Let's talk about the elephant in the room first. Deciding to publish my novel myself wasn't a spur of the moment thing. I went the traditional route first, sent my manuscript to publishers and agents, waited for months for a response. There aren't many publishers who take unrepresented work anymore, so between the ones I found and the seventy-odd agents I queried, what I ended up with was four partial requests, two full requests and a whole lot of rejections. And all of that took two years.
Two years of waiting for a 4% potential return that turned out to be nothing at all. Investors would call that a bust. Now, I want to make it clear that I don't begrudge the editors and agents involved: they have the very hard job of trying to find stories they think are good AND will sell. And to do that, they have to wade through slush piles a mile thick. So if you ever feel like editors and agents just don't get it, trust me - they do. They get it 100%. They have to make their living selling other people's work, and if it doesn't sell, they don't eat. Simple as that.
But that doesn't mean they only take on the 'best' stories; what it means is that they have target audiences, thematic preferences and market pressures (remember when Harry Potter came out and then within a couple of years we had umpteen epic, multi-book series' about quirky teens navigating their lives and relationships in crazy, unfair, and otherwise messed up worlds?). What I'm trying to say is, it's hard to make an impression when all of that is going on.
And as a new author, if you don't have a track record; if no one knows you and no one's pushing you, then your query or submission goes into a queue and you might get 30-60 seconds of someone's attention before they make a decision. That's the difference between the maybe pile and the rejection pile. Even if you do the research, check manuscript wish-lists and only submit to the most relevant people, you can still end up with nothing but a bunch of "Thanks, but no thanks" responses.
We all have to remember that editors and agents aren't like regular readers; they read extensively and all the time. Most story ideas have been sent in a dozen or a hundred times. So unless you hit on just the right scenario and twist, at just the right time, chances are against you. Someone once described it to me as trying to find a needle in a haystack with a blindfold on. You don't know exactly what people want, and you don't have the necessary name recognition to get any leeway when it comes to that. So, if you're a new author who's made it by the traditional route, you have my heartfelt congratulations.