Time has flown. It is time to shed my tears and bid my class mates adue. Yesterday was my last revision class.
In our last class we spoke about the business of becoming a published author (boring). The process starts with approaching an agent, after having a finished book of course. Each agent has guidelines for how they want to receive submissions. Depending on the tech know-how and preference of the agent, submissions can be sent via snail mail or email. Regardless of the manner of submission, most agents require a cover letter and synopsis of your story. Rarely does this first submission contain any of your manuscript, although some agents might request the first five pages. It is baffling to think that after spending months laboring to get a finished product, approval comes down to a cover letter and synopsis.
Once an agent chooses to represent you, they begin approaching editors. An agent has the connections and relationships with editors that are much harder to establish as a writer. In most cases an agent will agree to represent an author for a year. During that time they will submit the manuscript to editors likely to be interested in publishing your book. If an editor likes your piece they will buy it. If they don’t then they won’t. Even after your manuscript is purchased by a publishing house there will be a pre publishing editing phase. In many cases, this phase has more to do with increasing marketability than anything else.
After making it through the above mentioned gauntlet of stress, tedium, horror, and fatigue comes the money (hopefully!). When a publishing house buys your work you will receive an advance on your royalties. This money will first go to your agent. The agent will take their cut, usually 15%, and then forward the rest to you. Be aware that if your book does not end up selling as predicted they may ask for the advance back! Any additional royalties gained for the life of the book will go through your agent before they reach you. It is very important to find a reputable agent because they will be handling your money for as long as your book sells.
Stay tuned for more exhilarating tedium.