I hope this helps! Please don’t be discouraged by editor’s rates. Many of them do this full time or to supplement their other income with their business. The quality of service is not necessarily tied to project cost, but hiring anyone who is a contractor or freelancer often means you’re getting one-on-one personalized attention you might not get if you worked with, say, just the editor of a publisher who could see your book as a quota to fill. Just my two cents!
Thanks Derek and Jane! To add one more thought, I think where we all agree is that the writer can’t get up from the operating table (this analogy is getting gruesome…), thank the doctor and walk away. The perfect recipe would include: an incisive (pun intended) editor, and a resilient, driven writer. By the way, Derek, I’m thrilled to have this conversation, as I’ve enjoyed your writing for quite some time (recently I loved your piece on Tomorrowland). Cheers, Teymour Shahabi For 3 weird self-editing tips, check out my new episode: https://www.youtube.com/watch?v=3mmLEuH9x28
I used Ebook Launch to format my first book, a novella entitled His or Her Betrayal for both ebook and print, and I was happy with my results. They are very professional and get the work done in the amount of time that they tell you. I just submitted my second book Love, Lies and Heartbreak, which is a collection of short-stories for them to format for print and ebook as well. I'm sure I won't be disappointed in their work. They are my permanent source for formatting my books. Thanks so much for your great work guys!!
Regarding your last question, I know of no editor who gives a money-back guarantee for occasional errors that happen to slip through or for a different opinion by a later editor. I’m afraid such things are just the nature of the publishing beast. But by having a shorter portion edited first, you will get a decent feel for whether someone is the right editor for you, and will be able to be confident in his or her work on your entire book.
Rates – Most online book editors are freelance editors, which means they set their own rates. Editors may charge per word, hour, or project. Editing is a valuable investment in your book as a good editor can turn your story from meh to amazing! But the highest rates don’t necessarily mean the best editor, and the lowest rates could be wasted money. Definitely take rates into consideration, but don’t select an editor solely on price.
For editors who are charging pennies for what should be hours and hours and hours worth of work: I am saddened that you would ruin the market for those who have the expertise and ability to charge what it’s worth. You see, an author whose book needs a whole lot of help will see your rock-bottom prices and think that’s the norm. But the reality? That’s not normal. It’s not normal to charge sweat shop rates for something that requires top-notch quality.
It’s always sensible to follow due diligence in submitting your first draft of your book to an editor by making as fool-proof a copy as possible for you because first, it is your own creation, and secondly, a horrid draft sent your editor can end up frustrating both you and him or her. Make your own corrections to the extent you can, so that will make the job of your editor that much lighter and the end result would be a lot more effective.