Spring Conference Blog: Be Your Own Boss

Posted on April 5, 2019 in Scotland

Panelists:

Laura Jones, Co-Founder, 404 Ink

Heather McDaid, Co-Founder, 404 Ink

Samuel McDowell, Co-Founder, Charco Press

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Laura Jones, Heather McDaid from 404 Ink and Sam McDowell from Charco Press answered questions from conference delegates with an aim to be transparent and give practical advice for new and future entrepreneurs. 404 Ink was established in 2016, with an aim to ‘publish loudly’, and focus on a well-crafted list with full resources and energy put behind every author. Charco Press was established in 2016, publishing the best contemporary Latin American writing and bringing it to new readers in the English-speaking world.

Question: How did you establish the idea for your companies?
Charco Press found a gap in the market and had a clear vision and passion for a particular literature region. 404 Ink knew how they wanted to publish, but not what. They wanted to be loud, honest, and make an impact. They recommend figuring out how your company is different.

Question: How much money do you need to start a publishing company?
404 Ink began the company with £650 of their own savings. Initial costs included £12 for registering a company and obtaining ISBNs for their products from Nielsen. 404 Ink’s biggest initial investments were their website and logo design, which was crucial for branding upon launch. Charco Press considered costs of rights acquisitions, author fees, translation, production, and marketing, initially investing £5k of their own savings. They planned to publish five titles simultaneously when launching, but staggered the releases over a more realistic timeline.

Question: How do you track your financial management?
Both publishers recommend tracking your finances from the start, using simple spreadsheets or specific software and creating a clear system which can be explained to any financial advisor. Use economies of scale to produce larger print runs at lower costs. 404 Ink and Charco Press create a financial cushion and emphasise the importance of direct sales as the only way publishers make 100% of sales profit, whereas large online retailers are notorious for negotiating profit margins which are disadvantageous to smaller publishers.

Question: What sources of funding are available to Scottish publishers
Both Charco Press and 404 Ink utilised Creative Scotland funding and the latter recommend the Print Futures Award from The Printing Charity, with funding of up to £1500 for aspiring or established publishers. Charco Press are also supported by Arts Council England and recommend looking into Start Up Loans for businesses, which includes financial advice and up to £20k per company director.

Question: How do you navigate the professional/personal when working with friends/partners?
Both 404 Ink and Charco Press make sure that everyone goes through the same submission processes and that they have clear roles and defined responsibilities in their teams. They recommend that you keep your paperwork in order and that you pay your freelancers promptly!

Question: What are some pitfalls to avoid and tips for success?
Both publishers agree that understanding rights and contracts is essential for success. Some pitfalls can include rising costs as your company and authors become more successful, and the risk of burnout. Charco Press and 404 Ink advise asking yourself why anyone should care about the book you’re publishing and crafting your pitch based on this answer. Have faith in your projects and learn to adapt as you go.

Blog by Katalina Watt, SYP Scotland Conference Committee