From Edie: Discover what it really takes to secure a traditional book deal. This practical guide for writers explains agents, proposals, advances, royalties, platform expectations, and how to know if traditional publishing is the right path for your writing career.
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Publishing Paths for Writers: Understanding Your Options with Traditional Publishing (Part 1)
by PeggySue Wells @PeggySueWells
Authors have more choices about how to feature their work than ever before.
Essentially, the three most common tracks are traditional publishing, hybrid publishing, or independent publishing.
Traditional publishing typically requires:
- An existing platform with the ability to sell 5,000 to 10,000 books in the first year, with some variance by genre and publisher size
- An excellent query letter that captures the essence of your book and your credentials
- A literary agent who signed a contract to represent you after reviewing your excellent query and sample pages or full manuscript
- A compelling proposal that your agent can market to traditional publishing companies. About 50 pages long, this document serves as your business plan, outlining the book's market, competition, and your platform
- A polished manuscript that showcases your unique voice and slant
When your vision aligns with a publisher's vision, when your manuscript uniquely addresses reader needs, and your book projects enough sales to be profitable so those in the publishing company can pay their mortgages, a contract may be offered.
When your vision and a publisher’s vision align, when your manuscript can uniquely solve a problem for readers,
Financial Arrangements
A critical aspect of working with a traditional publisher and literary agent is that the author does not pay for these services. If anyone asks you to pay for publication or representation, that's a red flag indicating they are not a legitimate traditional publisher or agent.
Wisdom suggests an author have the book professionally edited. This investment helps you present your strongest work for consideration. Seek editors who have been vetted by others in the industry or who have verifiable credentials.
Traditional publishers earn revenue when books sell. Literary agents receive a percentage, typically 15 percent of domestic sales and 20 percent of international sales.
Advances and Royalties
Traditional publishers typically offer an advance against future royalties. Advance amounts vary widely based on the author's platform, the book's commercial potential, and the publisher's size. Some publishers, particularly smaller presses, offer no advance and instead pay royalties from the first book sold.
Once the book has sold enough copies to cover production costs and the advance payment, the author receives ongoing royalties on subsequent sales. Royalty rates typically range from seven to 15 percent of the retail price for print books, with higher percentages for ebooks.
Authors also receive a discount, usually 40 to 50 percent off retail, to purchase copies directly from the publisher for events, speaking engagements, conferences, or other direct-selling opportunities.
What Publishers Provide
With traditional publishing, the publisher:
- Covers all costs of editing, formatting, cover design, and production
- Lists the title in their catalog and makes it available to booksellers through distribution channels
- Handles printing, warehousing, and fulfillment
- May provide marketing support, promotional materials, and media opportunities though the level of support varies significantly based on the book's projected sales and the publisher's resources
Marketing Realities
In the publishing world, writers write, editors edit, and publishers publish. While publishers contribute to marketing efforts, particularly for lead titles, authors bear substantial responsibility for promoting their books. This includes building and engaging their audience, securing speaking opportunities, maintaining an online presence, and leveraging their network.
Many authors invest their advance into marketing initiatives to generate momentum and sales velocity, which can lead to additional opportunities and future book deals.
The Business Side
Publishing is a business. Traditional publishers assume financial risk with each book contract, investing capital based on their assessment that the title will generate sufficient return to profit the publisher, agent, and author.
Advantages of Traditional Publishing
Key benefits include:
- Credibility and validation from having an established publisher's imprint on your book
- No upfront financial investment from the author for publication
- Professional editorial and design support
- Distribution networks that place books in physical and online retailers
- Industry recognition that can benefit career goals, speaking opportunities, and future book deals
Make It Work
When considering traditional publishing, ensure that:
- You're a good fit for the publisher's list and audience
- You have or can build a platform to support book sales
- Your book performs well enough that the publisher eagerly anticipates your next manuscript
Strong sales of your debut book significantly improve your chances of securing contracts for future titles and negotiating better terms.
TWEETABLE
Action and adventure, romantic suspense, military romance, and cozy mystery are the page-turning novels by P.S. Wells including Chasing Sunrise, Homeless for the Holidays, and The Patent. How to live better, easier, and simpler is the focus of her nonfiction including The Ten Best Decisions A Single Mom Can Make.
PeggySue is a frequent guest with media including Focus On The Family, Family Life Today, and Christian Product Expo. She regularly teaches at conferences including Write To Publish, Taylor University Writers Conference, Kentucky Christian Writers Conference, and the Advanced Writers and Speakers Association. Collaborator on multiple titles including books with Dr. Benjamin Hardy, Shemane Nugent, Pat Palau, and Pam Farrel, PeggySue is a writing coach. When not writing, she parasails, skydives, snorkels, scuba dives, rides horses, and has taken (but not passed) pilot training. Founder of SingleMomCircle.com, connect with PS Wells at WWW.PEGGYSUEWELLS.COM, on Facebook at PeggySue Wells, and LinkedIn at LINKEDIN.COM/IN/PEGGYSUEWELLS
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