A good editor is invaluable when starting out. Later on it perhaps depends on how complex the story or writing is. Editors can be looking for similarity not originality. The final script a poor representation of the original story or article. An article of mine, which was picked up by Wikipedia for its originality and informative ideas was given forty edits from around the world! It was like a mechanical invention rather than an interesting article in the end!
Specialty – Do you want a copy editor who will strictly follow the rules in the Chicago Manual of Style? Do you want someone whose specialty is line editing and can write smooth, clear, and creative sentences? Are you looking for someone to make sure you don’t have any glaring grammar or spelling mistakes so as to avoid the brutal grammar police reviews? Or do you want someone to look at the overall structure or plot of your book?
For my book, Career Change, I gave an early copy to people working in my department in the day job who I knew were dissatisfied with what they were doing. They came back with questions and suggestions for what to include as additional material. For The Healthy Writer, we asked medical doctors to read it as a sense check (even though my co-writer, Euan Lawson, is a doctor!)
If however the editor is going to disassemble the book act by act, scene by scene, beat by beat, and show technically in story structure terms what needs to be changed, then the editor is spending far more time in analysis and constructing the demonstration of such to the client. Of course, this really depends on what service a client wants as well.
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Even if you wrote the book in your free time, this is my day job. The per-project cost many new authors would consider “manageable” would, if broken into an hourly rate, end up paying editors less than minimum wage. They don’t intend to pay what someone could earn making french fries; they just greatly underestimate how much time must be invested in editing.
So because of this and because I don’t live in NYC or LA, I decided I may have better luck writing a book, which I have been doing for several months now and enjoy; however, I know it needs work and I can’t go back to the 5th grade and pay better attention to the simple “put your period here and comma there” lessons so I was hoping to learn as I go with reading, writing and seeing my finished product after hiring an editor.