The second part of our blog on how to start your own publishing company looks at even more tips and advice how to be a success in publishing. In part one we looked at all the issues concerning taking professional advice and what kind of company you should form. And we start this blog with looking at pulling the whole thing together.
Complete the Set-Up
So, you have chosen your new name, taken advice from lawyers and accountants and now it is time to complete your set-up. You will have to register as a new company, and file what your business is all about. Your local government can then issue your business with a registration number which will allow you to go to open a business account at your bank. Your registration will also give you the ability to file for taxes and VAT. At this point you should have engaged a full time accountant to look after your affairs, leave him to sort out these details as he will know exactly what to do and will save you precious time.
Open a Business Bank Accountant
It is highly important that you keep your personal money separate from your new business, so you should open a business account with your bank. All banks have different procedures for business accounts so you will have to adhere to your local banks rules. Take time to shop around for your bank, pick one that has lower charges and interest rates. But above all chose a bank manager that you can work with, in the long term your relationship could be invaluable.
Make Yourself Familiar with Accounting
Running a publishing business will keep you pretty busy and you probably will not have time to start being an accountant as well. But that is not to say you can’t make yourself familiar with simple book keeping software. This will make your accountant’s job far easier when it comes to filing for taxes and will ensure that you can claim for all that is due.
Get a Website Built
Once publishing was the domain of hard copy, and thick manuscripts were regularly being sent via the postal service from writers to publishers. Today things have changed and the publishing world has embraced the electronic world and the internet. It is imperative that your website should impress, and you must hurry to register your domain name. Spend time getting a really well put together website, engage professionals to do this as it is your portal into the whole world and your very own place to display the books and authors you represent. A good site will be fast and should be easy to add new pages and to links to the sites of your authors.
Gen Up on Publishing Regulations
The publishing world is notorious for being legally heavy in terms of laws and rules and regulations. Copyright law can be a minefield to try and understand so you will have to learn all the important regulations before publishing anything. The best idea is at first run everything through your lawyer until you are certain what you are doing. Now you are ready to start publishing your own work as well as other writers’ manuscripts and enjoy your new exciting future.