Royalty calculations aren’t big on most authors’ list of favorite things to do. After all, authors live for putting down words on paper, not crunching numbers.
However, much as you may hate adding and subtracting numbers, it is an important matter you will eventually have to pay attention to. After all, how will you get paid well if you don’t start looking at book royalties, advances, etc.?
To help you make the most out of your masterpiece, metacomet.com shares some royalty management practices every author must implement.
Hire an agent.
A literary agent makes money based on how much you make, so it is in their best interests that you get the most out of a publishing deal. Also, they have been in the publication business for a while and have access to the people and resources who can help you make it big.
Understand your options.
In its simplest terms, authors make money by receiving an agreed-upon percentage of book sales. In theory, it is easy to understand. In real life, however, it is much, much more complicated. There are many ways in which you can receive royalties, and you must understand how each one works.
Negotiate for royalties based on sales price.
Some publishers offer to pay royalties based on profits, but there are many ways this can go wrong for you. Profits come after all costs have been paid for, which means the publisher makes you, the author, shoulder the costs of printing, shipping, and marketing your book.
Choose your publisher wisely.
If you’re considering offers from multiple publishers, lucky you. But don’t just go for the one with the highest bid. Few first-time authors have the luxury of choosing, but if you do, go for a publisher whom you know loves your book and will do their best to sell it to the public versus a publisher who has little enthusiasm for it.
It goes without saying that before you sign an agreement with a publisher, go over the contract thoroughly with your agent and make sure all of your concerns are covered.