His sales began to take off and other musicians began approaching him to publish their own books.
While writing and publishing a series of non-fiction books about learning guitar, Joseph spent a good deal of time building his web presence and learning about branding. This is just how author Joseph Alexander grew his own publishing business (and became a self-published millionaire in the meantime). Of course, this comes with the added responsibility of royalty payments. You can leverage all your hard work establishing your business and learning marketing to expand your brand and sell more books without having to do all the writing yourself. Indie authors unite? If you've already set up the infrastructure (a mailing list, traction with sales on Amazon, etc.), then looking beyond your own repertoire of titles and publishing more books that appeal to similar readers is a good idea. However, writers who want added protection against any crumbling cookies will find assurance in that fact that when you incorporate or start a business such as an LLC, your personal income and assets are protected. You don’t hear about independently published authors getting sued every day. If you want to enjoy the tax benefits the IRS affords, then it’s key to operate as a business - and and to show that you are running that business with the aim of making a profit. The IRS encourages entrepreneurs by assuming new businesses will lose money from the outset, and allowing them to offset those losses with tax breaks. If they consider those activities as a business, on the other hand, you might be able to deduct writing and publishing-related expenses from your non-writing income. What is the difference between the IRS seeing your publishing endeavors as a hobby versus a business? Well, if it’s a hobby, then those expenses can only be deducted from your writing income. However, if you start your own publishing company - say, Reedsy LLC or Reedsy Publishing - you can use that name as the imprint, which might give your book a more “professional” air. One of the most obvious markers of a self-published title is that the author’s name is listed as the publisher.
In addition, readers are often less likely to purchase an obviously self-published title as they’d prefer to go with books that have been vetted by publishers - which of course means they’re missing out on some great reads! While self-publishing is a major accomplishment that should be viewed with pride, many bookstores and libraries will not stock their shelves with books clearly published by authors. To help you better understand whether this is the right time for you to start your own publishing company, let’s look at the benefits a little closer. What follows mainly applies to starting a company in the United States.ĭisclaimer withstanding, let’s get started!Ĭlick to tweet! The benefits of starting your own publishing company Note: this advice is not coming from legal professionals, and any business ventures should be taken after consideration of local laws and consulting with professionals. But if they ring a bell, then this guide to starting a publishing company is a great place to start. If these criteria don’t apply to you, you’re likely better off publishing your books under your own name.
So before we get to the details of how to start a publishing company, let’s start by addressing that question first: should you start a publishing company? The answer might be yes if you: And if you’re an indie author who’s learning the self-publishing ropes, you might be wondering if you should start your own publishing business - as opposed to just doing everything under your own name. If you’ve ever watched the reality show Shark Tank, you may have found yourself daydreaming about starting your own business.