What are the pros and cons of starting a publishing business?
A publishing business has a few pros and cons, which you should be aware of before getting started.
Here are the high level benefits and drawbacks of a publishing business:
|• Flexibility||• Crowded Space|
|• Ability to start your business from home||• Constant maintenance of publication|
|• Meaningful business connections||• Motivation of employees|
|• High customer retention rates||• Longer Sales Process|
|• Pick & choose the clients you work with||• Stressful work|
|• Rewarding work||• Time commitment|
|• Amazing perks and discounts||• Be prepared to get out of your comfort zone!|
|• No overhead costs||• You might struggle financially (at first)!|
|• You are your own boss!||• Difficult to scale|
|• Local Community|
|• Face to face interaction|
|• Higher likelihood of getting referrals|
|• Simple business model|
|• You get to do something you truly love|
You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
• Ability to start your business from home
It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
• Meaningful business connections
You never know who you will meet or get to work with for your publishing business. This could be the start of an incredible business opportunity!
• High customer retention rates
Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your publishing business becomes an integral piece of their every day lives.
• Pick & choose the clients you work with
Publishing Businesses have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients!
• Rewarding work
Starting a publishing business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
• Amazing perks and discounts
Working in the publishing business comes with its perks! As a seller for these products/services, you typically also get to enjoy industry perks and discounts.
• No overhead costs
To get your publishing business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!
• You are your own boss!
With starting a publishing business, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!
• Local Community
One of the best parts of starting a publishing business is that you can develop a local following by selling your products at craft shows, farmers' markets, or even local storefront businesses! This gives you access to additional revenue streams and loyal customers.
• Face to face interaction
If you are the type of individual that thrives on human interaction, then this is the business for you! With a publishing business, you will be hands-on with customers and or employees every day.
• Higher likelihood of getting referrals
The publishing business is all about referrals, which is a very effective way of attracting and retaining customers. It's critical that you have a great referral program in place that incentivizes your customers to tell their friends about your product.
• Simple business model
A publishing business has the advantage of a simple business model, which makes launching and building the business more seamless.
• You get to do something you truly love
With starting a publishing business, you get to put your energy into something you are truly passionate about! You'll find yourself devoting as much time and energy as possible into the business to make it successful.
• Crowded Space
Competition is high when it comes to your publishing business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
• Constant maintenance of publication
You may find yourself constantly needing to update your publishing business in order to stay relevant for your audience and for those searching on google.
• Motivation of employees
If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
• Longer Sales Process
A publishing business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.
• Stressful work
This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments.
• Time commitment
With starting a publishing business, all responsibilities and duties will be in your hands. Although this is not necessarily a negative thing, it's important to understand that your work-life balance may be a bit unbalanced at times. This can place a strain on friends and family and add to the pressure of launching a new business.
• Be prepared to get out of your comfort zone!
Although this is exciting for some entrepreneurs, it can be a big challenge for others! You may find yourself in uncomfortable social and business situations, jumping into tasks and responsibilities you aren't familiar with, and pushing yourself as far as you can go!
• You might struggle financially (at first)!
If you bootstrap your business or choose not to pay yourself (or pay yourself less than you were making at your corporate job), this can be financially taxing. It's important to adjust your lifestyle and set a plan for yourself so you don't find yourself in a stressful situation.
• Difficult to scale
With a publishing business, it can be challenging to find ways to scale. Check out this article that discusses scaling your business and the challenges that come with it.