The Economics of Book Deals

#repost

Jennifer Keishin Armstrong

moneyWhen I wrote about my own experience going freelance in my Ultimate Guide to Starting a Freelance Writing Business, I mentioned the specific development that allowed me to quit my day job: a six-figure book advance. I didn’t want to get bogged down in the mechanics of book advances/the state of the publishing industry in that post, which was long and involved enough. That said, a freelancer friend wisely pointed out that I might want to explain that further, in case anyone’s reading that and thinking, “Oh, okay! I’ll just get a six-figure book advance then.” There are a number of reasons that I could think this was a reasonable expectation for me at that time (and these reasons, not coincidentally, double as a list of ways I was lucky):

1. We are talking about the lowest end of “six figures.” (I feel like I’m supposed to be coy about…

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