Let's talk about money

How much are advances? When do you get paid royalties? And do you need an agent?

The insider knowledge we acquired when we worked in publishing turned out to be essential when we became an author and illustrator.

In this post we’re going to share everything we’ve learned about finances in the publishing industry including:

• How advances and royalties work.

• Whether it makes financial sense to have an agent.

• If it’s viable to be an author/illustrator full time.

• How much advances actually are.

• Other ways authors and illustrators can earn money.

Why you need to know this too

Most writers write, and most illustrators draw because they can’t not. Because like us, they love playing with words and pictures.

But we still have to pay the bills. Creating books is a passion and a privilege, but it’s also a job. It takes time and skill.

Did you know the average writer in the UK makes just £7000 a year? Or that this has declined over the last decade, along with the number of authors who write full time.

Ten years ago when we both worked in publishing, we were told the best-selling authors brought in most of the revenue. There was, and still is, a big gap between what they and everyone else earns - in 2022 an ALCS report found that the top 10% of authors earned 47% of all author income in the UK.

Just last year UK publishing revenue exceeded £7 billion for the first time. In 2022 the government estimated that the creative industries, which includes publishing, generated £126 billion in gross value and employed 2.4 million people.

It might be your dream to write or illustrate a children’s book but chances are, you would also like to be paid for it with a share from that £7 billion.

Knowledge is power and we’re here to help.

Unless you want to work for free, understanding how the industry works financially is going to be key to your success.

So, buckle up, this is a long-ish post, but what you read might just make a big difference to your writing and illustrating career…