The freelance editing industry is growing at an extraordinary pace. At the moment it’s estimated it will reach over $5.2 billion in 2020.
To put this in perspective, in 2013, the total worldwide cost of publishing a newspaper book was just $7.2 million, and the total cost of publishing a book was $36.5 million.
So if you do your editing, that’s money well spent – and it should pay off in time as you publish and sell more books.
In order to compete with more established publishers, many freelance editors turn to freelance websites. This means they are earning more from each book, but they are also paying slightly higher commission rates.
The highest rates are typically paid by services such as BookBaby, which has an annual rate of 8.4% on new books, as well as 10% on over 50% discount prices.
How well does paying a freelance editor pay off?
Most editors say their editing earnings are more than just ‘just another job’.
They say their freelance edits can improve your professional self-confidence or help broaden your knowledge and experience in your chosen field.
However, they have also been seen as a drain on your time. In 2011, one in 10 editors reported a reduced income when they stopped editing jobs, and many claim that some freelance editors have lost their jobs due to their time being wasted.
If the rate you pay for the editing is too good to be true – check out the truth about freelance editing jobs
Is it ethical?
While you may spend more time managing your work instead of editing, this isn’t always the case; some are still tempted to do their own work just for the money.
But before taking on freelancing, check out these articles for more information
How I decided to start freelance video editing with Kink.com
Why I was persuaded to give freelance editing a go
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