, wholesalers, and retailers; billing and fulfillment; advertising and marketing; and countless other details. Most self-published authors find it expedient to form their own business, with all that entails. On the bright side, there are several excellent guides available. See Sites and Books.
• Lack of resources. Even small publishers have access to capital and infrastructure--from production to printing to promotion--that authors can only envy. Editing, in particular, is crucial, and it is difficult to find a freelance editor who will be as objective and thorough as an in-house editor.
• Lack of clout. Self-published books, with rare exceptions, don't get into bookstores. Wholesalers may need convincing simply to list the title. In general, unless the book can be sold through alternative channels (mail-order, specialty stores, Web sites, etc.) it is not worth printing. Lack of financial clout is potentially quite damaging: printers generally want payment up front, and wholesalers and retail outlets as a rule do not treat their small clients well, paying them late or sometimes not at all.
• Lack of respect. Having a publisher, particularly a large one, means a certain prestige for author and title. Booksellers and readers are encouraged by the fact that publishing professionals have seen fit to risk their money and reputation on a work, and have presumably subjected it to careful quality-control in editing and production. A self-published book is generally assumed to be inferior. Potential readers eye them with suspicion, and most reviewers eye them not at all.

Who Should Self-Publish

Given the risk and effort required, only certain types of people should consider self-publishing. The most obvious candidate, of course, is the author who can't find a publisher. But simple need is not enough. The following qualities are necessary for success:

• Entrepreneurial spirit. Self-publishing involves overcoming or circumventing a long series of obstacles. The author has to be focused, aggressive, flexible, and alive to opportunities at all times. Belief in oneself and one's work is a prerequisite.
• Advanced organizational/business skills. Publishing and selling a book is an exceedingly complex business. Writers who have never balanced their checkbook or worked in an office should think twice before trying it.
• Flair for self-promotion. Many people, writers perhaps more than others, find self-promotion distasteful. It is part and parcel of self-publishing. Meek, self-effacing types need not apply.
• Time. Self-publishing requires great expenditures of time and a willingness to be available by phone all day. Other jobs and writing projects will interfere and, probably, suffer.