Independent publishing refers to a wide variety of business arrangements: The creator of a story with one Amazon ebook to their name is an independent publisher. A small press that self-identifies as an independent publisher is . . . well, it’s an independent publisher.  The common thread through all the various business models is the creative control the author of the story retains. Even when a small press purchases a manuscript from an author, that writer generally has much more input into the project than they would have if contracted to a large publisher.

To you, the reader, independently published works can mean:
Unique stories you won’t find anywhere else. Inherent in their business model, traditional publishers aim to sell stories to the mainstream public or at least an economically viable segment of the market. The bottom line cannot be ignored for long. Making money selling stories is difficult, and the strategies to do so often boil down to moving a greater number of units or charging more for each unit. Without solid evidence that something “new” will have lot of customers or at least rich customers, it is hard for a corporation, with its massive overhead costs of even existing, to take chances.
Act locally, think globally. You can support storytellers in your own community as well as storytellers from around the world. Again, independently produced stories are often unique stories. They might be set in your hometown, which is cool, or someplace on the other side of the world, giving you a new perspective and insight into society.
Formats that best match the tale. Traditional publishers, catering to mainstream buyers and vendors, need to produce books (physical or ebook) that look like people expect them to look and fit on the bookstore shelves in the expected way. My blog on novellas and novelettes discusses this phenomenon. 

Bargains! Indie authors and publishers often make their stories available at very reasonable prices and place them in “all-you-can-read” or “tip-jar” type forums. 

Caveat emptor. The mainstream publishing industry has spent years—centuries, even— perfecting the process of creating books. Traditionally published stories promise you that:

The story was vetted. The story was selected, from the many stories offered to the publisher, as superior in terms of plot, entertainment value, and writing style. Some publishing house only consider buying stories that have already been through a similar vetting process by a literary agent. A great number of knowledgeable industry professionals endorse every traditionally published tale as worthy of the buying public’s interest.

The book had professional production values. Generally the cover art will be sharp and eye-catching. The book design (font, spacing, layout, etc) will be pleasant and appropriate. The book was edited. Typographical errors should be minimal, at the very worst.

Many traditionally published books’ advantages come down to budget: It takes money to promote a book properly and deep pockets to discount it such that volume of sales makes up for per-unit losses. Professional developmental editors, artists, designers, copy editors, and proofreaders expect to be paid. While it’s quite cheap to get an ebook or print-on-demand story out to the market, paying for needed help and for book promotion can be difficult for the independent author. Which doesn’t release indie authors from the responsibility to produce a professional product!

The story will generate some buzz, and you will be able to obtain it easily. We hear about a traditionally published “blockbuster” through all modern communication channels. It is on everything from social media to the sides of buses. We see the author on TV and online videos and hear them on the radio and podcasts. The book get made into a movie or Netflix series. It’s difficult to not know about the book, and it’s easy to pick up a copy for cheap at the local discount store.

Support for independent publishing. You can find and enjoy quality independent stories:

• Get recommendations from friends, book blogs, and online reviews. Goodreads is a great source.
• Write and post reviews of the independent stories you read.
• When you can, buy a physical copy of the independent book from a brick-and-mortar store, even if the store has to order it. (This is a good way to support booksellers, as well as independent authors and publishers. If you’re reading this blog, I bet you love nothing better than browsing a bookshop. Win-win-win!)