Earning Out Your Author Advance
- By: Jessica Faust | Date: Jan 29 2019
The author advance is the money a publisher pays in advance of any royalties and to be earned-out against royalties. It’s also the source of lots of conversations, debates, and theories. Some authors and agents believe a giant advance is better because it shows publisher commitment. The more they pay you, the more they spend on marketing, etc. Other people believe a smaller advance is better becasue it’s easier to earn out and get another deal later. I’m an agent. I believe we go for broke. In other words, “show me the money.”
In a recent blog post on sales expectations a reader asks:
Jessica, is earning out the advance in the first 12 months better because it means you reached more sales than anticipated? Or because it means the publisher didn’t “pay” the author more than their percentage? Wondering if that means a lower advance might be better because it is easier to earn out? Then again, I’ve heard it said (one of those “everyone says it but can’t attribute source” things) that you should try for a big advance because you’ll probably never earn out so at least you’ve made some money.
I think it depends. It depends on the publisher, the book, the genre, and expectations. While a publisher will look at the previously paid author advance when they offer the next advance, what they really look at are overall sales. In other words, you can earn out your advance, but the only guarantee that you’ll get another book deal is how the book sold. If the book sold well, but they feel they overpaid they will often be willing to offer less. But if you earned out a small advance, but they still don’t feel the book sold well, you won’t likely get another deal.
As with everything, I don’t think there’s an easy answer. You might take a smaller advance because you feel that a particular publisher has a better vision for your book. You might go for broke because you just want the money (and heck, they are offering it). This is why a good agent is invaluable. When offers are made, discussions will be had and there are so many more variables than just the advance.
You just hit the nail on the head.
That is why a GOOD agent is invaluable. The conversation, the advice, about this option against that one.
Talking of agents, I have an opportunity to meet one, don’t know who yet. My blurb is written (and professionally checked). My synopsis is plotted, I have a workshop run by my professor next week. Haven’t a clue about author bio, but I’m sure the workshop will cover that as well.
Other than don’t panic, any advice?
They are visiting as part of the York Literature Festival, but the one-to-one is exclusive to YSJU MA creative writing students.
The only rule I know about agents is if one makes an offer don’t say yes until you talk to others.
Oh and it’s my magical realism, with not so much food now that it’s a Middle Grade.
Hollie, just relax =) That’s half the battle. Be yourself and tell them about your ms and let the conversation flow. You’ll be fine. Good luck!!!
Thanks AJ,
There is a tiny chance I’m going to meet the right agent who will love my ms.
Unlikely, I think I need to look at this as a practise run as much as a one in a million chance.
Plus if it’s a practise, I won’t panic, quite so much… I hope.
And this is one of many reasons why I want an agent.
Yes, agents are tremendously helpful in finding a reliable publisher. I’m grateful for Jessica Faust, the President. I’ll do several more revisions as she advised and dear heavens any agent from Bookends sprayed with glittery kindness, please represent me. Last July, this year July.