About 25% of my (fiction) editing work is direct with authors, and the rest is split between two publishers. It my be of interest to note that these rates are close to what publishers pay their editors. That is to say, if you, as an author, were to traditionally publish your book, you would be paying this amount via royalties. Creating a professional product via self-publishing is not cheap, the costs (and income!) just shift from the publisher to the author.

It’s difficult to answer this question without first addressing what an editor actually does. Editors can review the content of your writing (characterization, pacing, plot, etc.), which is often referred to as content editing; the form of your writing (the grammar, the punctuation, etc.), which is often referred to as copyediting; or both. (By the way, proofreading is indispensable, but it’s the final step of checking for typos and other glitches once the book is ready for print—any writer who thinks that proofreading is editing is in grave danger of getting ripped off.)

In return for the sacrifices you must make in order to self-publish, you will gain total control over the project. In addition, any profits from sales of the book will be yours (not just a royalty percentage as with either a traditional publisher or a vanity press), and in some cases it may be the only way of getting your book into the hands of readers. However, there is no getting around the requirement to get the tasks done one way or another.
A copy editor or line editor focuses on improving sentences and grammar, as well as suggesting other ways of rephrasing ideas, and providing comment on anything else they pick up. Non-fiction books often use multiple styles, for example, chapter headings, sub-headings, action points, bullet points, call-outs and examples, so these will be examined at this phase.
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An edit requires a substantial investment, many times greater than the cost of a book. Editors who spent years as assistants, learning the craft of editing and acquiring the knowledge of how to guide authors, are a safer choice. Their track record speaks for itself; editors at this level have bestsellers and award winners in both the traditional and the self-publishing space.

Thank you, Blake. I am past the point of undercooked. I’ve had beta readers, I’ve rewritten dozens of times, had an editor look over my MS twice, and believe I’m ready to take that leap. Unfortunately, and this wasn’t mentioned, most writers will never be satisfied with their work ‘as is’. I tinker and add. It’s difficult to find the balance between making it better, and messing with the core integrity. Even JK Rowlings is known to do this in her head when she’s reading one of her novels in front of an audience. This fear has held me back for years, despite my three years experience as a freelance writer for a local magazine. I’m scared I’ll miss a comma and it’ll be thrown in the slush pile.

I keep second guessing myself on things like where a space should go when someone is talking and if I have to keep saying “He said” “She said” etc., over and over. Or Mom vs mom. It goes on and on so I am thrilled to read Trish’s response about hiring an editor for a chapter or two. I would love to do that when I finish before I do a complete rewrite myself. I think that would help save so much time.