Before we explore what you ought to be looking and asking for when you hire an editor, let’s talk about you, the author of the work, for a moment. On the one side are authors who, in response to an editorial query questioning the reason a particular scene was included, immediately suggest ditching the whole thing. On the other side are authors who will fight editors to retain even the slightest word changes. Before you embark on an editorial journey, ask yourself which side you fall on, and then own this truth and be willing to share it with the person you hire.
Just launched my new novel "Who is Waldo Wiggins?" this past weekend and the response has been great. Ebook Launch did all the cover art (front and back) for the paperback and ebook, and they knocked it out of the park. The first thing people mention is the cover art and the great job that was done on it. Personally, I couldn't be happier. The end result was beyond my expectations.
There seems to be something half-way between beta-reading and development editing. I think it’s right for many new writers — I’m just finishing my first book, and was not about to pay a real development editor, but beta readers weren’t engaged enough (especially friends unwilling to point out the negatives). But it this kind of editing doesn’t really have a clear name.
I'd suggest working through each change so you can learn for next time, rather than just clicking Accept All on the Track Changes version. This will take time, but it's well worth it. I usually accept 80-90% of my editor's changes and the manuscript is improved considerably by the experience. After the line edits are updated, I send the manuscript to a proofreader for the final check before publication.
“My advice is that you take a couple of days off—go fishing, go kayaking, do a jigsaw puzzle—and then go to work on something else. Something shorter, preferably, and something that’s a complete change of direction and pace from your newly finished book. . . . How long you let your book rest . . . is entirely up to you, but i think it should be a minimum of six weeks.”
Even if a book is well-written, and even if it’s been edited professionally, success isn’t guaranteed. Publishing success is partly about branding and design, partly about getting in front of readers so they can start reading, and mainly about whether you satisfy their expectations and over-deliver on genre conventions. We want to do more than simply editing or proofreading your book. We want to help you make sure readers love it. But the sad truth is, most submissions we receive are nowhere near ready to publish, and are suffering from common but easily avoidable first-time author mistakes. How does YOUR book measure up?
Working with a professional is always the best choice, so if possible, then save up to work with an editor. But of course, some writers can't afford this, in which case there are some other options. You can barter with other writers in the same genre, editing each other's work, or providing other services you might be more skilled at e.g. Marketing tasks.
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.