When I meet new people and tell them that I work as a book editor, they usually ask me which publisher I work for. Sometimes I mention the publishers I used to work for—Little, Brown and Simon & Schuster—and they’re impressed, want to know what it was like, if I’ve met any famous authors. If I specify that I’m a freelance book editor, though, the reaction is a little different. People ask if I would consider getting another corporate job, or they try to set up a coffee date on a weekday morning; I guess they assume that I don’t earn a great deal of money and don’t have to go to the office, and they would be right.

What they don’t know, however, is how hard freelancing is. Sure, I set my own hours (a huge perk), and no, I don’t have to answer to a manager (a relief), but I am responsible for every aspect of my business...

Whether you’re submitting to literary agents for the first time or preparing to self-publish your book, you probably know the value of hiring an editor. Copyeditors are indispensable in that they not only correct errors, but they also create clarity and consistency; luckily, their changes tend to be easy to incorporate. Content editors, on the other hand, focus on big-picture issues like narrative arc and premise. Are you prepared to rethink such issues—or to have someone suggest that you do this in the first place? Here are four questions to ask yourself before you hire a content editor:

I’m probably the last person who should be writing about investment strategies. Math was never my forte, so I intentionally chose a field in which I could focus on words. As it turns out, I can’t escape numbers: When I worked at a literary agency, we negotiated things like advances, royalty escalators, and sub rights splits for our clients. I did the same for publishing companies, where looking up sales figures and running profit and loss statements were part of my daily tasks.

I’m now going on three years of officially running my own business, and though I’m not sure how long it will last, I’d like to keep growing it. While I work mainly with writers who want to be traditionally published, I seem to have as much in common with those who are taking the independent route.