Thanks, Jessi. Everything you say is true, but for anyone reading this and feeling anxious about the EFA, I’d like to put in a good word for the organization. Established in 1970, they’ve been around for much longer than the current self-pub/e-book revolution (so: not a fly-by-night company), plus they exhibit at major events (BEA, AWP, etc), where you can meet some of the editors in person. I’ve had nothing but good experiences with their members and recommend them on my resources page.
Hi Jay. Ironically, most editors lament our meagre earnings in comparison to the skills, qualifications, ongoing professional development and expertise required to do our job well. Most of us earn a lot less than tradies! We also tend to hesitate when providing a quote, knocking the price down as we fear the prospective client will think it’s too expensive. I advise writers to start putting money aside well before they are ready to hire an editor, and to hire the best editor they can afford. If cashflow is a problem, I allow clients to pay by instalment rather than in lump sums. I also give discounts to students and NFPs. Try to hire the best editor you can afford – hiring a cheap, inexperienced editor whose first language might not even be English is basically money down the drain. There are plenty of editors out there, so make sure you select carefully. You want someone who will make your writing shine, and help you to become a better writer – which should pay dividends in the long run.
Moreover, the casual distinction between a (developmental) “editor” and a “copyeditor” can be a bit simplistic, particularly in a self-publication or even vanity-publishing context. A self-published author may barely have the budget to hire one editor, so that editor needs to be able and willing to blur the lines between developmental editing and copyediting. The editor must also be accustomed to working with authors of a variety of strengths and weaknesses, including many whose work would not, in fact, have been accepted by a commercial publishing house in its current form. I have come to take great satisfaction in taking a new or newish author by the hand and helping them find ways of making their work the best it can be. Of necessity, this must include line-by-line correction of grammar and style (often a surprisingly great amount of such correction), but can rarely be limited to that.
Software and Systems – Some of us writers like using certain types of writing tools or software.  I personally love to write my books using Scrivener, and will then switch to Google docs for better tracking systems.  However, I've run into editors who only use Word document.  That's no bueno for me.  So, make sure they are good with whatever writing programs you want to use.

An extensive critique of my first novel led to major changes in the format. I was very fortunate to have an experienced novel writer to give a detailed analysis, with corrections. I did not fully appreciate, at the time how valuable this process was, but do now. You need to acknowledge that there are likely to be inconsistencies leading up to the final manuscript and be prepared to make drastic changes. An editor is attuned to picking up on these, where you have accepted the script , even after numerous re-writes!
Hey Elizabeth – I get what you’re coming from. I try to work in some flexibility with clients due to budget. Like you said, many people are charging the market rate regardless of experience. However, most good editors will work with your budget in one way or another, be it payment plans or reduced rates. I find it’s easier for me to retain clients and provide better services if the costs go down over time. Some people choose to discount the first project. It’s all very fluid. But yes, cost can be a deterrent for some folks. Self editing can drive these costs down, so taking the time to go through your work first is very helpful for the editor and for your own pocketbook..
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.
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