Are You Publishing or Just Printing?

Publishing is a business. and you need to think of it that way. Begin with a business plan, not just a marketing plan.  You'll need to consider a lot of things when entering the publishing business, not the least of which is "Why am I Publishing".  If you are taking your Word doc over to your neighborhood copy shop and having them print a few, that's just "Printing," it is not "Publishing." Publishing is the entire process of developing a product that can be marketed to an audience -- from writing something someone will want or need, to manufacturing, distributing, marketing, supporting.  Printing is just a part of it -- but if that is all you need, that is all you need! (i.e. Your family's genealogy or your church's cookbook.) So, what do you need?

Over the next month, we'll help you answer these questions,

Forget for a moment that your own writing is involved -- I know it's your baby that you have slaved over for 10 years or 10 months or 10 weeks or whatever -- and think of it like you have invented a new flashlight. You would have to consider:

• How you are going to develop it into a marketable AND manufacture-ready product? (Hint: editing, design, production --- printing is just a small part of this section)
• How much it will cost to manufacture it and how does that affect my retail price? Is it feasible in my market to allow my costs to dictate the retail price at all?
• Where and when in your consumers' "need cycles" are they most likely to seek information that might be offered in your book and where and how might they find you in the process? i.e., Do they need something to entertain themselves at the beach or are they trying to cook healthy or are they thinking about going to back to school? Each consumer goes through a decision-making process prior to deciding HOW they will inform themselves (or entertain or educate) before they go through the decision-making process of WHAT to buy to fulfill their needs.
• How much will it cost to develop a distribution channel for it and how do I do that?
• How will I handle the daily operations of my business? How will I actually take the orders, process the credit cards, invoice retailers, pack the orders, ship the orders, process returns, store inventory? Do I need envelopes/boxes/tape/labels?  Will I maintain inventory? Do I need a fulfillment partner?
• What kind of taxes do I have to collect and pay? What if I have an event in another state -- do I need to have a temporary tax license there?
• How will I promote my product? Marketing, Advertising, Publicity and Visibility... Writing a business plan with a marketing budget is critical... and that's a blog in itself.

If you answer the questions above, you'll gain valuable information about the industry, because to publish a book requires that you:

1. Understand your options and what publishing entails
2. Are familiar with the terminology, and you understand what you are getting into
3. Develop a realistic budget -- budget your money and your time -- make sure you have both
4. Make a decision to either be a publisher, find a publisher, or just find a printer -- they aren't apples and apples or even apples and oranges. More like apples and flashlights.

You have a story to share -- be smart about it so it reaches its potential.  Keep the ink flowing.

Setting Up Your Micro-Publishing Company

You've decided to publish a book!  Congratulations! Now get off on the right foot by acting like a real business. Decide who will be your accountant, your attorney, your insurance agent and your banker. I'm none of those things, but this is the basic order I tell my clients they will need to set up their business.  Consult professionals to make sure you are protected and legal.

Establishing your micro-publishing company is the first step in the self-publishing process that most self published authors don't consider until later. Setting up a proper company not only legitimizes you as a business and sets you on the right track to thinking like a business, but it also provides a safety net in more than one way.

1. Name your company
Your company name should be related to your area of expertise or topic area in some way. However, don't make it hyper-focused on what you do or who you are, as that will flag you as a self publisher immediately.

2. Establish a business structure - LLC, S-Corp, Partnership or Sole Proprietor
Consult your accountant or an attorney to determine what is best for your particular business. Based on your structure, you'll have tax implications and expense considerations as you are creating your book. Apply for a business license in your state, and a reseller permit (different states call these different things. Always check with the State Treasury.

3. Open a PO Box or some other address (other than your home)
You will receive mail, packages and possibly even visitors -- don't give them your home address in your book. Mail Boxes Etc. and places like them can accept packages for you. They also call your box a Suite # rather than a PO Box, giving the illusion of an office space.

4. Purchase QuickBooks and Create a Basic Chart of Accounts
To understand basic business accounting, attend the SBA's SCORE business start up class: http://www.sbaonline.sba.gov/. You have to have a Chart of Accounts for your business dealings as well as for filing your taxes. You can do it with Excel too, however a program like QuickBooks walks you through how to do it. With Excel, you need to know what you are doing and why.

5. Get your Federal EIN and a License from Your State http://tinyurl.com/CMI-FEIN-Link.
You must have your business structure already set up to get a Federal EIN, which is basically your company's Social Security Number.  Every bookseller or retailer that sells your book will ask for it when they pay you. Your checking account will be tied to your business name and this number.

6. Open a Bank Account
Sign up for the simplest business checking account you can get, with the lowest fees attached. Call the bank before you head out, because you will probably need to bring in your business papers, such as your Federal EIN letter, your Operating Agreement, Articles of Organization, photo ID, etc.

7. Design Your Company logo and business identity items
You can have a logo created by any graphic artist, but keep these things in mind:

• Logo should be no wider than it is tall-equal height and width. 
• Logo or a portion of your logo should be able to fit on the spine of your book
• Logo should be designed so it's identifiable in a small size
• Logo should look good in black and white and color; stay away from drop shadows and gradients 

These 7 things don't take a long time to set up, but they would take a long time to fix or create after the fact. You could potentially set up #1-5 plus #7 in one day, and then get #6 done when the paperwork comes in. Your new best friends are your accountant, your attorney, insurance guy, and your banker. Use them now to prevent bigger expenses and potential legal issues later.

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Every stone is a step...

I produced books for an architectural firm for 6 years...  
I learned that every business has its own language and culture. I learned that a building is more about the people inside and a building's contribution to the community both visually and functionally than it is about bricks and mortar. I learned that building something has a lot to do with listening.

I went to school for 9 years...
I learned that I just have to know what I don't know, and how important common sense and resourcefulness were going to be in my life. I learned that there are some people who are in it for themselves, and others who really do care about others.

I published the first book for someone else...
I learned that a book is more than ink on a page, that to complete a book takes more than one person alone, and that publishing is the truest test of marketing there is.

I worked as a waitress for 15 years...
I learned sales, customer service, wine, listening, the difference between appreciation and gratitude, and that every plate has a history and every guest has a story.

I worked for an ad agency for 8 years...
I learned that people can be divas about their work. I learned that true creative geniuses are born that way, and they see the world from a completely different perspective, and that balancing creativity with common sense is important. I learned that the fax machine took the approval/rejection process from 2 days to about 5 minutes.

I worked for a non-profit publishing company for 9 years...
I learned that independent publishers are spirited, creative, passionate; they are the ones that want to change the world. I learned that publishing is collaborative, cooperative and one of the only businesses where a direct competitor is the first person I call. I learned what email was, and as a result, I could have a worldwide network of other publishers who had "been there, done that."

I published the second and third indie books...
I learned that authors sometimes work for 10 to 15 years on a book they have been dreaming of for 30. I learned that demographics are not as important as psychographics in marketing books. I learned what an awesome responsibility it is to be a surrogate for another person's dreams, as well as how fun and rewarding it can be.

I worked for a dot.com for 3 years (that's actually 10 in dot.com years)...
I learned that I can be motivated and inspired by hard-working, talented coworkers and leaders. I learned how to call upon my inner resourcefulness to get the impossible done. I learned how to present my case and how to tackle an overwhelming number of tasks for a project.

I worked for a custom jewelry company for 3 years...
I learned that everything is negotiable in advertising. I learned that competition for the ring finger is much more death-defying than the competition for a reader's commitment of a few dollars, a few hours, and some change in thinking.

Publishing recruited me, for good...
I love how publishers and authors can work together for the greater good. I learned that when someone decides to self publish, it is a commitment to the author's dreams, a solid contract with a reader, and an absolutely mind-boggling algorithm of marketing challenges.  I learned that everyone has a story. I learned that most publishers, whether traditional, micro, self, niche or independent are fair-minded people. I learned how to set realistic goals and how to help others do the same.  I learned how most independent publishers support one another in solidarity to create books that provide value to their buyers while they entertain, educate or inform their readers.

Each stone in my career path, while they often overlapped one another, has led me to the knowledge that we are all part of something bigger and what we do affects others. 

Write something that can change someone, make them think, or entertain them for a moment or two.

The Four "P"s of Book Marketing, (and then some...)

A couple of weeks ago, I went to a presentation where the speaker asked the group of small business owners: "What are the four Ps of marketing?" As usually happens when a crowd is asked a question, no hands went up. So the speaker pushed again. "What are the four Ps of marketing?" A young woman timidly raised her hand and said "uh, product, presentation, uh, ummmm, people and persistence?"  To that the speaker said "No. Anyone else wanna try?"  I watched as another victim raised his hand and said "Product, profit, packaging and plan."

Again, the speaker said "Uh. No. Anyone else?" Finally, someone gave him the answer he wanted, "Product, place, price and promotion." However, he was wrong to even hint that the other words are not important to marketing. I believe there are a dozen critical words in marketing (for books in particular). We'll start with the ones most people are familiar with, and then move to the others in the next post.

Product: Does your book fill a need? Does it look like it fits in the category? Is it high quality? Is it in the proper format? Are you buying the manufacturing at the right place?

Place: This term is often replaced with the word "Position", but I'm keeping those separate -- you'll see why later. In my world, place means distribution. Is your book where people can find it when they are ready to plunk down the $20? Can you make money in the distribution outlets you have selected?

Price: Does your book reflect what the market will bear for this type of book? Have you done your research to see if there is a correlation between price and sales? Have you considered your costs? If you are using any type of collaborative publisher, don't let them push you into a price that is too high for the market. Be realistic and do your due diligence.

Promotion: Ah, this is where most people focus their time, energy and financial resources. This is advertising -- this is something you should be able to measure and quantify, and everyone thinks they can, but it's only part of the mix. This is getting your name out there. If you think you are ready to publish and you have not begun promoting your book, start today. (If you are still reading this...go now. Start NOW.)

Next post will cover some other Ps:  

Position, people, persistence, patience, presentation, profit, plan and publicity.  

Ethics, Integrity and an Honest Day's Work

I recently joined the Business Ethics Alliance (BEA) founded here in Omaha. It's an amazing amalgamation of industries, business models, diversity, and energy. It's a thought-provoking exercise just milling through their printed materials, so I'm looking forward to their workshops, too.

A headline jumps out today in one of their pieces of literature:

What is our "Ethical Legacy?"  

Now that's a question for us all.  The answer lies in our Core Business Values as business leaders and members of a community. The pamphlet silently instructs what "Ethical Legacy" means and it begs us to figure out what our core business values are and when/where they apply in our lives. The organization has formed The Ethical Legacy Project, whose goal is to identify, articulate and communicate core values of the Omaha business community. Sounds pretty good.

For me, the relative importance of the task I am completing at any given moment put the values in slightly different places on the scale, but it certainly is good to have a strong base of equally important compasses. Whether I am estimating a job, ordering supplies for a client, creating a marketing plan, reporting the results of a campaign, inspecting delivered materials, entering an award contest or sending out a press release, I strive to remember and adhere to these values, which I have adapted for my company from the Legacy Project:

CORE BUSINESS VALUES

• Accountability: Hold myself and others answerable; communicate expectations, provide feedback and ask for and implement fair corrective actions when appropriate.
• Community Responsibility: Realize that my actions and the actions of my company carry a responsibility not just to me, but to my employees and vendors, clients and their customers, their families, my neighborhood, my different "communities," and my organization.
• Financial Vitality: Strive to achieve sustainable financial success, driven by ethical management and systems. When the systems don't work, strive to improve them.
• Integrity: Be genuinely respectful, honest, fair and trustworthy in all and to all. Do the ethical thing even when no one is looking. Hold others to the same standard of integrity and do business with others who share your values.
• Moral Courage: Behave consistently, even when it is difficult, unpopular and comes at a cost. Don't look the other way when someone shows poor judgment or character against their community.

It's a good start for a Monday.

If you haven't heard of this organization, you should look them up: www.businessethicsalliance.org.

What you need to know before you start your publishing/speaking business

I love owning my own business, and I love helping my clients create their own publishing companies from the ground up. While it's rare that one of our micropublishers turns into a full blown publishing operation where they take on the business on their own, it does happen and there are many things to learn as they grow into an entrepreneurial role.

I always caution my clients:

 You have a creative side and an analytical/logical side -- make sure they aren't crossing over
and letting the creative side make business decisions and the business side make creative decisions.

I recently contributed to a well known entrepreneurial blog, where the question was "What do you wish you'd known when you first started your business?"  Here is the introduction to the blog and a link to the 100 things recommended by her entrepreneur network. 



Reprinted with permission from Carol Roth's Blog:
100+ Things You Need to Know Before You Start Your Business

As many of you know, I often talk about “Business Beer Goggling“- the phenomena of being so intoxicated with your new business idea/venture that your view of reality is completely distorted. So, to help you take off those beer goggles and sober up, I have asked the CarolRoth.com contributor network of entrepreneurs and experts to use their 20/20 hindsight and provide the one main thing that they wish they knew before they started their businesses. Their answers are presented below in no particular order.


You may notice some similar insights, but I kept the concepts separate, as something in the way one is framed may resonate differently with you.

1. FOCUS!!!

I wish I would have realized that the more focused and specific our company's niche, the more easily understood and referred our services would have been.

Everyone's heard the saying, "A jack of all trades is a master of none," but many people, when starting a business, don't take this to heart. Focus on what you do best and partner with others who can help you succeed!
Thanks to: Rocky Walls of 12 Stars Media.

As you read on......I'm #21
21. Integrity Isn't Reciprocal



My first year in business was easy. I did what I promised and people paid their bills. Of course, many of my first clients were writers I already knew. A couple of years into my venture, new clients found me through our website. When I first started doing books for those I didn't know, I continued using email and verbal okays. I did what I promised, but they didn't always. Once Bitten, Twice Shy, as they say. Have a formal contract with legal oversight and clearly share expectations. Document everything.
Thanks to: Lisa Pelto of Concierge Marketing & Publishing.

Here's the link to the rest of the article:  100 things you need to know

Moral of all this to any new author, publisher, or small business -- make sure you know who you are doing business with, focus your business, check out your customers and vendors, have faith in yourself, accept that you will now be a salesperson first and a writer second, and then GO FOR IT.

Treat Every Criticism Like Gold

Not knowing why someone doesn't like you doesn't make you better.
Most customers don't tell you why they aren't doing business with you -- they just quietly disappear.  Since it is so rare that someone will tell you, be sure to mine any criticisms or negative comments you are lucky enough to hear about your book or yourself until you get to the heart of the problem. Then try to fix it.

Understanding the Nature of Your Customer Relationships Helps You Utilize Criticism
In helping authors self publish, I understand that my work involves handling someone's baby – a book he may have dreamt of his entire life. With that in mind, my own opinions may need to be carefully weighed before I push them too hard. 

Most clients are ecstatic because we are so good at what we do. However, there is a rare frown or unpleasant long pause. I understand that an author must love their book, so if I sense any unhappiness, I sit down with them and all but beg for them to tell me any criticisms they have about me, my company, the product we created, how they have been treated -- you name it, I want to know. I assure them that I want to know what they are thinking and that they may indeed hurt my feelings, but I would be more hurt if we didn't create something they absolutely love.

Criticism is a Gold Mine of Business Intelligence
I treasure any and all criticism and/or negative comments as nuggets of gold -- little bits of wisdom I can mine both to make our company better at serving our clients, and to make products and services that our clients are proud to affix their name (in 1 inch letters on the front cover!).