You have typed "The End", read the manuscript aloud, cut eight thousand words and put most of them back. Now comes the question that stalls more debut novelists than any blank page: do you spend the next two years querying agents, or publish the thing yourself by next spring?

Neither route is the brave one and neither is the sell-out. They are different trades with different risks. Traditional publishing offers a filter, a team and a shop window, in exchange for patience and a share of the proceeds. Self-publishing offers speed, control and a much larger slice of each sale, in exchange for money up front and every job that a publisher would otherwise do. What matters is knowing which one suits your book, your temperament and your timetable.

What each route actually involves

With traditional publishing, you usually start by finding a literary agent, because most UK trade publishers will not read unagented fiction. The agent pitches your novel to commissioning editors, hopefully several, and a publisher buys the right to publish it. From there you get an editorial process, a cover, a print run or print-on-demand setup, distribution into shops and a marketing plan of some size.

Self-publishing means you become the publisher. You commission the editing, the proofread, the cover, the interior layout; you upload the files to retailers and print-on-demand services; you decide the price, the publication date and the category. Plenty of authors now do both — self-publishing one book while querying the next — and there is nothing contradictory about that.

Timelines: patience versus pace

Querying takes months, sometimes years. Agents receive far more submissions than they can answer, and a polite rejection after twelve weeks is a normal outcome, not a personal verdict. If an offer follows, contract negotiation and scheduling mean publication is often twelve to eighteen months after signature. A novel finished today might reach a bookshop in two to three years.

Self-publishing removes the waiting, not the work. A realistic schedule for a debut is six to nine months: structural edit, rewrite, copy-edit, proofread, cover, layout, upload. You could do it in six weeks, but publishing an unedited manuscript is the most expensive shortcut in the business. The book stays on sale for years, and the first version is the one readers review.

Money: advances, royalties and what reaches your account

A traditional deal normally includes an advance against royalties, paid in instalments, often on signature and on delivery and acceptance of the finished manuscript. It is exactly what the name suggests: you earn nothing further until the book has sold enough copies to repay it. Print royalties for debut novels commonly sit somewhere between five and ten per cent of the retail price, with ebook royalties usually calculated on the publisher's net receipts. Your agent takes a commission, typically fifteen per cent on UK sales and more on some translation and foreign deals.

Self-publishing pays no advance and a much higher rate per copy. Ebook royalties through the main retailers can reach seventy per cent within certain price bands, and print royalties are your list price minus printing and the retailer's cut — often a couple of pounds per paperback. Against that, you carry the costs:

• Developmental or structural editing, then copy-editing and proofreading
• Cover design, and interior layout if you are producing print
• ISBNs, if you want to be your own publisher rather than use a platform's free ones
• Advertising, review copies and any launch events
• Your time, which is the largest line item of all

Once you are selling books, you are running a small business. Speak to an accountant about registering with HMRC and which costs you can offset against income.

Editorial control, and the cover conversation

Traditional publishers bring professional editing, and a good editor will make your book better in ways you cannot see alone. But their money buys their judgement on the things that sell books: title, cover, price, publication date. You will be consulted; you will not always win. Ask early what the editorial vision is and who has final say on the jacket.

Self-publishing gives you the last word on every comma, colour and price. It also removes the safety net. No one will tell you that your opening chapter is slow, or that your cover looks like a homemade flyer at thumbnail size. Hire an editor and a designer, and then listen to them.

Rights: what you sign away, what you keep

A traditional contract licenses publication rights to the publisher — often world rights, frequently including translation and sometimes audio. Your agent handles the subsidiary deals that earn extra income. Check the reversion clause carefully, so the rights come back to you if the book goes out of print, and watch for option clauses that tie up your next novel.

Self-publishing means you keep everything: worldwide, all languages, film and television included. You also keep the job of selling them, which is harder than it sounds. Never sign a publishing contract without an agent or a solicitor who works in publishing reading it first.

Marketing: whose job is it, really?

Traditional publishers do market debut novels, but the budget is rarely large and most of the effort still lands on the author. Before signing, ask what specifically will be done: which reviewers, which retailers, how many copies, what the publicity window looks like. Get the answer in writing where you can.

Indie authors carry all of it, so keep it concrete rather than overwhelming: get the metadata right, with honest categories and keywords; commission a cover that reads clearly at thumbnail size; line up reviews before launch, not after; build a small mailing list you actually write to; and learn one advertising platform properly rather than five badly. Approach local bookshops, libraries and festivals as a local author, because that is a story they can use.

A practical way to choose

Ask yourself four questions. Can I wait two years for publication, or do I need this book out while the energy is still with me? Can I fund editing and design now, or would I rather someone else paid for it? Do I want to spend my evenings writing, or writing plus admin? And is my genre one where self-published authors find readers easily — romance, crime, series science fiction and fantasy — or one where shop presence and reviews still drive discovery, as literary fiction tends to?

Answer honestly and the choice usually makes itself. Remember that it is not permanent: self-published sales can attract a traditional offer, and a traditionally published debut can go indie for the next book. Whichever route you take, the manuscript is still the thing that decides. Write the best novel you can, get it professionally edited, and treat the publishing decision as a business one rather than a verdict on your talent. For anything contractual or financial, take proper professional advice before you commit.

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