I am completely new to this. I have written a story for children which I submitted to Olympia Publishers. They have offered me a contributory contract with £2500 towards costs and 20% royalties. I have not got a clue if this is good or not. This is one story but I have already got a follow up in the planning so want to get this right for me and my family. Any advice is welcome. What do I do next please?
Another point to consider: Olympia and their ilk aren't going to waste a lot of money paying editors for a thorough going-over of your text. They don't CARE if your book is slipshod! As Lorraine and Jimmy have pointed out, they make their profits from innocent authors desperate for publication and willing to pay for the luxury.
At La Gr@not@, we care as much about our reputation as producers of GOOD books as you care about your reputation as a good writer. A slipshod book would be a slap in the face for both of us... So we make sure of doing a good editing job.
BTW, a reminder that we now offer editing services on mss that you want to publish elsewhere (including self-publishing).
The title "vanity publishers" comes from the fact that you can "strut your stuff", showing off to friends and family (also jeering enemies) that you HAVE, in fact, been accepted for publication. This little triumphal dance, however, is a celebration that YOU have to pay for.
And you probably won't be able to point out your book in the bookstores unless YOU order copies from the publisher and put them on bookstore shelves yourself... on a sell-or-return basis.
This means that your original £2500 isn't enough! You actually have to pay even more to see the book in bookstores and libraries.
more, not mroe... sigh.