To Self-Publish or Not to Self-Publish - The Journey

I've been writing for six years. Why? Because I enjoy writing, but more importantly, I have something worthwhile to say and I want to share my ideas with others. My projects are receiving recognition. I added up my writing statistics. I've won a thriller competition, placed eighth in a Writer's Digest Short Story Contest, published, or am in the process of publishing, five shorts stories where I'm actually being paid. I've finished two novels that are ready for publication and three more in the process of layering. What now?

My writing mentors, all published authors, say, "Bill, you've worked too hard to go the self-publishing route." Well, have I mentioned I've spent--now wait for it--$5,375.00 on workshops, seminars, conferences, and professional editing services. Other writers I know have spent more. I've received fifty-one rejections from agents, most coming in the form of no response. 

The rise of Amazon and Barnes and Nobles' electronic readers have made self-publishing easier. Couple that with the tight economy creating problems for publishing companies, and there is an opportunity for new authors to market their work like never before. But the work has to be exceptional. So here is a question I'd like feedback on for my readers. In your opinion, what are the three major drawbacks to self-publishing?

Join me over the next few months as I share my journey, To Self-Publish or Not to Self-Publish. Please, sign up to follow my blog and receive automatic posts.