Thursday, 18 February 2016
Make a Million from Writing!
Yes, I thought that would get your attention.
Over the past few weeks I have seen several requests on social media forums from new writers or self-published ones asking if anybody knows a good agent, or can advise on submitting to top mainstream publishers.
Loth as I am to discourage anybody from launching their little boat out into the choppy waters of the big publishing sea, there are a few caveats that one needs to take on board before relinquishing the tiller. (See what I did there?)
I have blogged before about my experience of literary agents. Basically, they are there to make money for the agency, not you. They will take 10 -15% of your earnings, and unless you have an exceptionally good one (I am told they exist), they may well not bother to submit your stuff if it is not taken quickly. Small agents are in competition with the large established ones in a field that is decreasing all the time as publishers shave their margins and take fewer risks to stay in business.
Agents are certainly useful for sorting out publishing contracts and making sure your rights are protected: pre-agenting, I had a very bad contract from OUP (yes!) which my former agent was disgusted at. BUT the Society of Authors - well worth joining, can do that. And few publishers nowadays make you sign rip-off contracts - we are all too well lawyered for that to happen.
So, let's move on to the mainstream publishing trade. Forget all those 'X signed a 3 book contract and has been offered eight squillion in advances and a film contract with a top Hollywood director!! I now see these in the same category as those 'teaser' rates offered by big banks.
The sad truth is that 0.00000006% of writers submitting to 'one of the Big 5' will be taken.
These lucky souls are probably:
1. Very young, very attractive and with a very heart-tugging backstory (see JK Rowling)
2. Have an MA in Creative Writing from a university where one of the publisher's top writers tutors.
3. Is a friend, girl/boyfriend, employee of a publisher or is in the media business already.
4. Is a celeb.
5. Has just happened to write something that the publisher feels they can put out to compete with a rival's book that is just taking off.
6. Has been 'discovered' in one of those 'competitions' where the lure of publication is offered to unpublished writers. This is a useful way of getting round paying agency fees or having the hassle of dealing with them.
Then there is the issue of Royalties. This is the money you get as a % of each book sold via bookshops or other platforms (note: I am talking print books, not ebooks). If you are a new author, signed with a mainstream publisher you start at the bottom.
The Royalty rates offered by most standard (UK) publishers are:
10% on the first 5000 copies
12.5% on the next 5000 copies
15% over 10,000 copies
(Source: Society of Authors: Guide to Publishing Contracts)
Yep. You are shocked. I checked my Usborne contract the other week and sure enough, 10% is the amount offered. Bear in mind that my then agent took 10% of that, which left me with 8% ...about 60p on every £6.99 book sold.
So why bother?
I return to my title. IF your only reason for writing is to make money, then go find a job in your local supermarket. Or do the National Lottery. Or find yourself a rich partner. If, however, writing comes in the same category as oxygen for you, then keep at it. Enjoy what you write, marvel at your luck in having such a wonderful gift. Start a blog. Enjoy chatting and sharing with other writers on social media. Try whatever route you want to bring your work to readers, but do not hope or expect to make a fortune from it.