Finance

This weeks lecture was all about the financial side to selling a book. After having this lecture it has been brought to my attention that it is more complicated than I had initially anticipated. I was able to gather some information around the subject from Fumio Obata but I want to further my research in the future.

When a publisher is interested in selling your book then an advance is given to be able to make the book. For example, and advance of £3000 could be given. I could then receive 10% royalty on each book sold. Therefore if each book was £10 then 3000 books would need to be sold before I would receive any of the 10% royalty. A profit needs to be made for me to be able to earn money from the book. If the book is not a good seller then I would not receive and royalty cheques and the publishing company would have a loss. 

Having a agent make make the financial process easier as they would be able to deal with this kind of thing in a more knowledgeable way. I will however, be doing further research as I will still need to know about this topic and about getting an agent. 

Publishers give you a tim from for completing the work you've presented. It can be quite along process with 9 months between receiving work and publishing. Agents would be able to negotiate time frames for you to help the process however it would more than likely be best to stick to what has already been given. 

Even though a book proposal and acceptance may be in place there is still no guarantee that this book will make a profit for you. It would therefore be wise to be still keeping mind that exposing my work is a key part to becoming more successful. Alongside the book work, exposure of other things will be done too. This could interfere with the book time scale which could be why negotiations will be made.

Once again I will be furthering my knowledge on the subject with some more research. I think it's an important topic to know about as producing books is something I am interested in pursuing.