When you start your own book business, you are optimistic and put your heart, soul and hard-earned cash into it. But the wise ones know that it is not just optimism or passion that makes your business tick. There are other crucial factors that you should take into account, so that your business does not derail. Listed below are a few common mistakes that you should avoid.
1. Lack of direction or focus
The initial euphoria and optimism that you may have as a start-up book business entrepreneur should last longer. When you first launch your company, you may be easily tempted to pursue opportunities that are not necessarily part of your core business plans or goals. Some start-up entrepreneurs make the mistake of pursuing a couple of things when they are cash-strapped. This will only lead to unwanted digression. Hence, it is wiser to start off with some concrete money in hand and an appropriate revenue model. In other words, start with some capital, find a way to make money from your books and adhere to it.
2. Weak business plan
You definitely need a business plan for your business. Before starting your venture, create an overall business plan for your publishing company and make it as detailed as possible. You should also create a mini business plan for every single book you plan to write. Each book is a new product and a spout for new business. Successful start-up companies are always based on strong business plans.
3. Lack of goals
Your company should have its goals listed out. Many companies have monthly, quarterly or annual goals to achieve. This helps them carve a successful future. Similarly, as a start-up book publishing venture you should create realistic goals for your company. These goals can be something like how many books to publish per year, when and how to publish your books, or tips to promote each book. You can list out short term and long term goals. Your long-term goals may be how much you want to earn from your books.
4. Hiring too quickly
One common mistake that start-ups commit is hiring employees too quickly. As a start-up company, you can’t run it on your own. You do need a team. But it does not mean you go on a hiring spree to run operations even when you are aware that you can’t afford decent salaries. What can happen when you are in a hurry to hire, is you may recruit wrong people who don’t understand the vision of your company. The result is you may have to let such people leave. This is an unwanted distraction that no start-up entrepreneur wants. It is wiser to rely on references and talk to people in the industry.
5. Assumptions
One of the deadliest mistakes that a start-up entrepreneur makes is his or her belief that they know who their customers are, what they actually require and how to sell it to them. In order to flourish, you should be able to transform these guesses into facts by doing your own research and identifying which niche or sub-niche (if necessary) would be interested in your books, and then writing for and marketing accordingly to this particular group of people.
Image credit: viZZZual.com on flickr and reproduced under Creative Commons 2.0[author] [author_image timthumb=’on’]https://writingtipsoasis.com/wp-content/uploads/2014/10/Smitha-Abraham.jpg[/author_image] [author_info]I’m Smitha Abraham. I love traveling in my flights of imagination and use these flights to craft short stories and poetry. I am a budding writer from India. My passions are reading, creative writing, listening to music, learning new languages, meeting new people, getting acquainted with different cultures and traveling. Authors like Isabel Allende, Gabriel Garcia Marquez, Carlos Ruiz Zafón, genres like magic realism, historical romance, and writing styles that are imaginative and flow effortlessly fascinate me. I love to unwind with a book curled up on a sofa or by gazing at the stars by the sea shore. I am a nature lover and spending time admiring the sunset and sunrise is relaxing for me.[/author_info] [/author]