If your manuscript is rejectedFile it away and forget about it. Or submit it to another publisher or agent. Or start over and rewrite the book. That last is especially worth considering if a rejecting editor takes the time to do a personal letter with suggestions for improving the manuscript.
What you do not do is write or call the editor/agent and complain about your rejection. You don't do any name-calling or accuse him or her of gross stupidity, etc. You don't even call politely for a more explicit explanation as to why your book was turned down. Such actions are considered unprofessional and will be a black mark against you. When you get a No, accept it and move on.
If your manuscript is accepted
As a first-time author, you will not get a Stephen King-sized advance. Major publishers will offer around $5000, possibly less. Small-press publishers, about $1000 max. Many small presses offer no advance at all. Your print run probably will be somewhere between 1000 to 3000 copies for hardcover from small press, around 7000 from a major publisher. Mass market paperbacks have a higher print run, say 10,000 to 25,000 copies.
The first thing you’re going to see, about six to nine months prior to publication, is a copyedited manuscript. Make no mistake; it’s not going to be exactly the same manuscript that you sent out. Your editor conceivably could correct continuity errors, sentence structure, plot weaknesses, and even character names (such as if you say your character is Jamaican and his name is Luigi). But less benevolent changes could be made as well; your editor might cut 100 pages to keep the cost of printing down. Small press editors are more likely to take time to work with you on your manuscript; major publishers want books that are ready to go.
Your title could be changed. If that's the case, the courteous editor will contact you and talk it over with you. Not all editors are courteous. You will probably not be consulted on the cover art or the jacket copy or the blurb. You may make suggestions, but don't be disappointed if they're not taken.
Depending on your publisher, you may or may not see the page proofs (or bluelines). If you do, this is the final typeset copy from the printer. This is not the time for major changes -- any change, at this point, is an additional charge and the cost of redoing a substantial amount of text, if your publisher allows it, will be yours to bear. So correct typos, but don't do any rewriting.
You will not see a copyedited manuscript or blueline for a short story sold to a magazine. The editor of an anthology will see the copyedited manuscript and the bluelines; you could see the bluelines, depending on the editor.
The standard time between contract and printing is fourteen to
thirty-six months. Your royalty (usually paid every six months) will
probably be 10%. Royalties are not paid on the cover price of the book
but on what your publisher gets paid for your books (publishers refer
to this as the net amount) -- minus the returns. It is normal for the
publisher to withhold 10-15% of your earned royalty against the next
six months' returns. Wholesalers get a 30-55% discount, and the
distributor takes a cut as well. Your agent will take his percentage
of your percentage, and you get what's left.
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