Working for Royalties
If I had a nickel for every time a potential author wanted me to ghostwrite or edit for a percentage of royalties, I’d have more money than I would have earned from those fabulous offers. Why is it so unfathomable for some clients to understand that writers require payment? I guess because for them it’s a hobby – shouldn’t it be for us, too?

Oy. So let’s look at the royalty thing a little closer. Ask yourself this – how many new authors are able to sell their first book? How many of those who self publish know how to market effectively? Look at any Writer’s Market. You’ll see publishers who say, “We receive 10,000 submissions annually. We publish ten manuscripts annually” or something similar. Even with you writing it, guess in which pile your new author’s book is going to land?

Another thing to consider – how much do you want to make? If you’re ghosting a book, you should be making at the very least $10K for your efforts – but more like $15-$20K. I’ve worked for less, but only when the book has been mostly written and it had solid content and had been well written.

So, take the amount you want to make and figure out how many books that author needs to sell in order for you to reach that goal. Remember that authors will get somewhere around 5-7 percent of the retail price. You’re getting about one percent of the author’s take. Now do the math. Unless your client’s name is John – as in Grisham or Irving – you’re going to take a bath. If the client has an agent and a book deal already, you need to negotiate well in order to reach your targeted fee.

That’s why I don’t take seriously any offer that pays in royalties only. Nor should you. Unless you are guaranteed a certain amount, you’re underselling yourself.