The money, plainly

A debut advance is usually $2,000 to $15,000, paid in instalments across signing, delivery and publication. It is an advance against royalties, not a bonus — you earn nothing further until it is repaid by sales.

Traditional royalties run about 8% to 15% of print list price and 25% of net on ebooks. Self-published ebooks pay 70% of list in the common price band, print-on-demand roughly 40% to 60% after the unit cost.

So a traditionally published book must sell several times as many copies to pay the author what a self-published one pays.

What you actually buy with your rights

A publisher brings distribution into physical stores, library and review access, a professional production team you do not pay for, and the credibility of an imprint's name.

You give up the schedule, usually the cover, often the title, and control over audio and film rights unless your agent carves them out. Read the grant of rights clause before the advance number seduces you.

Self-publishing keeps every subsidiary right in your hands — which matters most for the editions that come after the book: audio, film, translation, box sets.

Time, and what it costs you

Querying agents takes 3 to 12 months. Submission to publishers takes another 3 to 9. Production takes 12 to 24. Three years from finished manuscript to shelf is normal.

Self-publishing can move from finished manuscript to live listing in weeks. That speed is only an advantage if the book is genuinely finished and professionally produced.

Which one fits which book

Literary fiction, prize ambitions, school and library reach, and books that need bookstore placement do better traditionally.

Genre fiction with a series plan, non-fiction with an existing audience, and any author who intends to publish steadily for years usually earns more independently.

Hybrid is common and sensible: traditional for one line, independent for another. Just never pay a publisher to publish you — that is a printer with a marketing department.

Asked and answered

Do I need an agent?

For the major houses, yes. For small presses and independent publishing, no.

Does self-publishing hurt my chances later?

No. Strong independent sales are the most persuasive query letter there is.

Who owns my audio and film rights?

Traditionally, whatever your contract grants — often both. Independently, you do, entirely, and can commission the editions yourself.