Self-publishing allows you full control on the final product and doesn't have to take as long from start to finish, but since you're paying up front and working alone, to make any money, you have to market the book yourself and sell a lot to make a profit.
I would also like to point out that you should probably hire an editor (unless you have experience in this profession.)
People editing and correcting their own books generally does NOT go well. I've seen books from a few people that did that on their own and WOW, there were so many grammatical errors and other issues it really did distract from the story. Many people, even good writers, don't have the eye to correct errors on their own. It takes a really anal retentive person (even more so than me
) to look over a story and find and correct every single error. And believe me, people like me WILL notice those errors and possibly choose to not even read the book, even if the story itself is great.
Proper grammar and punctuation is necessary to the flow and rhythm of the story. Those errors tend to be really distracting. Especially when people make those mistakes with quotations...I don't want to have to go back and read repeatedly to figure out who is saying what to who.