Self-publishing has become a lot more popular among writers. It gives them autonomy over their own work and helps them to feel more in control.
Self-publishing can be expensive, but as long as you do your research, it shouldn’t push you too far out of your budget.
Some people go the whole nine yards and start their own publishing company. There are many benefits to doing this and if you plan on publishing a lot of titles, this might be the best path for you to take.
But how do you even start a publishing company? What do you need to do for it to be legit? Well, if you are interested in giving it a go for yourself, then you have come to the right place!
We have put together the ultimate guide on how to start a publishing company of your own!
How To Start A Publishing Company
If you have never started your own company or business before, the concept of starting a publishing company might seem a bit daunting. There is a lot you need to do in order for your publishing company to be legit and successful, but it’s not impossible!
You have to be dedicated and know which steps to take, but we are here to help with the latter. If you are ready to begin the process of starting your own publishing company, then read on to find out all of the steps you need to take.
Step 1: Set Goals For The Company
The first thing you should do when starting your publishing company is set some concrete goals. This might seem a bit time-consuming at first, but it’s incredibly important.
Setting these goals will give you something to work towards and help you focus without getting overwhelmed.
If you are still on the fence about starting a publishing company, ask yourself questions like “Why do I want to start a publishing company?” and “How do I expect my business to grow in the next year?”.
Knowing why you want to start your own publishing company and where you expect it to be in a year will help you work out what you need to focus your efforts on.
Step 2: Decide On Your Business Structure
All businesses are different, and each one has its own business structure. This isn’t exactly fun to work out, but it is absolutely essential. There are four main kinds of publishing business structures you can follow.
- LLC: This structure provides protection of assets that a corporation receives. It does this in a versatile way and by using a pass-through tax benefit of a partnership or sole proprietorship. This means that business taxes can be paid through someone’s personal tax return.
- Sole proprietorship: This structure involves the business being run and owned by a single person.
- Partnership: Through a contractual agreement, two parties agree to manage and operate the business
- Corporation: A group of individuals or an organization are authorized to operate the company but as a single entity.
It is important to look into all of these business structures and work out which one is going to work best for you. So take your time with this step and do the appropriate research.
Step 3: Choose Your Name
This step is a bit more fun, and it is now that you get to choose your business name! With the groundwork complete, you need to choose a name that is short and to the point, on brand with what you are doing, and you want to appeal to your target audience.
Your name should reflect the sort of books you plan on publishing or even the targeted age group.
You want to be strategic when you come up with a name. You want it to align with the goals of the publishing company, and you want it to make sense to anyone who hears or sees it.
You also need to make sure that whatever name you choose has not already been taken. When you decide on a name, always check to see if there is another company using it. If there is, then you will want to reconsider and change the name completely.
Step 4: Open A Business Bank Account
It’s always better to do this step after you have settled on a company name.
Register your company name with the government, and get your Obtain your Employer Identification Number (EIN). Once you have your EIN, you will be able to open a business bank account.
Opening a business bank account allows you to keep your personal and business finances separate, and it can save you a lot of stress in the future.
You never know what the future holds, so it is always in your best interest to protect your personal assets by keeping them separate!
Step 5: The Accounting Process
The next thing you need to do is start the accounting process. This isn’t exactly fun, but it is incredibly important and essential to your business. You can hire an accountant to do it for you, or you can simply use something like Google Sheets to do it yourself.
The accounting process will help you keep track of all the money that is coming in and out of your publishing company. As long as you keep it up to date, you shouldn’t have any money missing and no nasty surprises should pop up!
Step 6: Create Your Company’s Website
If you want more people to know about your company, it is in your best interest to make a company website.
This website should be full of all the important information people should know, such as titles you have published, about your company, and even how writers can publish their work with you.
You need to work out your branding and keep it consistent across the whole website. The more consistent the branding, the more professional your website and company will look and feel.
It is quite easy to set up your own website in this day and age, and you don’t have to spend too much money to do it. If you aren’t very good with web design though, you can hire someone to help you with it.
Step 7: Expand Your Professional Team
With everything else sorted, you can then start to grow your team. You want to hire people who are professional and have previous experience in the publishing industry.
This will help your company come across as more professional, and these team members will be able to help you in areas you aren’t as familiar with.
Publishing involves a lot of different things, some of which include editing, cover design, interior formatting, web design, and marketing, so you ideally want to hire people who have experience in these areas.
Starting your own publishing company might seem a bit daunting at first, but as long as you follow the steps we have outlined here, you should be able to do it yourself.
Remember to take your time and don’t be afraid to ask for help from more experienced people if you can.
There are a lot of things you need to do to start your own publishing company, but it isn’t an impossible task!