How Can I Start My Very Own Publishing Company When I’m on a Budget?
If you want to launch a new business with the potential to grow, publishing is undoubtedly an option to keep at the top of your list.
Maybe you’ve already seen the many success stories of writers and entrepreneurs who started profitable publishing companies from scratch, with just the smallest of budgets to get started.
If you want to be the next success story, check out this guide on how to start your own publishing company with very little money.
Is Publishing the Right Move for You?
Publishing isn’t for everyone. Here are a few ways to decide if moving into publishing is a good choice for you:
- If you are currently a writer, publishing is an excellent option to establish more control over your writing career
- Publishing is the right choice if you plan to expand and publish other writers’ work in the future
- If you want to build a brand rather than a side income, publishing is the best option
You don’t have to be a publisher to sell books. However, it is the best option if you want to establish a business that can make money in this lucrative but competitive field.
Establish Your Business Targets
Like any other business, a solid strategy will set you up with a clear focus for your publishing company and how you intend to grow it.
Start by asking yourself what your niche will be as a new publisher. In the competitive world of publishing, establishing a clear and narrow target market will help you build a brand that people can trust.
Create a five-year financial forecast for your new publishing business. Use this to establish interim profit goals. That will help you keep an eye on costs and profit margins as you expand and generate more revenue.
Set Up the Legal Structure
There are four legal structures available for new businesses. Choose one of the following for your new publishing business:
- Sole proprietor: This is the most straightforward structure and means your publishing company is own by one person: you
- Corporation: This is a corporate entity, which you will manage
- Partnership: If you plan on launching your publishing company with a partner, this might be the most suitable setup
- LLC: A limited liability, protecting the business’s assets
If you are on a tight budget, a sole proprietorship is probably the most straightforward way to get your book publisher business started. You can always change to a corporate or LLC later on when you are more established.
Create Your Brand
Great branding will help your publishing company develop a strong reputation. That means that readers will return to you repeatedly when you have an upcoming book launch.
Think about choosing a name that gives you a publishing company meaning within its field. And don’t forget that branding is more than colors and designs. It’s also about your purpose and meaning as a publishing business.
Find a Printing Company
When you are just getting started, you may not have the budget to set up printing in-house. However, there are plenty of options for you to hire the right printing services, such as this magazine printing company.
2021 Is the Best Time to Launch Your Publishing Company
With the likes of Amazon reporting record growth, it’s clear that there is still plenty of opportunity in the book world. If you want to start a publishing company, there is no better time than the present.
For more tips on starting a business, browse some of the most recent articles in our business section.