Okay, squiders! This’ll wrap up traditional publishing for novels, and then we’ll take a bit of a break before we jump into self-publishing novels.
So let’s say you’ve gotten an agent if you wanted one. Your agent may work with you to revise your novel, depending on its state. Once you and the agent feel it’s ready, the agent starts approaching publishing houses and querying your novel.
Depending on the publishing house, there is a differing number of people who need to be convinced to buy your book. A small press may have a single person in charge of acquisitions (normally known as an acquisitions editor), whereas a large house may have an entire acquisitions team. In some cases, even if you have an acquisitions editor who loves your novel, if they can’t convince their team/their manager to buy your book, they may be unable to do so by themselves.
Interested publishers offer you a book deal. If there are multiple publishers that are interested, your novel may go to auction, which is coordinated by your agent. There are different kinds, but essentially each interested publisher offers a book deal for your novel, and the best one gets the publishing contract.
NOTE: If you’ve gotten a book deal sans agent from a publisher, the following steps are more or less the same, allowing for variations within different companies.
Once your book is with a publisher, it will undergo an editorial review, after which you’ll get an editorial letter, which is essentially a letter with everything that needs to be changed. Some of this might be more major, like structural or pacing changes, or it might be more minor. You’ll have a deadline to complete the changes by. Copyediting is also usually done at this point.
NOTE: If there’s something major in your editorial letter that you strongly disagree with, you can discuss the issue with your agent and editor. Just make sure it’s worth fighting for. You don’t want to fight everything because 1) they probably know what they’re talking about in most cases, and 2) you don’t want to get a reputation for being someone that’s hard to work with.
Once you’ve turned in your edits, the book goes into the final publication phase–it gets typeset, a cover is designed, a title is solidified, marketing is done, etc.
WARNING: With a traditionally published book, the author often has little control over things such as titles or covers. Additionally, traditional publishing can be a long process, with it taking over a year between acquisition and a publication date.
How does payment work?
There is a two tier payment system for traditionally published novels. Some authors are paid an “advance” where they are paid some amount upon signing their book deal. Not all publishers offer these, however, and in these changing times, advances now are smaller than they’ve been traditionally. It’s not uncommon for a debut author to only get an advance of $5000 or $10000, if they get any at all.
The second part of the payment process is royalties. Royalties are a percentage of the sales of the book, generally somewhere between 7 and 15%. An advance is technically an advance against royalties, so if you get an advance of $15,000, you won’t actually start earning royalties until you’ve made $15,000 in royalties. So when someone says a book didn’t earn out its advance, it means the book never sold enough copies to make back what the author was paid in advance.
All right! That should be it for traditionally published novels, squiders. Please let me know if you think I’m leaving anything out! Or if you have questions, or comments, or anything along those lines.