Owning your own book publishing company can be immensely fun and profitable for any bibliophile. What does starting a publishing company entail? How do you get setup and what can you expect in the first few months? What are some common pitfalls to avoid? Let’s dive into all that, and more, below.
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How the Whole Process Works
As a book publisher, your main job is to find great talent and get it out into the world. It’s your mission to find and recognize best sellers and commission them so that you can publish them.
Very, very few publishers own their own printers. If you’re just getting started, the most cost-efficient way to run your business is to contract out all the printing. You’ll also likely contract out a lot of other things like layout or cover design.
At the end of the day, your main job really is to find talent and get that talent out in the world. Everything else can and should be handled by someone else who really understands that job well.
Publishing a book will generally cost between $3,000 to $5,000 per book.
Have Realistic Expectations It Can Take Years
A publishing business is not a business you can start overnight and be an instant success at. It takes time to build a brand for yourself, to scout talent, to commission them, to have books written, to have them printed and then to have them sell.
It may take several books before you have a real “winner” on your hands. Publishing is a competitive field, so in the beginning you’ll face many hurdles.
That said, if you’re passionate about books, once you do get your name out there as a publisher who can really help authors, you can make very good money doing something you love.
Specialize in One Field
Unlike huge publishers with million dollar budgets, you can’t afford to specialize in “All Books.” Instead, the best way for a small publisher to get their foot in the door is to specialize in one niche or market.
For example, if you went after little known health experts with phenomenal ideas and put their ideas out into the world for people who want fitter bodies, you could make a killing.
On the other hand, if you’re passionate about web business, you can seek out successful web entrepreneurs who’ve sold their companies for millions of dollars and commission them to write books Not for the money, but for the fame.
Whatever arena you choose, aim to be the best in that arena in a few years. There’s no sense in trying to compete in the insanely broad and competitive arena of general books. Instead, pick an arena where you can actually win and dominate that arena.
Starting a book publishing company can be a great way to earn a living if you’re passionate about it. It won’t happen overnight and it does take effort, but the payoff is high, both in terms of the financial and emotional reward.
