A Low Advance vs. Nothing At All
Tuesday, October 27, 2009 Question of the day: I've been offered what I think is a low advance for my debut. I don't want to give exact numbers but it's less than 20k. I've heard that books with this sort of advance probably won't go anywhere, but at the same time, I want to get published. Do I accept it knowing that it might not be a big book or do I hold out for something else?
A very good question, especially now that so many advances are sinking like stones.
First of all - congratulations! Getting an offer is a huge accomplishment, regardless of the $$ behind it, so enjoy that for all that it's worth. But now, on to the nitty gritty: the dinero.
I don't want to tell you what I'd do in your situation - it's impossible to do so without knowing if this is your last shot at an offer, if you feel like you have a bigger book in you, who the publisher is, etc. So I'll stick to objective knowledge. It's true that smaller advances mean several things: one, that you'll likely get less support from your publisher - less marketing money (if any at all), less PR attention, less attention in general. And this also likely means a smaller print run. As I discussed last week, print runs are a big component as to whether or not your book does well, so, yes, if your publisher doesn't have a whole lot invested, literally, in your book, well, then, they're not going to have to do a whole lot to earn back that advance. Is this true in all cases? Well, no. Is this true at most big publishing houses? Well, yes. Think about it: let's say your publisher offers you 15k. That's a drop in the bucket to them - how much effort are they really going to expend - effort that costs them more $$ - to ensure that you earn out? Probably not a lot.
The flip side of this, of course, is that your published! You will have a book in stores that friends and family and strangers will likely buy! Hurrah! It is also harder, I'll argue, though I don't have any concrete facts on this, to publish your debut than it is to publish your next book, so getting your foot in the door is HUGE. My previous paragraph isn't meant to take ANY OF THAT AWAY. Getting an offer is a very big deal.
The flip side of THIS is that your second book's advance is often based on the sales of your first (pesky circular situation in publishing), so if your book DOESN'T exceed expectations, you might be caught in that 20k range for your career or until you write a true break-out book and your agent finds a way to convince publishers that it will sell off-the-charts.
I think maybe it comes down to what you expect for your career. I never recommend writing books to become a bestselling author - I've said countless times on here that expecations like that will surely be met with disappointment. But if your goal is to become a published author, well, then you're on your way. I'd just keep a realistic head on your shoulders during the process, if possible, and remind yourself, when you ARE frustrated or disappointed with the push from your publishers or whatnot, that the GOAL is to be published. Anything else is gravy.
Anyone BTDT? Advice for our reader, who, once again, deserves congrats!
Reader Comments (8)
I'm not published yet, but I've spent a lot of time the last year or so learning about the industry so that I'm prepared when my novel is finished and polished. (This is one of the reasons that I read AWS's blog here.)
First off, CONGRATS!!! This is a huge accomplishment in itself.
Now, from what I've heard, publishers aren't giving out huge advances anymore, so this may be as good as it gets for your first book, and a lot of your success is going to be based on your own publicity efforts, since publishers also aren't putting a lot of $$$ into publicity for new writers, either.
The deal I made with myself is this: I decided that when I sell my first book, whatever kind of advance I get is going back into the promotion of that first book. If I take that advance and quit my job so I can sit on my laurels and wait for the sales to go up and additional royalties to come in, I'm in for a rude awakening because it's just not going to happen - there's too much competition out there. But if I take that advance and invest it in 1) a good publicist, 2) marketing, etc, and 3) travel for promotion, I'm going to sell a LOT more books. Selling a LOT more books means that I have a better chance of 1) selling out my advance and start actually making royalties, 2) getting a publisher to buy my second book, 3) getting a bigger advance and publicity budget for my second book. I see that first advance as an opportunity to invest in myself and my brand - because if I don't believe in myself enough to invest in my own work and my own future, who will? It isn't enough anymore to just write a book and get a publisher to pick it up - writers also have to market themselves as well.
That's what I would do if I was in your position.
Congratulations. It's a great feeling, isn't it? Tempered by the advance...
Is there room for negotiation? It's amazing to me how publishers can come up with a bit of extra money when pressed. Or, if they won't budge on the advance, you might be able to get them to agree to put some extra money into promotion. Your best weapon is your own enthusiasm for and confidence in your book. Consider coming up with a list of great ways to promote your work and ask the publisher if they'll agree to supporting you in that promotion.
I've learned the hard way that you are your best marketer and can likely do a better job than anyone else. However, a publicist tends to have the contacts and cachet that opens doors more than a 1st-time published author. Use their leverage, then you take over.
I'd love to see advice from other authors or agents on this. To me, 15k (as an example) seems like a pretty good offer! But now I'm not so sure, lol.
Baby, take the money and run! For my first book I didn't get much. I was bummed, but I did the best I could with it and learned a lot--about the business and the craft. It did so-so, in sales (didn't tank, but didn't break any lists either), but for my next book (coming out next summer) I got more money. Don't compare yourself to anyone else. Get that money, sell the heck out of that book and get more money for the next one.
My two cents?
First, take your ego out of the equation. Doesn't matter what you think you SHOULD get for this book. No one ever receives what they feel they deserve for their first book. Or in the rare cases they do, they generally don't sell our their huge advance and all of a sudden, they're considered book store poison and must struggle to get another deal.
In addition, with great advances come great scrutiny. There are a ton of snarky book sites out there who are more than happy to report weak sales after a strong advance. In my experience, it's way better to start under the radar. Build from there. Look at the Nanny Diaries girls. They got a $25K advance first time around. Also, in the current climate, ANY offer is impressive. An offer says your publisher has faith in you, despite your having no track record. (Keep in mind lots of midlist authors are having their contracts cancelled right now.)
Leslie's advice is solid. YOU are your best marketing arm. Do everything you can to build your audience via your website, Twitter, Facebook, etc. Social media will make or break your book. Network with other authors in your genre and try to figure out your own hook in terms of a viral campaign.
Here's where I wouldn't spend money: hiring an outside publicist. They're very expensive and don't generally offer a great return on investment for a first-timer. (Of course, there are always exceptions to this rule.) The publicist assigned to you will have plenty of media contacts. He or she will expect you to be an active participant in the process mentioned above, and if you do, you'll see better results than if you farmed out this work.
Another don't: travel. First time authors are almost never sent on tour because it doesn't make financial sense. Your best bet is to try to get signings in nearby cities, because you don't want to shell out $500 of your own money on flights and hotels only to find five people at your signing. And, if your first book begins to gain momentum, your publisher likely will send you some places. (P.S. Book tours are a whole lot less fun than one might think. Trust me on this one.)
I guess my final piece of advice is to be a team player. Do everything your publisher asks, do it well, and do it cheerfully. You're all in this together. You want to sell out your advance and be profitable as much as your publisher does. So much of your success depends on getting buy-in internally. Your editor will be fighting to get attention for your book from sales, marketing, promotions, the art dept., etc.; make his or her job easier by not being a diva or a micromanager.
Good luck!
Great advice from all. I loved Jen's "You're all in this together" line -- made me think of HSM, which in turn made me think of Glee, which in turn made me think it's Wed, which in turn made me think that THERE'S NOT A NEW EPISODE ON TONIGHT IS THERE?!!?
Dear God, I need a life!
My understanding is that the average first advance is between $5k and $10k. We all hear of the larger advances, but they aren't common. You'll have to decide if you feel the book can earn more and be willing to walk away from this offer if you're willing to roll the dice.
Huge CONGRATS.
I agree completely with Jen and everyone else here. And in this somewhat frigid publishing climate, just getting your foot in the door is and can be HUGE. Once you've got that contract, then you need to just hunker down and do everything you can to get yourself heard throughout the vast amounts of internet noise out there. Tap into everyone you know, everyone who might be able to get the word out about your book.
The crazy thing is there *was* a time when word about a good book trickled out incrementally. And it almost seems as if nowadays it's going to get back to that again, only with far less money in authors' pockets until/if that author can succeed in breaking out. So all the more incentive is there for the author to do whatever is possible to try to ensure that happens. It's a LOT of work, but it can actually succeed. Congrats and good luck!