When starting a publishing business, you first need to determine what sort of publisher you are and what kind of publishing company you want to be. However, before we get into the ins and out of publishing, keep in mind that at the end of the day you are starting a business. If this is something that is new to you or it’s your very first business venture, then it is highly recommended that you get some business management coaching from a professional. They will help you get everything started and will work alongside you and prepare you with the right skills for being a business owner.
Now, there are five different categories, and you need to know which one that you and your business fit into best.
- There are trade publishing companies, and these sorts of companies deal with industry-specific type publications. This includes significant publishers that publish the majority of fiction out there.
- Then there are academic publishers deal with university presses and most, not-for-profit publishers.
- Textbook publishers put out learning materials. The books that are published by the textbook companies are mainly aimed at students.
- Self-publishers are authors that decide to take control of how their work is published.
- Reference publishers put out learning materials and books that are built on information, such as a thesaurus and the dictionary.
Choosing the market
Many book publishers are very large. The key to success with this is to decide upon the primary genre and the matching market for the books. If you know what market you want to work in, then it will aid you when it comes time to drafting the business model. Again, if you are having issues identifying these sort of things having a management coach relevant to your company teach and help you with this is a great way to go about it.
Understand the audience
If you choose to work in a market familiar to you, then it will be easier to come planning time. You need to know what the audience wants to learn and read about and know what information they are targeting. When it comes to getting into that knowledge means your chances are greater of being successful and it will give you more contacts as you launch your company.
If you like the subject, then ask yourself, would you want to read over this book?
Choosing your name
You need a name for your publishing company. You can go with something simple, smart and catchy, but it must be a name you are comfortable with even in the future. Consult with a legal team when you have found a name to ensure no other business has the same name.
Get an ISBN
The acronym ISBN refers to International Standard Book Number. It is often with the barcode and is seen on all types of books sold in bookstores. You will pay from $100 to $200 for one of these. They are essential because they will help the buyers and the sellers identify you as the publisher of the book.
Draft the marketing business plan
There are many different business decisions you need to make before you officially open the publishing business. Examples are how many books you will publish each year, how you will advertise and market the company, and how you plan to budget the company’s finances.
Call for submissions
Time to put out a call for the presentations. You will find authors with books that you want to publish. Start small as most publishers do. You can then find authors by the works you admire and then put out a call for submissions so you can select from a variety of writers.
There is some work involved; however, the hard work will pay off when you are a recognised and popular publishing company.