Establishing a book publishing company can help you make good profits and help people connect with good writers.
It can get challenging for you to start your publishing company if you don’t have experience of working in the publishing industry. Keep reading this blog to find fifteen actionable tips to help you establish your company from scratch.
1. Choose a business name
You should pick a proper business name so people can easily recognize your business from other publishing companies. The name you choose should be easy to understand, and it should also show your vision.
Avoid choosing any business name that looks similar to those that are already taken by other people. Instead of wasting a ton of time deciding your business name, you can choose your own name if you can’t make a decision.
The next step after choosing your business name is getting it registered. The business name registration process varies from place to place, so make sure you learn about the local guidelines for registering your business name.
2. Don’t forget about outsourcing
Starting a book publishing company doesn’t mean you have to be an expert on everything involved in the publishing process. There’s nothing wrong with learning all processes of the publishing phase, but when getting started, it’s better to rely on experts.
Don’t shy away from outsourcing the business processes you don’t understand. For example, NYC copy editing services can help you edit your books before publishing, so people don’t find mistakes in your books after they’re published.
3. Pick an amazing logo
A logo speaks volumes about your business. When starting out, you should avoid picking any “random” logo that you can download for free at all costs. It’s better to get a custom logo that stands for your business.
Getting a logo is not as difficult as you might think. You can hire an online logo design service to get the logo that suits you most. You should also compare the logos of other publishing companies to have any ideas about the Dos and Don’ts of choosing a logo.
4. Decide on your niche
You cannot plan to publish “everything” as a publishing business. When starting out, you should pick a niche and stick to it to make profits.
There are several niches you can start from when establishing your business. For example, you can become a magazine publisher and only provide your services to established magazines.
5. Set a proper plan
Planning is key to helping you supercharge the growth of your publishing company. If you don’t have a proper plan, you will find it hard to achieve your business goals.
The planning phase is not as difficult as you might think. You can use tech tools to create an actionable plan and divide responsibilities among your team members.
6. Pick a proper location
The place where you run your business matters the most. You won’t be able to get any clients if you establish your business in a place where books aren’t popular.
However, you don’t necessarily have to set up your business in New York. You can pick any place where publishing is in demand and get work done through staff and 3rd-party vendors located anywhere in the US.
7. Get licenses and permits
Running a business requires you to get registered. With proper registration and permits, you can show that your business is trustworthy and can provide reliable services.
The regulations and permits are different for publishing companies in different locations. Make sure you go through your local laws and follow the regulations for publishing businesses.
8. Handle your finances
When starting out, you have to be very careful of your finances. Not handling your money the right way will only make it difficult for you to supercharge your business.
You don’t necessarily have to hire accounts to handle your finances. Instead, you can use tech tools and remote finance experts to maintain your finances the right way.
9. Hire skilled employees
As a business owner, you should not try to get everything done by yourself. It’s better to rely on skilled professionals who can help you tackle different business tasks.
Hiring employees is not as difficult as you might think. You can post ads on different job boards or hire a recruitment agency if you don’t have time to focus on hiring strategies.
10. Buy ISBNs
The ISBN number contains 13 digits, making it easier for people to recognize your books. ISBN numbers come with a price, and you must buy ISBN numbers for all the books you publish. Make sure you check the availability of ISBN numbers and buy the numbers through proper channels.
11. Check the taxes
You will have to pay taxes like:
- Federal tax
- State tax
- Local tax
- Sales tax
- Employees wage tax
Paying all these taxes properly is important to keep your business running. You can hire a tax consultant to easily pay the taxes.
12. Learn from your competitors
One of the easiest things to help you supercharge your business is learning from your competitors. Make sure you analyze your competitors and avoid the mistakes they’ve made in the past. You can hire a digital agency to do competitor analysis on your behalf.
13. Get on Amazon
Amazon is one of the leading stores for buying books online. You have to establish your publishing account on Amazon, so you can easily sell your books. Make sure you create a proper profile on Amazon and avoid any mistakes that can harm your business.
14. Build your social brand
Getting active on social media can help you find customers and business partners. Other than that, an influential social brand can also help you become trusted in your target industry. Create accounts across social channels and post content regularly so you can stay in touch with your audience.
15. Establish your website
One of the best ways you can build your brand is by establishing your website. A proper website allows you to list the services you offer. By publishing content on your website’s blog section, you can also rank your website higher in SERPs. Check the websites of your competitors and try to build a better website than theirs.