The biggest risk in self-publishing is that you won't be able to sell enough books to break even or make a profit. Some people don't care about that, especially if they're just writing a book for family or friends. Some self-publishers do help a little with marketing, but usually not a lot.
The biggest risk in publishing with a traditional publisher is that your manuscript won't be able to get their attention. If Rocky is right, that only one in 2,000 submissions gets into print (and I suspect it's pretty close to that), then 1,999 writers spend lots of time writing and never make a dime on their work. For some, the writing is satisfaction enough.
I took a third way. I've self-published three books using neither a self-publisher nor a traditional publisher. I call my own "company"
The Everyday Hunter Press. My printer is a company that simply prints books. That means I had to do all my own book design, editing, pre-press work, cover design, circulation to reviewers, etc., (or hire it done) and hand the printer finished camera-ready files. I got no help with marketing, and marketing is probably the hardest thing about not using a traditional publisher. But I did OK. I won the "Best Book Award" from the Pennsylvania Outdoor Writers Association, which they give every two years.
I'm developing a series of short books called
The Everyday Hunter Handbook Series. Two are in print, a third is almost finished, and a fourth is in the conceptual stage. I'm also planning on writing a book on turkey hunting.
Before doing my first book (at right), I spent several years reading and studying the self-publishing process, and consider my efforts a success.
Steve.