If you’re wondering how to start a publishing company, you’ve come to the right place. Setting up a book publishing business doesn’t have to be difficult, as long as you know what you’re doing and why you’re doing it. With the right strategies to get publicity for books, you can yield large profits. In fact, most new publishers follow a pretty similar route to market, and that’s what we’re going to share with you today.
So if you’re ready to get into the publishing industry, but you’re not sure where to get started, there’s no need to worry. Simply follow the nine steps that we share in this article and you’ll be on the way to having a successful book publishing business. Let’s get started.
Why You Should Start
All good publishers need some sort of vision and mission statement, and you’ll want to know yours before you go ahead and get started. Perhaps your goal is to publish the creepiest books on the market, or perhaps you want to make children’s books cheaper and more accessible. Whatever the reason, you need to identify it and keep it in mind if you want to make sure that your company is heading in the right direction.
Learn Relevant Laws
Knowing the local laws in the areas in which you plan to operate will help you to ensure full compliance and potentially to avoid fees or other penalties. If you’re struggling, the UK’s Edubirdie provides assignment help, often covering topics including local laws and intellectual property, which brings us on to our next tip.
Ask About Intellectual Property
When you’re starting a publishing company, whether you like it or not, you’re getting into the business of trading in intellectual property. The manuscripts that you have permission to publish will become the greatest assets that your company has, especially if you’re able to sell movie or merchandising rights. Because of that, it’s a good idea to familiarize yourself with the basics of intellectual property law before you go ahead and get started. Hire a patent attorney to assist you in learning the basics of intellectual property. Then, you can successfully start your own book publishing business.
Acquire Taxation Knowledge
One of the first things that people ask me when they’re asking how to start a publishing company is how taxation works. Unfortunately, there’s no easy answer to that because it depends upon the legislation in your local area. The good news is that most of the information is easily available via quick Google search, and if you’re still in doubt then you can hire a finance professional to help out.
Get Involved With Licensing
Licensing is another one of those areas where it can help to engage the help of a professional. According to one recent estimate, the total income from rights and licensing in the publishing industry was over £500 million in the UK in 2016 alone. As you can tell, that means that licensing can be big business, and you’d be a fool to overlook it. It also builds on naturally from protecting your intellectual property as per step three.
When Should You Start Your Company?
A lot of people ask how to start a book publishing company, but not many people ask when they should start. They’re the clever ones, because the publishing industry has fluctuations just like any other industry. Deciding when to launch is something of an art form, because you want to wait for the conditions to be right without waiting for too long and missing your chance. If it comes down to it, you can do a lot worse than to rely on instinct.
Decide On A Business Structure
There are different types of company structures available to you and so it’s important for you to figure out which is the right approach for you. The goal might be to ultimately become a publicly traded company, but you’ll probably want to start out as either a sole trader or as a limited liability company. To ensure that you make the right decision, learn the main LLC vs S Corp differences. Again, it can be worth seeking professional help if you’re ever in doubt.
Select A Business Name
A lot of people start by picking out a business name, but as you can tell from this list, that should come a lot later. Sure, it’s an important decision, but it’s not as important as the rest of the steps on this list. It can also be influenced by the steps that come before it. For example, if your mission is to spread the latest underground horror then that might have an impact on the name you choose.
Officially Setup Your Company
This last step is the most obvious, but it’s important to leave it until last so that you can get all of the building blocks in place. Only once you’ve thoroughly planned the route that you’re going to take into the publishing industry can you start to setup your company and to take action.
Now that you know how to get started in the book publishing industry, the next step is for you to do it. The good news is that the tips in this article should be all you need to make your way into the industry and to start building your reputation.
Remember that while these tips will work for most people, there are no hard and fast rules about how to build your business. Feel free to experiment with other approaches and to mix different tips and techniques together. You’ll be able to test ideas as you go and figure out which ones are working and which ones aren’t by keeping an eye on your metrics. Good luck.