Second, consider getting a critique before you decide whether you need to pay for a full copyedit. I (and probably many other editors) will read your manuscript and write a several-page critique for much less than the cost of a line-by-line edit, and if your mechanical skills are reasonably good, this may be sufficient to help you get it into adequate shape for your publication plans.
It’s time to choose your children’s book editor! Go with your gut here. You have already learned how to find a qualified children’s book editor, and narrowed down your choices using the tips in this article. The last step is to choose the editor that seems to have the best grasp of your personal needs. At this point, feel confident in making choosing your editor. You’re ready to move onto the next step of realizing your dreams and finishing your children’s book.
Line editing is an intensive structural edit that focuses on the finer aspects of language—the flow of ideas, transition elements, tone, and style. Your line editor will take a critical look at your manuscript’s writing flow, language usage, character development, and more, and make suggestions that ensure that you’re communicating your story effectively while maintaining your voice.
Next, it is possible to follow the road to traditional publication without hiring your own editor, with editing being done at the publisher’s expense. However, you have to be a very good writer and self-editor to get on that road, and what you write has to fit into a very marketable niche. You also need to be very patient and willing to weather plenty of rejection along the way. Don’t jump too quickly to the conclusion that this option is closed to you. Do your research carefully. There may be a small press that is just right for your book and that will be happy to help you make it the best it can be while paying YOU rather than making you pay them.
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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.