Book publishing is slow
I was lucky. The first agent I submitted to agreed to represent me. But I waited almost six months for a response. The book sold quickly, in an exclusive to HarperCollins Canada within a month of signing with the agent. But that deal was in March 2011. My launch date is early 2014.
Publishers are gamblers
Publishers cannot predict how a book will sell (Londonstani anyone?) They have to guess. Obviously it’s an educated guess, but it’s a guess. They have to make a call and be willing to swallow the losses if they are wrong. They make a decision how much to invest (advance, marketing etc.) based on what they think the book will earn in sales. The writer does not have to pay back the advance to the publisher (regardless of how the book fares) and the publisher won’t get back what they paid out in production costs, marketing costs, office overhead, billing expenses and distribution expense. Oh, and if a vendor (i.e. Indigo, Barnes & Noble) fails to sell any books, they can return them to the publisher.
Writers need agents
Apart from the fact that agents provide access to major publishing houses, match up writers and editors, negotiate the best deals and scour through those complex contracts, they generally love to talk and “network” and are not shy about telling people what they think is good about themselves. The latter personality traits are usually poorly developed or outright absent in fiction writers.
Advance is short for something
This: advance against future royalties. This means if you earn royalties that equal the advance your publisher agreed to pay, you have done what is called earning out your advance (a good thing) and not lost your publisher any money. If you earn royalties beyond that figure, you’ve made your publisher money (a very very good thing) and then you get paid royalties.
Writers are paid very very slowly
In my case, and this is the norm, I received one-third of the advance upon signing, one-third upon manuscript completion and one-third at publication. So, basically, I get paid over two to three years. Even with a really good advance, this is not something you can bank on to support a family. Royalties (see above) come even more slowly, if they come at all.
Editors are on your team
I have worked as a journalist. I know editors are vital. But I viewed them as overly critical, cruel, knife-wielding pedants (when I was the writer; when I was editing, I was just usually right. :)). An editor is a writer’s greatest gift. She wants to see your book succeed. Editors and writers are on the same team, and realizing this will make the editing process a pleasure and likely far more successful.
A well-written book does not mean it is a marketable book; just as badly written books often sell spectacularly well
The Da Vinci Code, Fifty Shades of Grey. Need I say more?
Big publishing houses do care about quality literature
There is a narrative out there that only indie or boutique publishing houses are interested in quality books and the big publishing houses are all about slapping books together and making deals with celebrities. Obviously, these are profit-driven machines and the bottom line is vital. And, yes, celebrities often get headline-grabbing deals. But in my experience, HarperCollins has invested a great deal of time and two excellent editors in my book, despite it being literary fiction and despite me being an unknown writer.
Those bestsellers I mocked above? They are a boon to the book industry
The profits from blockbusters allow publishers to take on books that don’t have the potential of selling very well but have the potential to enrich our culture.
Everyone working in book publishing loves books
This is a risky business. If you’re in it you love the craft.