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Why Start Your Own Publishing Company
Why Start Your Own Publishing Company
In recent years, publishing has become more and more flexible with more authors opting for self-publishing. One does not need to open a publishing company to self-publish. However, there are several benefits to having your own publishing company.
Benefits of Starting a Publishing Business
Decision Making and Control
Using the traditional publishing route means that you have little control over your book. Aspects like cover design, editing, marketing, and others are not in your control. With self-publishing, you will still need to outsource these services but the final decision is in your hands. Having your own publishing company enables you to have the final say on everything regarding your book.
Operating under a formal business name has amazing financial perks that come in form of tax breaks and write-offs. Depending on your tax system, there are several business expenses that can be written off when computing your taxes, saving you a lot of money. For example, if you attend a book seminar, you can write off all expenses incurred in regards to the seminar.
Separate Personal and Business Finances
The failure to separate personal and business finances is often cited as one of the reasons small businesses fail as it often leads to mismanagement of business funds. With your own publishing company, you will keep your business and personal funds separate. This also makes filing your taxes a lot easier.
Businesses are sued for a variety of reasons. Should someone want to bring legal action against your book, it would mean that they would be suing you if you published under your name. Publishing under a company means that the lawsuit will be against your publishing company and not you the individual, thereby giving you and your personal assets a layer of protection.
Self-publishing is a huge part of the publishing business right now. However, it is still frowned upon by some. Self-publishing generally means that the author and publishing company name will be the same. Some readers and even bookstores might look down on such books. Starting your own publishing company gives your books a professional image that might just be the extra push you need to win the trust of both readers and retailers.
Second KDP Account
Amazon's terms of service only allow you to have one KDP Account. However, with a publishing company, you have another EIN and bank account so you can open a second KDP Account. This allows you to have more pen names and author pages if you wish.
Become an Authorpreneur
If you are serious about a future in publishing, then you need to view yourself as a business. Having a publishing company is one of the main steps in transitioning from just an author to an entrepreneur. It earns you more respect in the eyes of your potential stakeholder.
Future Business Opportunities
Many self-published authors have dreams of growing into a bigger business and publishing for others. This can only be possible if you have a publishing company. Starting the company early gives it a history and some credibility. This should also be kept in mind when choosing the name of the company.
Self-publishing under your own name is an acceptable practice but you will miss these benefits that come with having your own publishing company.
Written by Readers’ Favorite Reviewer Faridah Nassozi