In my opinion, the decision of which publishing
model to choose boils down to two essential things: ‘control’ and ‘who pays’.
An appropriate visual would be the graph I've drawn below. Think of any
publishing model as falling between these two variables. Basically, I think of
control as referring to who owns the rights to the book and with that comes
publishing responsibility (couldn't resist riffing off the Spiderman, “with
great power comes great responsibility”). The other variable, ‘who pays,’ is
simple - it’s either you and/or someone else. There is a reverse side to the
‘who pays’ coin and it is ‘who benefits.’ The more you pay, the more you
control issues such as royalty and profits.
What about literary agents? Where do they belong on
this graph? Some workshops I've attended think of literary agents as a subset
of traditional publishing and I tend to agree with this categorization.
Literary agents are the gatekeepers to some publishers. If you manage to land
one, great! If not, don’t sweat it, according to a literary agent I spoke to.
Anecdotally, only 5% of North American books published go through literary
agents. On the ‘who benefits’ side of the coin, note that literary agents
usually get 15% commissions on domestic sales of your book, which will come
from your pocket. However, like any expert, they will leverage their
connections to ensure your book succeeds, and some may do editing. An agent
might be well worth the back-end investment.