Do you have an interest in books, knowledge, and personal growth and success? If so, you may want to consider starting your own book publishing company. If you have considered this idea in the past it may be a realistic goal that you want to set for yourself in the near future. There are many benefits to owning a book publishing company. The most difficult part of owning one is getting it started. The startup process for any business is difficult and risky, but the reward is definitely worth it. Here are some tips to help you start your own book publishing company.
#1) Create A Structure For Your Business
All business owners want their company to be a success and the only way that you can have a successful book publishing company is if you have a solid and easy to follow the business structure and business plan. Before jumping right in to sign authors and publish books there are many things you must take care of first.
If you do not have any experience running or starting a company it may be wise to consult your accountant first. An accountant will be able to help you understand how your business can make money, the different risks you can take, the financial startup costs that your business will need, and the type of business that you will be able to set up within the state.
#2) Register and Name Your Business
Once you have a solid business plan that both you and your accountant are comfortable with you can decide on a name for your business. Make sure that the name is not already in use so that you do not get sued later down the road.
Once you have a name you can register your business with the state, city, or county. Each area has its own rules about starting a business so be sure to check with each area. Following the proper steps at both the local and state levels can help the process move along much more smoothly and get you one step closer to signing great authors, like Sam Haskell to your business.
#3) Open A Bank Account
It is crucial that you set up a new bank account under your company name. You can visit your local bank to get started on this step. The financial advisors of your bank should be able to help walk you through these steps and make it easy to follow.
Remember to keep all of your banking information and account numbers in a safe place. Now that you are a business owner you may be at an increased risk for scams. You should never give out your personal information to anyone that you do not know and trust.
#4) Sign Authors and Purchase Rights To Books
Once you have your own book publishing company set up and registered with the state you can feel free to start operating your business. You can sign authors, like Sam Haskell, and others who may be looking to publish new books in the future. You can try to sign new authors to exclusively work with you and your company or you can try to just purchase the rights to books.
Statistics show that there are approximately 675 million print books sold each year in the United States. As a book publishing company owner, you can help publish books to increase this number. One of the best things about owning your own book publishing company is that you can help decide which books get published and you get to profit off of sharing new talents with the world. You do not have to follow the rules and restrictions of other publishing companies and instead can choose the things that get published.
#5) Find New Talent
With the increase in electronic books, it is important to not only purchase rights to books but to also find new talent. Finding new authors that you love can help grow your business and help your business stand out among others. If you are interested in this business you likely already have a good eye for natural talent and great writing.
Finding new talent is essential to grow your business and create relationships that will grow with you over time. No one can run and grow a business on their own so it is essential to have people by your side to help you through the challenges. Finding new talent and publishing their books can help you in the long run.
#6) Pay Your Taxes
One crucial piece of starting your own book publishing company is operating your company like a real business. You must remember to file your taxes each year so that you do not risk ruining your company and your name. Your accountant should be able to help you with this final step