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A_womon
Veteran Poster
Username: A_womon
Post Number: 1387
Registered: 05-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Monday, March 05, 2007 - 09:38 am: | 
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Calling all writers! I have heard and read that if you have enough money saved that you can pay your bills for six months or a year then it is ok to quit your day job and pursue a writing career fulltime?
Has anyone else heard this? Have any of you writers done this? |
Chrishayden
AALBC .com Platinum Poster
Username: Chrishayden
Post Number: 3828
Registered: 03-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Monday, March 05, 2007 - 12:20 pm: |
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I would not do this unless I had
a) an assured market for my writings
b) A book written that I really believed in
c) A contract with a publisher or agent and an outline and knew I had the book
d)Somebody to support me--with all the problems that will entail
Few writers have done this. Most quit once they got the writing rolling--that is were making enough money from the writing to survive. |
A_womon
Veteran Poster
Username: A_womon
Post Number: 1388
Registered: 05-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, March 06, 2007 - 04:53 pm: |
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Thanks Chris, guess all the other real writers aint around no more! HA! |
A_womon
Veteran Poster
Username: A_womon
Post Number: 1389
Registered: 05-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, March 06, 2007 - 05:03 pm: |
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PS I Do have ALL of the above!!! I landed a major new york publisher |
Urban_scribe
AALBC .com Platinum Poster
Username: Urban_scribe
Post Number: 372
Registered: 05-2006
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, March 06, 2007 - 06:30 pm: |
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KUDOS A_womon!
Far be it from me to rain on your parade, but even having all things in order that CH listed above, I wouldn't walk away from my day job - just yet.
If you signed a contract agreement with a major publisher, odds are they paid you an advance.
If you are a first time author, odds are your advance is in the range of $5k-$15K.
Your book is going to take 1 year to a 1 1/2 before it hits bookstore shelves.
You will not see any further monies from the sale of your book until your advance is earned out.
Most books, especially those by first time authors, do NOT earn out their advances. You do not have to repay your advance. At the same time; however, you won't receive any more money (royalties) from your book - even if it is selling. Your publisher must recoup its advance FIRST, then you'll begin earning royalties from the sale of your book.
So I, personally, would hold off leaving the day job and becoming a full-time writer until I start earning royalties from my book, provided those royalties are enough for me to live off.
The above are all generalizations that apply to the vast majority of first time authors. Your particular circumstances may be different. Only you know for sure. This is a big, big decision and transition. You're essentially relying on the whims of the reading public. Perhaps your book will be a best-seller right out the gate, perhaps not. So much is up in the air at this point. It's one of those dreaded "hurry up and wait" situations. Only time will tell.
I wish you much success in your writing career! |
Sisg
Regular Poster
Username: Sisg
Post Number: 273
Registered: 01-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, March 06, 2007 - 09:41 pm: |
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Congratulations A_woman! Wishing u the best!
And Chris/Urbanscribes advice is on point! |
Emanuel
Regular Poster
Username: Emanuel
Post Number: 276
Registered: 03-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, March 08, 2007 - 10:44 am: |
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Congratulations A_woman!
I know several authors who have the dream of quitting their day jobs to pursue a writing career full time. A lot of them have the misconception that they will get six-figure advances for their debut novels and become overnight sensations. Realistically, several authors appearing on today’s bestseller lists have other means of income besides royalties. Some own bookstores. Some publish magazines. Some work as literary agents on the side. And some have regular nine-to-five jobs. I speak lots of them on a regular basis.
Should you quit your day job because you got signed? I guess that’s more of a question you have to ask yourself. Can you maintain your current lifestyle? Will you have income to market your book and travel? Is it easy to get another job like the one you have or one similar to it if things don’t work out in the literary world?
As an independently published author who owns a home-based business, I don’t personally see myself quitting the day job to become a full-time writer. I’d have to replace a lot of income, and I’m not that keen on traveling city-to-city to hustle books at signings. I’m much more content being a weekend warrior of an author. In fact, my business book “Dead Guys Don’t Buy” coming out April 2nd was written to boost my business, not to leave it. Even if a traditional publisher comes calling, it would take a might sweet deal to get me to quit my day job. And I know sweet deals for new authors are very rare.
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A_womon
Veteran Poster
Username: A_womon
Post Number: 1390
Registered: 05-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, March 09, 2007 - 10:00 am: |
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Hey thanks to you all for your well wishes! And urbanscribe thanks for all the details on what to expect, I have experienced the "hurry up and wait" already! HA!
I got a two book deal and it was it was pretty sweet.
Hi Sisgal! How are your books coming along? Thank you very much!
But beyond that, I have been putting money in reserve for monthly expenses, and I have a side business which is picking up quite well.
But you all have given EXCELLENT advice and I appreciate the input. |
A_womon
Veteran Poster
Username: A_womon
Post Number: 1391
Registered: 05-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, March 09, 2007 - 10:13 am: |
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Urban scribe:
When you said that you won't see any money until you earn out your advance, does that include the sale of any/all subsidiary rights, such as book club,and translation rights, etc not expressly sold to the publisher as written in the contract in the deal with the publisher? In other words, will that money go toward paying back the advance as well, or will it be separate accounting? |
Urban_scribe
AALBC .com Platinum Poster
Username: Urban_scribe
Post Number: 375
Registered: 05-2006
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, March 09, 2007 - 05:57 pm: |
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Your author's share of revenue from sold subsidiary rights is set against your advance to help it earn out faster. If any monies are due you from subsidiary rights after your advance earns out, you will receive the remaining portion. This is provided that your publisher procured these subsidiary rights. Your agent will be able to explain to you, better yet, SHOULD HAVE explained to you which rights you sold to your publisher. It's all in your contract agreement.
Meantime, your agent should be hard at work trying to sell whatever subsidiary rights your publisher did not purchase elsewhere. Your publisher MAY be entitled to a portion of that money, depending on your contract's clauses. Otherwise, any revenue from the sale of subsidiary rights not sold to your publisher should pass straight to you, less your agent's 15% of course.
Sounds like it's time to put in a call to your agent. Best.
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A_womon
Veteran Poster
Username: A_womon
Post Number: 1392
Registered: 05-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, March 09, 2007 - 11:01 pm: |
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Yes, my agent as well as my attorney have both explained the contract to me. Though I trust my agent, I wanted to get other authors' perspectives about this to see if it gelled with what I was told. I know each person's experience with publishing is different, but it's nice to draw on the experience of those who have gone before me. Thanks again urban scribe... |
Emanuel
Regular Poster
Username: Emanuel
Post Number: 290
Registered: 03-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 06, 2007 - 08:54 pm: |
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Check out this signed author's article who still has a day job:
http://blogginginblack.com/2007/04/03/to-contract-or-not-to-contract/ |
A_womon
Veteran Poster
Username: A_womon
Post Number: 1466
Registered: 05-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, April 10, 2007 - 05:51 am: |
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Thanks for the link emanuel, very interesting. I tend to agree that a contract is better, your overhead is very low, the publisher bears all of the expense, distribution and fullfillment headaches, you get assigned a publicist which you don't have to pay for,(even if the publicist can't land you on Oprah! HA! and even if she isn't able to make you a star on your first book, she is STILL FREE) Lots of other perks that I will give up a little freedom for and take a little pressure to meet a deadline for... |
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