Three Wishes Bookstore
Three Wishes Bookstore
Three Wishes Bookstore is an online bookstore run by authors and editors which puts the best interests of the customer first.
Three Wishes Bookstore is an online bookstore run by authors and editors which puts the best interests of the customer first. Read more
Three Wishes Bookstore: Think Outside the Bookshelf
The current publishing market is like a roller coaster. Anyone with an idea can publish a book. The marketplace is enormous. Publishers enter and exit the market, royalties are unpredictable at best, and authors who want to sell direct to readers have the burden of figuring out shopping cart software, sales tax...
Three Wishes Bookstore is an online e-book and audio book retailer by authors and publishers, with the best interests of authors and publishers at our center.
What are the "three wishes" publishers and authors want from a retail outlet? Simply put: transparency, accountability, and profitability.
Here is how TWB will deliver to authors and publishers.
1) Transparency. TWB has already developed a content management system unique in the industry. We can provide real-time sales data, with sale sources via a user-friendly, Windows-based system that shows sale source and sale price, as well as the applicable tax and expense rates, so an author or publisher can know real-time, at a glance, what they should expect to be paid. Our publisher and author contracts will be simple and available online with no gimmicks so any time an interested author or pub wants to look before they commit, they can see exactly what their obligations are, as well as what the benefits are. We will have a simple royalty rate (80% for domestic sales regardless of cover price, 60% for international) that is the most competitive in the market. Any author or publisher can look at their historic sales figures and see at a glance how much more they will earn for the sale of each book by distributing through Three Wishes Bookstore.
2) Accountability. Unlike most vendors, TWB will pay all royalties quickly and without delay. The content management system we have designed is unique in the industry, so at any time, an author can track sales and know exactly what should be paid. Rather than seek out investors, we chose Kickstarter to raise our start-up costs because we want our customers to know who we are, what our values are, what our experience is, and what we bring to this enterprise. Jeanne De Vita and Marci Clark along with our IT partners have combined more than 25 years specifically working in the publishing industry. Jeanne and Marci both edit and write, so we have experienced the pain of a publisher closing down as well as the stresses of navigating the self-publishing market. Three Wishes Bookstore will be domiciled in Los Angeles, California, where Jeanne lives and works, and we will have a dedicated phone line for authors and publishers who need support or have questions about their accounts. We will also have real-people handling reader support needs, through our IT support contract (for tech issues like downloading books or payment questions) as well as general questions about the store. No hiding behind an online persona. The collaborators on this project will be personally involved, visible, and invested in the store's success. Our author and publisher partners as well as our reader customers will be able to reach US.
3) Profitability. Both publishers and authors want to maximize profits when they sign with an online retailer. You work hard to write that story, create a cover that is attractive and reflects the work inside the pages, and you spend time and resources to make digital books available so you can reach more readers at a lower price point than printed books are generally available. Our royalty rate will be best in class, and we will offer negotiable royalty rates based on sales--so the more books we sell, the more authors and publishers will earn. We will offer value-added perks that other stores do not, such a 'free book' mailing list so that when our authors put a book up as a free read, our entire distribution list will be notified.
And of course, what would a bookstore be without READERS! Three Wishes Bookstore will be an interactive site where readers can store unlimited numbers of audiobooks and e-books, engage with their favorite authors through interviews and featured content, and most of all, access their favorite books in a user-friendly, attractive online store with competitive pricing and perks for enrolling in our book clubs and programs.
Once we reach our startup goal, we will immediately complete the legal work necessary and will execute the contract with the web designer. The site should be complete for a July 5, 2017, open but could take as long as 6 months to build and test if there are unanticipated tech delays. We will start web development right away and have already scheduled the time with our designer. We have the law firm retained so once we have the funding, we will immediately complete the necessary documents and filings so we can send out distribution agreements to our publisher and author partners. Our goal is to open 4th of July weekend with a significant inventory of indie work as well as traditionally published e-books.
Thank you so much for helping make our dream come true... and for helping authors and publishers realize their three wishes!
Risks and challenges
We have already designed a logo, reserved a domain, retained a law firm with expertise in commercial business startup, a bookkeeper, and an IT professional, specifically with a best-in-class data management system tied to the online shopping cart that will allow us to offer total transparency to authors and publishers who distribute through us.
But as we know from the many who have come before us and failed, the cost of managing this business correctly is not small. The startup investment budget is as follows:
Legal, including distribution contracts, incorporation, and filing for sales tax permits: $23,250
Bookkeeping, including setting up a sales tax infrastructure and process to remit both electronic and check royalties and tax forms at year-end: $14,500
Web design, IT, and software including building the secure store and shopping cart, data storage for the volume of digital products, real-time IT support, and monthly subscription costs for the proprietary content management system (this does not include any hardware costs): $12,950
Administrative costs such as E&O insurance, a real dedicated phone line for customer support, postage, and banking costs: $3,500
_____________________ TOTAL: $54,200________________
We have budgeted nothing at this time for marketing and staff costs to keep the funding goal attainable. Any revenue that comes in over and above the goal will be spent on marketing so that we can reach the best authors and publishers and have the most diverse catalog of books available.
We believe that our core values of transparency, accountability, and profitability will make Three Wishes Bookstore a place where indie authors and traditional publishers can feel confident distributing their e-books and audio books. We will make the store interface simple and professional, so we attract readers who not only are looking for one book, but who may also be looking for author interviews, features, and other value-added content. We will infuse everything we do with honesty, creativity, and the genuine passion we have for books.Learn about accountability on Kickstarter
- (25 days)