How to Start a Small Publishing Business
Small publishing businesses often serve niche markets. Research the publishing market carefully to find an niche that is not being served. Read voraciously and eventually an idea will come. Cultivate your idea through careful research and planning. The idea is just the beginning. Small publishers are responsible for sourcing content, editing, designing, printing, advertising and marketing. Do what you can in-house and outsource the rest. Finding the right people to do the job is an important skill in business.
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Things You'll Need
- Business plan
- Legal documents
- ISBN numbers, batch of 10
- Book copy
- Design software or design company
- Print on demand company, with distributor
- Interactive e-commerce website
- Advertising/marketing plan
Instructions
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Research your business idea carefully. Formulate a business plan based on this research. Small publishers maintain competitiveness through serving a niche in the industry. Research the current market and find something that is missing that you can provide. Include a mission statement, analysis of the market, analysis of your competition, marketing plan, your current financial records as well as your projected financial outlook and all legal documents or contracts you will need at the start.
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Establish your publishing business as a legal entity. Consult a lawyer about the advantages and the disadvantages of the different corporate structures. As an example--limited liability companies versus "S" corporations for publishing companies. Discuss any implications for future growth. File any documents necessary at the local, state and local level. Work with a lawyer to draw up any contracts for agreements between authors, liability concerns and agreements between printers, distributors and other outsourced agencies that you will use.
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Set up an accounting system. File any necessary tax forms with the local, state and federal authorities. Work with an accountant on a regular basis to maintain your bookkeeping and review your financial situation. A publishing company requires careful accounting practices because of the amount of money coming in and out due to percentage-based transactions such as royalties.
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Purchase a block of International Standard Book Number (ISBN) numbers. The smallest block offered is 10. Start off with a small block and purchase more when your business grows. An ISBN identifies a book internationally. It provides a standard method of identification for book sellers and other institutions.
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Solicit authors to submit books specific to your niche. It should not be difficult to locate authors looking for a publisher, however it will require extensive work to find book copy that meets your standards for a book that you want to publish. Be patient and select only books that you feel will be marketable and represent your publishing company well. It will be your job to edit, design, print, market and ultimately get the book sold, so be selective in your choices.
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Locate an editor that you can trust if you will not be doing the editing yourself. Locate several other proof readers to proof the copy after editing. Focus a great deal of time, energy and resources on the editing process. The quality of your product depends on careful editing and proofing.
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Acquire design and layout software or hire a design company to work with on the design and layout for your books. If you are skilled in this area, you may choose to design the book cover, spine and back yourself as well as layout the pages of the book. However, you may find that it is more cost effective to outsource the design work to a design or layout company.
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Research on-demand print companies to find one that will best fit your business model. On-demand companies print a book only when it is ordered. They can quickly print and ship the book out to the customer. This is an ideal situation for a small publishing business that serves a niche in the industry. Many on-demand print companies offer distribution services as part of their printing package. Careful research will allow you to find a quality print company at affordable prices. The Internet provides a venue for enormous amounts of feedback and reviews. It is your job to sort through these, determine who is credible and make a calculated decision.
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Design an interactive e-commerce website. Integrate the website into your advertising and marketing plans. Develop an active community on your website through forums, blogging and connectivity to social networks. Use the website as a sort of focus group to test out interest in book ideas. Do not rely solely on this feedback, but do use it to your advantage.
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Develop a carefully thought-out marketing and advertising plan based on your business goals. Focus your efforts online. Build interest in your publishing company by providing valuable information to your target customers by posting blog articles. Establish an online book club with free downloads for select titles as e-books. Use anything to generate a buzz online about your company that will drive interest to your website.
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Tips & Warnings
Write feature articles on authors and invite authors to write guest posts on your website.
Get every agreement in a contractual form when dealing with authors so that both parties understand the exact implications of the agreement. This will save both author and publisher confusion, time and expense.
References
Resources
- Photo Credit books image by palms from Fotolia.com
