Starting your own business can be intimidating and prevent you from taking action. The reasons can be many like not having enough funds or uncertainty of your business’s success. However, regardless of having reasons for not starting one, there are just as many reasons for starting a successful business. This depends from individual to individual and the right person will have more advantages than disadvantages.
An interesting thing about writing your own book is that by doing so you started your own business. There are many ways of doing so and it doesn’t necessarily have to be your business. But note that starting your own book publishing company has its benefits which we will discuss in this post.
What is a book publishing company?
A publishing house is a business that distributes books. Even newspapers, magazines, digital content, etc. They may participate in the editing process to assure the quality of their published work. The publishing house determines what type of marketing (and where to advertise) is most effective in selling their publications.
Starting your own publishing company can help you build your author brand, sell other people’s works, and protect yourself and your assets.
Creating your own business may be complex, tiresome, and even traumatic for many people. It is hard work, to be honest.
Benefits of starting your own book publishing company
The main advantage of this type of business is that you can be your own boss. But there are still six other benefits which you must know about. We will go through them step by step.
1. Benefits on taxes and much more
Yes, you will enjoy the benefits of taxes if you have your own book publishing company. The other thing is that you can easily remove as many expenses as you wish because you get to make all these decisions.
A business can assist you in distinguishing between your personal and business incomes. In these cases, all of those business write-offs could help you save a lot of money.
If you own your own business, it is recommended to hire a tax accountant who can assist you with preparing your taxes (the charge is deductible). Throughout the year, an accountant can help you make the best decision in various scenarios in order to maximize the tax code’s benefits.
Saving money on taxes isn’t simply about making good money. The advantages of starting a publishing company allow you to look at it as a way to develop money and save for retirement.
2. Protects you from liabilities
Starting your own publishing business provides you with some liability protection. If you have an LLC and are sued for writing-related reasons, they can only go after the company’s assets, not your personal ones. However, there are occasional instances of copyright infringement in which the author may be held accountable, but overall, there is considerably greater protection for such things.
For example, if you don’t have a business and your book, product, or service is sued, your personal finances and public records will be inspected. However, even lawsuits do occur but rarely.
Having your own company gives you protection from legal liability and allows you to keep your personal and business funds separate. No lawyers or agencies will come after you but can still come for your company’s assets.
3. Increases credibility
Starting your own company provides you with increased credibility. Yes, authors are legalized but you must still be a limited liability company because aside from sounding more legit it also offers collaborators more legal protection.
It can be difficult to reveal that you’re a self-published author because others will assume that you could not get published by an agency.
However, mentioning that you own a publishing company through which you publish your works lends you credibility.
Credibility is vital for more than just a sense of accomplishment. Authors, collaborators, and business partners may also prefer to engage with a well-known book publishing company.
4. You can expand your brand easily
Starting your own publishing company will help you build your author brand. Author branding is the process of persuading someone to read your work instead of someone else’s. Demonstrating your inventiveness, establishing credibility, and keeping a professional image that does not detract from the books you worked so hard on are all part of this process.
This is similar to book positioning, which is the process of persuading someone that your book is appropriate for them. Author branding facilitates book positioning and vice versa.
Having a book publishing company might also make collaborating with other authors easier. Each author has access to the audiences of the other, which helps to grow both author brands.
This not only gives your profession more validity but also helps you to keep control over your book promotion and build your author brand in a variety of ways.
5. KDP accounts
KDP accounts are also known as kindle direct publishing. So, another advantage of forming a publishing business is that you’ll be able to open a second Amazon KDP account while still maintaining your rights. An author is limited to only one KDP account, according to Amazon’s Terms of Service (TOS).
The wonderful thing about owning your own publishing firm is that it will have its own EIN and bank account, allowing it to register its own KDP account under Amazon’s TOS.
Your first created account is your personal account, while the second is the publishing account for the company. With two accounts, you get additional author pages through Author Central, which means greater exposure and the ability to utilize more pen names.
6. Licensing and co-writing
You can co-write with another person or license another person’s work while keeping legal protection, liability protection, and credibility by forming your own publishing firm.
Contracting with people through a publishing company is the preferred form of a legally binding lawful operating agreement. Thus, having your own business is advantageous.
Conclusion
Starting a business can seem intimidating to many but if you are in the book writing industry this can be very advantageous for you. However, it does take entrepreneurship skills to run a business as well as a few other skills. So if you lack that it may not be such a good idea after all.
Also Read: 10 Best Kids Books of All Time