It's the question everyone wants answered, but know one want to ask: When do I get paid? Here are a few things you should know about getting paid for your book deal.
1) The price your agent negotiates is an advance. This means you won’t earn any more unless you sell enough books to make up the advance. Don’t worry if your book doesn’t sell enough copies (and not many actually do) you don’t have to pay the publisher back. They’re basically “betting” on you and hoping for the best.
2) Royalties are your portion of money earned by each book sold. Again, you won’t see any royalties unless you sell enough books to reach the amount of your initial advance.
3) You don’t get paid until you sign the contract. Don’t forget that contract negotiations can take a couple of months.
4) The price your agent negotiates includes their 15%. Most large publishers will cut a check directly to you (for your 85%) and send the rest to your agent. The smaller publishers may still send out a check for the full amount…to your agent. Your agent would then send you your share. Ask your agent about a publisher’s policy on this.
5) You don’t get all your money all at once! For a single book, you’ll get paid three times.
a) 1/3 when you sign your contract.
b) 1/3 when you finish your edits.
c) 1/3 when the book is released.
Hope this was helpful! Back next week!