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Jennifer Fallon's Blog
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Viewing By Category : Writing/Publishing Tips / Main
18-Aug-2010
10 things authors should never blog aboutI was asked for some advice recently, about authors and blogging, which made me think (never a good thing), and from which I compiled the following list
22-Jun-2009
More on advances - the evil side of vanity publishing
After my post on advances the other day (which blew my daily average hits out of the water...LOL) I thought I'd share this excellent article by Catie Murphy from magicwords.com about publishing your own work, which is known in the industry as the "vanity press" for very good reason.
It is true some notable exceptions have made it to the mainstream via this route, but the reason you hear about them is because they are so rare. Hope you find the article helpful. Meanwhile... don't forget to book...
19-Jun-2009
Publishing 101 - Advances
In response to a question in the comments a couple of days ago, I am going to give you a brief overview of how advances work. Please bear in mind that these are generalities, and that for every rule there is an exception.
When you sell a book to a publisher, they advance you a proportion of the anticipated sales, so you can do useful things like, you know, eat. It's called an "advance" because that's exactly what it is. An advance on your earnings. That means you don’t get another penny until you've earned it. The publisher buys the rights for the territory you have sold them and they agree to pay for editing, cover art, printing, distribution and marketing etc, which is why they get a bigger bite of the pie than you do. So, let's do the math... Suppose you sell your first book for an advance of $9,000 (which is probably generous for a first time unknown genre author. Celebrities and ex-presidents are the only ones who get 7-figure advances for a first book). That $9,000 is broken down (roughly) in to three parts: one third on signing, one third on delivery and one third on publication. So, you sign your contract (assuming you were accepted on a completed MS) and you'll get a cheque in the mail for... $6,000.*(If you've sold on synopsis, you'll get a cheque for $3000, the other $3000 to be paid when you deliver the completed MS.) Less, of course, your agent's fee (if you have one) of (approx) 15% - $900. You now have $5100 ( yay!) on which you owe tax ** (not yay!). The other $3000 (less commissions and taxes) you'll get when the book is published, which might be over a year later. Before you get another cent, your book has to sell enough copies to cover what the publisher has already paid you. Usually an author gets between 5 and 15% of the cover price. For the sake of this argument, we'll assume 10% which is common in Australia. Let's also assume that the cover price of your book is $20.00. That means you're earning $2.00 per book sold. So, to sell out your advance of $9000 means you have to sell 4500 books. Let's assume you sell 5000 books in the first six months. Royalties are calculated six monthly, so if your book has sold 5000 copies, you will have earned $10,000. But you've already been paid $9000 of that, so your royalty cheque is $1000 (less tax, agent's commissions, etc). Subsequent cheques will reflect the sales in each six month period, bearing in mind that most books spike in the early months after their initial release. Royalties are calculated from Jan-Jun and Jul-Dec. You will not get paid, however until at least 3 months after the end of the royalty period and often much longer. Selling a series is a little different. You'll get a larger advance (for more books) and the signing payment will be bigger but the breakup of the remainder will reflect the multiple delivery and publications dates and it may take you several years to collect. If the publisher "bundles" the advance, you have to earn out the whole thing before you get any royalties, rather than each book earning out its own advance. If the first book tanks, the publisher has the option not to publish the subsequent books. You keep the advance you have, in this case, but you don't get the future delivery or publication portions of the advance. There is also a trend now with some publishers, I've been told, where they offer no advance, but a higher royalty to compensate. I'm not sure how this works, but I know it means you earn only what you sell and nothing up front, so you might have to spend up to 2 years living on the dole before you see any money from your runaway bestseller. :) You usually don't have to return an advance if the book fails to earn out (although you'll find it harder to get published again). That's the risk the publisher takes and the reason you're unlikely to get a 6-figure advance unless you're a known quantity. Nobody can predict how well a book will do. Ask anybody who rejected Harry Potter. On signing a contract, your payment may take a while to arrive. My record is three weeks. My worst is three years (seriously). So don't go ordering the Beemer until you have the money in the bank. I hope this clarifies this a little for you. I get asked this question all the time, but please, don't take anything I have written here as gospel. If you have a sale looming, check with someone like the Australian Society of Authors (or the peak professional body in your country) for proper advice. *The publisher may also deduct income tax from your advance if you do not have a company, but I do, so I'm not going to go there. I get my advances paid in full, plus GST, and then pay my accountant an obscene amount of money to sort it all out at the end of the financial year. ** Unless your accountant charges obscene amounts of money to minimise your tax liability down to diddly squat...hehehe
16-Jun-2009
We interrupt this blog for a Public Service Announcement (of the World Building variety)
It's getting closer...
And I need to know how many workbooks to print! What the World Building Master Class is all about: Speculative Fiction Theory
Crafting the Physical Landscape
Building the Sentient Landscape
Building Civilizations
Science & technology
So... that's what you get. See you there, fellow You can book through the Ticketek link below.
12-Jun-2009
Worldbuilding Master ClassesSupanova in Sydney and Perth is almost on us again, so if you're interested in attending the World Building Master Classes at all, it's time to book your tickets now! Full details about the workshops can be found at www.worldbuildingworkshops.com
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