It really depends on which route you’re gonna take. You can self-publish and you can traditionally publish. There’s pros and cons to both. For example, self-publishing is expensive, but it really depends on what really needs to be done to the book. You can spend as low as 600 dollars or as much as 30,000 dollars on self-publishing. Traditional publishing is free, but it takes a very, very long time to get published because you have to find an agent first and then try to get an editor, and then go on submission. And even then, getting an agent doesn’t guarantee you getting published. Some authors go through multiple agents and editors before they fully become published.
If you try the traditional route by yourself, posting a book on Wattpad decreases your chances because most agents aren’t going to represent you if your story is self-published (and they consider Wattpad as a self-publishing website… whether or not you make money). Your best chances is if you don’t post it on Wattpad. It’s okay if you have a profile here—in fact, they really love a social media presence—they just don’t want you to post your story and query them while it’s still posted.
I’m honestly not too sure, but not every Paid story is going to become traditionally published. In most cases, they’ll try to get in contact with you if they see potential in it and then Wattpad will act as your agent, and in that case, you may become a Wattpad Star (?) and then yeah. xD
I’m not too sure how much you get through Paid Stories, but for traditional publishing itself, you’re not going to make much. The average income you make is about 6,000 dollars (a year). It’s very complicated to understand because there’s a lot of information on it. Basically, once you get a deal, you get what is called an advance. The advance is how much money they think your book will sell (or how much it’s worth). In most cases, you’ll get a low advance, like a few thousand dollars. The advance is spread out within two years (if it’s for one book) or multiple years if the deal is set around a series. This means that if you get a 5,000 dollar advance for three books, then that 5,000 dollars is split up between 3+ years.
Then, you won’t see any other money from the royalties until you earn out the money from the advancement. For example, say your advance is 10,000 dollars. You have to earn 10,000 dollars from royalties (a percentage of the revenue you make from the retail price of a book) in order to start getting paid. However, you only make about a dollar from royalties, so in most cases, you’ll never break even. This then means that you won’t see a paycheck for a few years… or at all. It doesn’t mean that you can’t get published again as some publishers may still publish more projects from you, but it does come with a price sadly.
I definitely recommend watching AuthorTubers (specifically who have videos about the industry) on this! It’s really insightful!
Alexa Donne (traditionally published author).
Meg LaTorre (former literary agent).
Jenna Moreci (self-published author).
I also recently saw this: