Saturday, 27 July 2019

Can You Make A Million Pounds From Your 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.

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. 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 Has been 'discovered' in one of those 'competitions' where the lure of publication is offered to unpublished writers.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 vexed question of Royalties. This is the money you get as a % of each book sold via bookshops or other platforms. If you are a new author, 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

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. Self-publish. But do not hope or expect to make a fortune from it.

Of course, I don't expect you to listen to a word of this, because YOU have written the one book in the history of the publishing universe that defies all of the above. Good luck, fellow scribe. You may or may not believe me, but you are going to need it!




2 comments:

  1. Ebook royalty rates tend to be higher, particularly with ebook-first or ebook-only publishers. 40% is quite normal. Even so, if they then price your book at 99p you're only going to get about 10p per sale by the time the retailer and tax man have taken their cut.

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  2. Absolutely right, dear CarolStar! I don’t know why anyone bothers to go the ‘published’ route these days. They seem to believe a publisher will do all the work for them, but it’s not true. As an unknown author, a writer will still have to work on all the marketing of his/her own book. Unless you are the one in a million that gets lucky as you’ve described, self publishing is the only thing that makes sense from both an economic and fulfilment perspective.

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