Huge changes have been taking place in the publishing industry, and all in the author's favour. Up until around two years ago, self-publishing had been considered as the last resort for people whose work wasn't good enough for a "proper" publisher. However, as any writer trying to get a toe in the door will soon find, the reality is far more complicated than that, as traditional publishing houses only take on a small number of new names in a year. This leaves a lot of talented, commercially viable works sat on shelves.
Then along came ebooks! Anyone can now easily upload a Word file into Amazon Kindle's and Smashwords's conversion tools, and so produce an ebook for free. You still have to do most of the promotion yourself, but that's exactly the same as with a traditional publishing contract. You also need to be aware that publishing material which is of poor quality could lose you readers permanently. You can hire editors and cover designers if you choose to, or you can do it yourself. An amateur-looking product won't attract attention, though.
Late last year, I finally gave up expending time on writing submission letters to anthologies, agents, publishers etc., and instead used that time to create some ebooks. Now I've one novel, a short story collection, a stand-alone short story, and two poetry collections available as ebooks - and yes, they are selling. I've been traditionally published before, as a freelance non-fiction writer, a fiction writer and a poet. Already I've earned more by self-publishing than I have in the last five years.
So, to cut to the point, I'd advise any writer to stop procrastinating and self-publish.