Early this year, I worked with two other editors to take a novella through the entire publishing process, meaning we provided developmental edits, substantive edits, copyedits, front-matter and back-matter content creation, typesetting, cover design, and proofreading. The author of this novella is currently a college student, and this was his first time getting published (he won a submission contest for a publishing house).
As we discussed the process his manuscript would go through, I quickly realized how inaccessible information about the publishing and editing process can be—even when thousands of aspiring authors need it.
Inspired by that experience, here are the several routes to publication that modern-day authors may take.
Big Four Publishing Houses
Who they are: Penguin Random House (who bought Simon & Schuster), Macmillan, Hachette Book Group, and HarperCollins.
All about the money: The Big Four are advanced-based publishing houses, meaning they pay authors in advance and take all the financial risk on themselves. Royalties are paid to the author after the publishing house has earned back their advance.
Benefits for authors: Publishers/agents can obtain subsidiary rights and licensing deals for you, you'll get your books in physical bookstores, your book will be presented to a well-established and genre-specific audience, and your book will get good media coverage and high-profile reviews.
Downfalls for authors: You will need an agent; you will probably not earn royalties because advances are not frequently met; you will not having publishing rights for usually 5+ years; you have to write and publish "commercial fiction" (what currently sells) rather than your passion project; and you will not have control of the book's title, cover design, and marketing strategy.
Medium-Sized Publishing Houses
Who they are: Scholastic, university presses (e.g., Cambridge, Chicago), Workman, Wiley & Sons, etc.
All about the money: Medium-sized publishing houses have the same business model as the Big Four: they pay authors in advance, take the financial risk on themselves, and pay royalties after the advance has been earned back.
Benefits for authors: Publishers/agents can obtain subsidiary rights and licensing deals for you, you will often get your book in physical bookstores, you will get some media coverage and reviews, you can negotiate a more flexible contract, and you can perhaps find an ideals- or mission-based publisher that agrees with your values and passion project.
Downfalls for authors: You will probably still need to hire an agent; you are paid smaller advances; you will not earn royalties easily; you will not having publishing rights for a few years; and you will not have control of the book's title, cover design, and marketing strategy.
Small Presses
Who they are: Publishers that don't pay advances and thus take on less financial risk than the other traditional publishers.
All about the money: Authors don't receive full advances. Royalty rates may be the same as other traditional publishers or may be a bit more favorable since the press takes on less financial risk.
Benefits for authors: You may have a more personalized relationship with the publisher; you will receive high-quality editing, design, and marketing like that of a larger press; and you will not need to hire an agent.
Downfalls for authors: You will come across widely varying contracts; you will rarely get your book in physical bookstores (it'll be sold online, instead); and you may have little control over your book's title, cover design, and marketing strategy.
Vanity Publishing
(Sometimes referred to as "Assisted Publishers" or "Hybrid Publishers")
Who they are: Think SheWrites, InkShares, and Gatekeeper Press.
All about the money: The author funds their book's publication, and the publisher gives their assistance in return. Authors tend to receive a better cut of royalties with vanity publishing contracts than from traditional publishing contracts but less from independent publishing contracts.
Benefits for authors: This is the route for bucket-list authors (those who just want to have their name on a book somewhere before they die). Additionally, you won't have to search through the vast sea of freelance editors and designers.
Downfalls for authors: All the selling and marketing is up to you. You will very rarely get your books in physical bookstores, you will probably encounter all sorts of (hidden) fees as these companies thrive off of author fees instead of book sales, and you may encounter aggressive sales tactics. This is not the route for career authors.
Independent Publishing
(Sometimes referred to as “Indie Publishing” or "Self-Publishing")
Who they are: An author hiring freelance editors, designers, and marketers to edit, publish, and distribute their book.
All about the money: Authors set the price of their book. Depending on the author's price, retailers will pay the author a percentage (e.g., if you price your ebook between $2.99–$9.99 on Amazon, they will pay you about 70% of the profit). However, if your book's price happens to be out of the retailer's range, your percentage back can drop as low as 35%!
Benefits for authors: You maintain complete control. Since becoming a full-time author takes many years of building a platform, audience, and reputation, this route tends to work out for hopeful career authors who currently have side gigs.
Downfalls for authors: Authors may not have enough time, money, or experience to hire those needed to help produce quality work. It'll also more difficult to get media attention or reviews. Your book will usually be in an ebook form, not a physical form.
Social Publishing
Who they are: You are writing, publishing, and distributing your writing at will. You have a direct connection with readers and often will exchange feedback. Think Wattpad, fanfiction.net, Tapas, blogs, social media groups and communities, and Patreon.
All about the money: Your priority is probably personal growth or enjoyment, not sales or income.
Benefits for authors: You're in control! You get to let your hobby and passion bring joy to people around you.
Downfalls for authors: You're in control. If you stop, nobody will make you start again. And you probably won't make any money.
If You're Not Sure Which Path Is Right for You . . .
Don't worry, you don't have to decide right in this moment because, luckily, all of these publishing paths have something in common:
All the editing phases (developmental editing, substantive editing, and copyediting) are just as necessary for the self-publishing authors and the authors hoping to get their manuscript picked up by a publisher.
Why? Well, because the self-publishing market is constantly growing, your story will be competing against many others, and nothing discourages customers quicker than a load of one-star Amazon reviews that point out inconsistencies and typos.
Also, because traditional publishers receive SO many submissions, the manuscripts that not only fit the current market trends but also require the least amount of work will have the best chances of being accepted and acquired.
So, regardless of your path, you won't regret getting professional editors to work on your manuscript with you.