Let's start from the end, why? Just because I want you to know what you're in for. 

If you're writing a novel for publication and not for Wattpad, here are some things that you need to think about.

You need to ask yourself if you're going to publish traditionally or if you would like to self-publish. There are advantages to both routes, as well as disadvantages. It will be something you need to consider before you move forward because it will affect things like your cover design and final editing. 

If you choose traditional publishing, there are certain things you need to remember:

1) Even if you get a contract with a traditional publisher, it doesn't mean you will automatically sell tons of books

Even though the publishing houses have some money to spare, you are still in charge of promotion for the most part. You might get a small advance on sales (not free money, an advance) to help with your promotional costs. If you're an author whose books sell decently, they may do some small promotion for you, but the majority will still be up to you.

You must have a social media presence. Many publishers now work this into their contracts. An author friend of mine has to post a certain number of times a day on social media, with requirements on the platforms she must post on. Which means, if there is a certain platform you don't use or don't like for any reason, you may be required to have an account and post.

2) Publishing companies like to maintain control

Be prepared to take a step back and lose some say in what your book looks like as a final product. There are times when publishing companies will want a storyline changed. Their editors will make suggestions you may not agree with, but could be required by the company to publish.

An author I know walked away from a contract because they wanted him to change how his character reacted to situations in the book. He didn't want to change the very essence of his character, so he didn't accept the contract.

You will also most likely not have much (if any) say in the look of your cover. I've noticed that the bigger the publishing company, the less say you have in the final cover design. However, there are smaller companies that don't give their authors any input at all. I recently met an author who hated his cover and said it doesn't represent his book well. While the company had him fill out a questionnaire about his book, when it came time for the designer to create the cover, it wasn't what he would have wanted. Furthermore, when they sent him the email with the cover in large print, it said "we do not want your feedback on this cover". He told me that once they create a cover, you cannot complain if you don't like it. What they show you is what you get, whether you like it or not.

The publishing company I do cover design for is rather small; they allow their authors much more control and let me work directly with them to determine a final design. In the end, though, my boss has the final say on whether or not the cover is used. Though she has yet to reject a final concept.

3) You can lose certain rights with publishing companies

Fans of Percy Jackson understand this; the movies made from the novels were awful. Authors can retain rights to movie production, but there are times companies will require you to sign away those rights to publish with them. Consider how much you want to give up before signing anything. Always have a lawyer look over any contract.  Some companies will negotiate contracts within reason, it doesn't hurt to ask for changes. All they can do is say no.

4) Your cut of the profits

Check the fine print of any contract (again, have a lawyer read it). I've been told by authors that certain stores that the publishing companies deal with have built-in percentages for sales in their contracts. Just because ABC store is giving you such and such percentage of sales, it doesn't mean all stores will be the same. Some might give you a very small percentage.

If you choose to go the Self-Publishing route:

1) You keep your rights

As a self-published author, you don't lose any of your creative license to your work. You can do what you want. Edit how you'd like and choose how your cover looks.

2) Promote, promote, promote

Again, you have to promote yourself. Which, as I've covered, is no different than if you were with a publishing house. The difference is that you can post as much or as little as you'd like. The requirements are set by you. 

3) Brick and mortar stores

If you self-publish, you might lose the chance to be in places like Barnes & Noble. It depends on the manager of your local store. Some like to pick up local authors, especially if they have a large following and can guarantee sales. The reason many brick-and-mortar stores won't accept indie authors is that they publish through places like Amazon. It's a print-on-demand platform, so they must order a certain number of books, and they cannot be returned if they don't sell. 

All in all, there are pros and cons to both routes for publishing. Some authors will publish a single book traditionally because, to them, it's a badge of honor to have a traditionally published book. In their mind, it makes them legitimate. 

I know some authors who tried self-publishing and hated it because they didn't like doing everything themselves. They preferred having the publishing house handle things like editing, formatting, and cover design. If you do self-publish, it doesn't mean you are required to do all of this yourself. You can hire an editor, someone to do the formatting, and a cover designer, but this will cost you money that you may not have. All of these things can cost quite a bit of money. I spent over $400 on the cover of my first book and $1500 on editing. I now do everything myself. It saves a lot of money.

This is not an in-depth look at the publishing process. I have not published traditionally, so everything I've listed here are things that I have been told by other authors who did publish traditionally.