Okay, I’m more than thrilled to announce that literary agent Michelle Wolfson is here to tell us all about how we can make the most of any advance that we get. *giddy* Welcome her to WriteOnCon! Oh, and she’s taking questions, so leave her a comment and she’ll answer!
In Defense of a Less Than Huge Advance
So there’s an expression I’ve become familiar with since I’ve rejoined the nursery school set (this time as a mom although I have to say the kid part looks like more fun), and it goes like this: You get what you get and you don’t get upset. When I was asked to do this post in defense of the Less Than Huge (LTH) advance, that expression popped into my head for what may or may not be obvious reasons.
There are posts that will walk you through fancy math calculations but this isn’t that post. And the truth is, everyone has their own definition of what constitutes a Huge or an LTH advance. What may seem like a lot of money to one person may be peanuts to another, and what may be a lot of money to that second person, may still be nothing to a large publishing company. So for the purposes of this post, I am not using numbers and will just say huge or LTH advance, and will talk about what that means for you, regardless of the actual dollar amounts.
So what does it mean for you, this LTH advance as a debut author? Well, the common school of thought is that it means that the publisher isn’t going to spend enough on marketing or publicity in order to support your book. Well I’m going to let you in on a secret here. The publisher is never going to spend enough on marketing or publicity to support your book. That’s right, I’m saying that no matter how much a publisher spends, it is never enough, it could always be more, and someone else will always be getting something that you are not.
So should we all just meet at a bar and curse our bad luck? Well, we could, but that’s not going to do anything to change your luck and you are in charge of that. You can make a difference in your sales whether your advance was $1 or $1 million. Readers don’t care. They just want to find good books. So you can start by delivering a good book. And then by helping readers find it. And that means readers have to know you.
I can’t possibly be the first person to tell you that much more than ever before, readers want to know their authors, so it is important to build your audience now. Blog, Tweet, Facebook, etc. These are things you can and should do whether you received a huge advance or an LTH advance because this will help you increase sales. You can moan about this burden that has been placed on you or you can jump up and down at this opportunity that you have. And I know there are other posts and workshops on these topics at this conference and around the web—building a brand, etc.—so I’m not going to talk about how to do it, just that it is essential that you do it no matter what the size of your advance. We will call all you followers of the Brand Bandwagon, Smart Authors.
What I want to talk about now, are the advantages to an LTH advance. Because there really are some.
Is that a royalty check I see?
So Smart Author with an LTH advance, guess what? You probably earned out your advance! Congratulations! That makes you much beloved in the eyes of your editor, publisher, agent, and everyone else who comes into contact with you throughout the process. You have officially made money for everyone involved. Was it huge advance money? Maybe not. But it may get there soon at the royalty end of things. Which is a much happier place to be than the red ink side of the accounting books.
Cannonball?
Once upon a time publishers invested in author careers. But they did it with small advances. They gave those authors time to build an audience and become a success, even if it took more than one book. I believe that some publishers, particularly ones that consistently pay low advances for genre titles, are still interested in building authors’ careers. And by that, I mean building a career with a Smart Author who does more self-promotion than they had to 30 years ago, maybe more than they should have to, but sucks it up and does it with a smile all the same. There is a place in publishing for authors who wade into the pool and when they get to the middle they jump around and make a big splash, versus only those who run and do a cannonball off the side. At least this way you don’t find out mid-cannonball that they drained the pool last week.
Oh, the pressure!
Let’s face it, a big advance comes with big pressure. Fine, maybe you have some extra cash to pay for a massage once in a while, but that’s still a lot of extra stress. When expectations are low, you have a great opportunity to wow people. Companies have made fortunes out of the underpromise, overdeliver motto, and that’s the opportunity you have before you. How many times have you seen a movie or read a book that was hyped to death and you’ve thought well, I might have enjoyed this if I’d read it before all the hype? Hype can be great, but hype can kill. Embrace your status as the dark horse and then stun everyone with your victory.
Take 2 or 3
So what about the expectations from your publisher? With a huge advance, there are two options: earn out or disappear. I suppose option 3 is undergo extensive plastic surgery to alter your appearance and change your name before you even think about writing another book. But basically, if you receive a huge advance for your first book and then it tanks, no one will want to come near you. If you have an LTH advance, the bar is set much lower. Yes, there are still expectations, but even if you don’t meet them, your career might not be over. First of all, not meeting them might still mean you came close to earning out. Or might mean you earned out but just didn’t sell as many copies as they would have liked. My point is, you aren’t quite the publishing pariah that you might otherwise be. You may still have a chance to write and publish another book. To build your career as an author.
Monkey in the middle or on my back?
So I actually think there’s a middle level which is in some ways the most difficult advance to overcome. This is the advance where the dollar amount is significant to an individual (the author), yet still not really significant to a corporation (the publisher). You could call this the Faux Big advance. A book still has to sell reasonably well to earn out an advance at this level, yet authors are often under the illusion that they will receive more publisher support than they actually do. They are lulled into this false sense of importance that is not shared by the publisher, and it might lead them to do less self-promotion than they would have if they’d received a true LTH advance. On the other hand, a true Smart Author, as defined above, won’t fall into this trap since you will recall that Smart Authors always take on the responsibility for building their own brand. But this is another trap of a bigger than small advance.
So should you call your agent and ask her to negotiate the smallest advance possible? Is there a perfect size advance?? No and no. It is only natural to want the biggest advance you can get. And nothing I say here is going to change that, nor should it. There are definite advantages to a huge advance, but as stated above, there are some advantages to an LTH advance as well. So…
You get what you get and you don’t get upset.
Oh, and also, you put your head down and market the heck out of yourself and your book because no one wants this as much as you do.
Michelle Wolfson formed Wolfson Literary Agency in 2007 and is actively seeking authors of commercial fiction in the following categories: mainstream, mysteries, thrillers, suspense, chick-lit, romance, women’s fiction, and young adult. She is drawn to well written material with strong interesting characters. She is also interested in practical and narrative non-fiction projects, particularly those of interest to women. Michelle holds a BA from Dartmouth College and an MBA from New York University. Prior to forming her own agency, Michelle spent two years with Artists & Artisans, Inc. and two years with Ralph Vicinanza, Ltd. Before that, she spent several years working outside of publishing, in non-profit and then finance, and she brings the skills she learned there plus a lifetime love of reading to the table as an agent.
Awesome post, makes a lot of sense. Thank you, Michelle!
I love the splash around versus cannonball idea. Just like mothering, promotion seems to be a series of intense work and some sitting around and watching, listening, and being aware. But when you are in the work portion – be all there.
Incredibly helpful post- thanks so much! Any promotion ideas that stick in your mind (besides bookmarks, speaking at local venues, and social networking online?)
Great post! This makes a lot of sense. Thanks for spelling things out so clearly.
The most time intensive part of writing a book is the marketing and promotion required once the book is published. Read up on everything you can about marketing and publicity. Get together with friends and brainstorm ways to get the word out. The more books you sell, the more money you make.
Thanks, everyone.
Cipherqueen:
re specific promotion ideas, I think the most important thing is to remember that you can’t begin the day your book comes out. You have to begin building a presence before. You can’t start a blog the week before your book comes out and expect to have 1,000 followers.
Virtual blog tours, book signings, networking, somehow I feel like I’m better at this on an individual basis even though it should be similar for all authors. Brainstorm with people and write down any ideas that come to you no matter what they are. Evaluate them later.
Thanks for tackling this topic. I am more fond of telling my sons they get what they get than hearing it myself. But it is so true.
Great post, Michelle. Thank you!
My son and I subscribe to the “You get what you get and you don’t throw a fit.” mentality as well. I agree with you that there can be perks to a LTH advance. IF I ever make it to that stage, I will keep your words of wisdom in mind. We all want to get to that buy through right.
Amazing. Absolutely amazing. I love it. Thank you so very, very much.
Thanks, Michelle!! I especially enjoyed the Monkey in the middle or on my back section!
And, your phrase “you get what you get…” reminded me of a quote in one of Kim Stanley Robinson’s books: “You get what get and you don’t throw a fit.”
Thanks for the great advice, Michelle. I recite that line to my pre-schooler on a daily basis–yet some days, she still gets upset. Go figure.
Thank you, Michelle!
Absolutely love this post, Michelle!! Thanks so much!
Thanks for joining us today Michelle! Your words are EXACTLY what I needed to hear/read today.
Thanks for all the nice comments everyone. I’m all prepared for tough questions though. Where are the tough questions? Like how much is my book going to sell for? I really love that question…
Glad you are finding this helpful!
Thank you for this post. I’m in the middle of this situation myself. I got a larger than expected advance for my debut YA novel, PULL. After first doing the happy dance, I realized that meant I had to work even harder at promotion so the book would do well enough to earn out the advance and keep my publisher and agent happy with me. I’m spending more time on Facebook and guest blogging than I am writing, in preperation for the October release. In fact, my worry is how much of this is too early? Honestly, the promotion is harder than the writing was and I don’t think I’ll ever know how much was or was not worthwhile. Anyway, I’m not giving the money back, but it does raise the pressure on me big time.
Thanks for the post today, Michelle. Sometimes I just really need to read something like this to get my hopes back up again.
Thank you!
Happy writing,
Lindsey
I love the way you put that. ‘The publisher will never spend enough money on marketing’. That really put it into perspective for me. Going into it knowing that will make things a lot easier. The days of hard work for sales are back. And that’s a great point about high advance high pressure. Too many aspiring authors don’t realize that. This will help me prepare. Thank you so much Michelle!
Thanks so much, Michelle! This makes so much sense. I’d much rather earn out and get royalties than be biting my fingernails to the quick (instead of writing the next book) worried that I’ll tank.
Very good article. I like hearing about things that impact authors when they are stated by someone with direct ties to the industry and who understands the “Why” rather than just the “How”. Thanks!
Thanks so much! I’ll get to work. ;D
And since you’re asking for hard questions, I’m going to take my chance and try to ask some or maybe one. (I’m thinking off the top of my head here, sorry).
-Do you believe in the idea that an author should not have to pay to get published or to have an agent? I read once from another author that you should never have to pay up front to be represented or to get your book published. What are your thoughts on this? I find this is always a matter I am wondering about…
-I am only 16 years old but have been working for many years now trying to get published. Would you say that since my age it would be best for me to first find an agent and then work with him/her to find the right publisher?
I look forward to hearing your thoughts on this. Thank you for your time.
Happy writing,
Lindsey
Congratulations, BA! I definitely don’t think it’s too early to do promotion for an October release. That’s right around the corner! And as I said (and I firmly believe this even in the case of huge advances), the publisher NEVER does enough. Or rather, you can ALWAYS do more. It takes selling a lot of books to earn back those advances and it’s not so easy. I don’t want to stress you out more, but there is pressure and you should absolutely be doing everything you can.
If you have a multi-book contract, it’s a definite balancing act being able to manage the writing and marketing. And no one says it’s easy. But no one gives away money for easy stuff. If they did, everyone would be doing it/getting lots of money. That’s not the way it works.
So basically, I think October is pretty close and I would focus a lot of energy on marketing right now because unless this first book is a success, the chances of a second book getting sold are much lower (unless it’s already under contract).
I hope that didn’t sound too negative. I just want to emphasize the importance of making your book a success once it’s going to get published.
Thanks, Michelle, for the great post! I’ve been hearing this message a lot lately. Makes tons of sense.
This is very useful. Advances tend to be a murky, mythical area for the unpublished, and stories of huge advances given to celebrities tend to confuse the uninitiated. Writers need to hear more about “building a career” and less about crazy advances that build unrealistic expectations. Thanks for a wise and helpful post.
Hi Lindsey,
Congratulations on knowing so early what you want to do! I certainly didn’t have so much direction at 16!
Anyway, you definitely should not have to pay for representation. Unless there are some serious changes to the industry standard, this is a commission based industry and agents get paid only when authors get paid. You should NOT pay reading fees or other fees for agents.
As for paying to get published, in traditional publishing, that is also a no no. These days there is a whole other way to go with various self-publishing routes that do require payment up front if I’m not mistaken. To be honest, i don’t know that much about the fee structure side of those. I think that self-publishing is a nice option for plenty of authors. It depends entirely on your goals. For self-publishing, you do not need an agent.
To go a traditional publishing route, I believe your best bet is to write the best book you can and then find an agent.
Good luck!
Michelle, thanks so much for this post. I can tell you I’d be so happy with just about any advance! That means writing finally = money, which would be nice.
Thanks for answering my questions.
I have considered self-publishing before but it seems like with that way I end up putting out a lot of money and then if my book fails in selling that will really be terrible.
Thanks for telling me about the fees that I should pay for and should not. It’s so hard knowing when there’s always these publishers that say, “Yeah, I’ll publish your book if you pay me $______” and then find out it’s a scam. For now I shall keep what you said in mind and continue to avoid where I have to pay for this this and that.
Since I already have my book written I guess I’ll stay on the path of finding an agent before a publisher.
Though I hate to be a bother, I have just one last question while you’re still on.
-Do you think most agents will not take me seriously because of my age?
Give me a medium advance rather than a big whopper. I want to earn out on my first book as soon as possible so i can go back to the publisher with my next book!
Great post.
Michelle-
1) Thanks for the discussion, it has been enlightening!
2) Does the publisher taken into account the level of promotional commitment the author is prepared to do on their own when considering what kind of advance to give (if one at all)?
Thanks!
Hi Lindsey,
I think most agents will take any great writing seriously. And then, if that great writing comes from a teenager, that could be a really fabulous selling point. Think Eragon!
I read an article recenlty about authors opting for less advance, but a higher marketing budget on the publisher’s end (granted not by much) in their contract. Is this usually an option?
Okay, I’m glad you say that because for the longest time I was worrying that agents weren’t looking at my work because of my age. Thank you for answering my questions. This has really helped me.
Thanks, Michelle! Be grateful for what you get and work hard for what you want sounds about right to me.
So, how much WILL my book sell for? Just kidding!
Raquel-
Re lower advance and higher marketing budget, I think a lot of authors would opt for this but I don’t think this is usually an option. There’s a lot of talk about lower advance higher royalty rates, especially in eBooks, but I don’t hear it as much in marketing. Even if it were the case, i think I would still stand by my statement that it probably wouldn’t ever be enough. What is enough? It’s never enough when it’s your book. Like I said at the end, no one cares about this as much as you do, and believe me, I care about my clients’ books. But not as much as they do. How could I? Nobody is going to put the time, energy, love, dedication, etc. into it that you will, and that’s what it will take.
Lindsey: I’m nearing 16 myself, so thanks for asking that! I personally don’t mention my age in queries because of that reason- I figure if the agent is interested, they’ll overlook it and see it as the selling point that it is.
Good luck!
Great post, thank you, Michelle!
And on pg. 10 of the SCBWI magazine this month there is an article titled 1,000+ Ways to Promote and it lists ten resourceful website to help authors self promote.
Laura,
Sorry I missed your question in there. I think a publisher really only takes promotion into account when we’re talking about nonfiction. Or if you have a very well-established presence. But even then, for fiction, you’d have to be almost celebrity level for it to matter I think. Your book is what is going to sell. ANd then any promotion you already are doing (let;s say you have a good blog already) is just gravy. But that is not helping to determine the size of your advance. Not as a first time author, anyway.
Michelle, great article! I definitely think there’s a middle area where I’d like to settle. I plan on doing as much of my own marketing as I can, so I’m happy to pick up some (if any) of the slack there
I had to laugh at your quote because my children know it as “You get what you get and you don’t throw a fit!”
Really enjoyed the post! I feel like a “Smart Author” for having read it. Thank you, Michelle. It’s good to understand a bit more of the mysterious publishing monster.
Terrific post, Michelle!! This couldn’t have come at a better time for me, as I’m gearing up to begin the submission process in earnest this fall. No, I’m not counting my chickens before they hatch, I’m just looking ahead so there won’t be an surprises later on down the road.
Would a publisher ever dole out an advance, no matter what the size, in small monthly payments? I know it’s a weird question, but my situation is unique in that I live on a small fixed income – Disabled Widow Benefits through Social Security and cannot earn over so much extra a month, or I will lose the whole kit and caboodle. I know that it would be an accounting nightmare for the publishing house, but I cannot see any other way around it and under no circumstances would my husband ever want me to give up what he had worked so hard for.
Woohoo! I see that you’re accepting query submissions again! (http://www.wolfsonliterary.com/) Good for you and all of us! I enjoyed this post and point to your very successful author, Kiersten White, as a prime example of somebody who works very hard to sell every single book.
We’re all less likely to get such a big advance and multiple book deal, but this article helped me to appreciate that a little more! Thank you!
Loved this and the follow-up questions! I’ve been trying my best to be a “Smart Author”, this will keep me motivated.
I’ve never read anything that gave the pros and cons on advances. While I can’t imagine negotiating DOWN, I can see how a little less pressure to make the publisher’s money back could be good for lowering stress and landing a second book deal.
Saputnam-
Interesting question. I would honestly worry about it later. For all you know you may get a HUGE advance and it may be worth it to get the payments in bigger chunks. However, assuming you do get an LTH advance, or even with a huge one, I would think that you could work out a payout schedule that would suit your needs. After all, I’d think the publisher would be happy to break it up into even more payments than they already do! Don’t forget, already, payments are usually broken down alreayd into into signing, delivery& acceptance, and publication payments. So in your case, those three payments might have to each be further broken down and paid monthly. I’d mention it to an agent, but let her sell it first, and then worry about it I think.
And Katrina, yes, Kiersten White does work incredibly hard promoting her book PARANORMALCY which is coming out August 31. Thank you for noticing and pointing it out, and everyone should immediately go out and pre-order a copy.
Another of my author’s who is a promotion machine (in a totally different way) is Tchicaya Missamou who, with Travis Sentell, wrote IN THE SHADOW OF FREEDOM which came out last week. They had over 300 people people at their Borders launch book signing event and sold almost 250 copies of their book. Tchicaya then asked the Borders manager if he could go to the district meeting of store managers and so he is speaking there. From that speaking engagement he has also been asked to speak at 9/11 memorial events and church gatehrings with memberships that total inthe thousands. It’s a very different approach from Kiersten’s (although Tchicaya has a large Facebook presence), but once that is proving very effective as well. But then he is an incredibly inspirational speaker. I think you have to play to your strengths.
Thank you all for reading and commenting. I’m so glad that you found this helpful. I’ll check back later for more questions. Good luck to you all!
Theresa,
This wasn’t about negotiating down. I’m pretty sure no one is negotiating down. It’s more that an LTH advance is a more realistic idea of what most first-time authors usually get and it seemed like a nice idea to show that there can be a positive side to it. I’m not saying you shouldn’t celebrate if you get a huge advance. Just a positive spin on something that might otherwise seem less than fabulous.
So not to ask how much MY books will sell for, or even the average, but what do different genres typically sell for at the low end and the high end? I know MG and YA definitely make a lot more money than PB, and that’s okay. I write PB, and the only amounts I’ve seen are $1000 and $3000 for an advance. I’m thinking that $1000 is on the lower end. Does anyone know what the range is (for all kinds)?
Also, is it okay to look for/have more than one agent? I write mostly PB, but have a few ideas for some very different things (an adult women’s, a MG nonfiction, and a chapter book). Or should I be looking for someone that will represent all of these types?
So if an author gets say a high 6 or 7 figure advance for their debut and it sells poorly, does that mean their sophomore effort may have problems getting published?
Thanks a bunch for all your information. I needed encouragement right now, and I think I just got it through you.
I sure appreciate your wisdom