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.
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?
I cannot speak for all editors, of course, but I know I and many of us would be open to editing just part of your book at first, say, a particular chapter or two that you sense needs a lot of work. That is often enough to show you mechanical errors that you tend to make repeatedly. You can then go through the entire manuscript yourself looking for as many of the same kind of errors as possible. You will sharpen your basic writing skills in the process, and it will pay off in all future projects.
Rates – Most online book editors are freelance editors, which means they set their own rates. Editors may charge per word, hour, or project. Editing is a valuable investment in your book as a good editor can turn your story from meh to amazing! But the highest rates don’t necessarily mean the best editor, and the lowest rates could be wasted money. Definitely take rates into consideration, but don’t select an editor solely on price.
The greatest benefit of an editor is that he or she is not the author. An editor is someone else. Some editors are professional writers, but every single one of them is a professional reader. As a writer, you’re probably a voracious reader, but you can never be a true reader for your book. By bringing forth a book into the world, you’re asking other people to read something you’ve never read. If you sincerely want the book to be the very best that it can be, then you must ask someone else to read it first. You owe it to your book, to yourself, and to your readers.
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My facility with words derives from a love of literature and a background in French, teaching English, and editing. Throughout my academic and professional experiences, I have had the opportunity to work on a variety of texts, from academic papers to blogs to web content to novels while respecting English grammar and mechanics within the context of various style guides, including AP, CMoS, APA, and MLA.