Set Up a Publishing Business in the UK
Publishing takes the spotlight as 3E Accounting looks at how to set up a publishing business in the UK.
The UK publishing industry could reach GBP10 billion by 2030, according to the International Publishers Association. Its turnover before the global pandemic was GPB6 billion. Budding publishing entrepreneurs need to know how to set up a publishing business in the UK. The business itself is quite complex and has many tiers to it, including strict rules and regulations.
Publishing for the Masses
When it comes to publishing as a business, understanding the implications of traditional and new media is important. Traditional media encompasses printed material such as paper books, newspapers, as well as physical music such as CDs, etc. New media, on the other hand, changes the medium to a digital platform. Websites, blogs, videos, sound files, etc., are the new means of publishing for the masses.
Publishing is no longer considered an exclusive enterprise as anyone who writes or posts videos may be considered a publisher. The availability of digital tools has certainly streamlined the industry. Nevertheless, publishing as a business is a serious endeavour that can net huge returns on investment if done correctly.
Before you decide to go all-in for a publishing business, write up a business plan. Do research on the type of publishing activity you want to focus on. This could include editing, sales and distribution, digital content acquisition, printed books, streaming rights, etc. It is a huge and varied industry, and research will help you narrow it down. Due diligence can help get some realistic financial forecast done as well.
A business plan will also help you decide what type of company you want. You may want to operate as a sole trader before moving on to a limited company. 3E Accounting is a business solution firm that can guide you on the pros and cons of company structures. Making an informed decision can save you a lot of time and money in the long run.
A publishing business will require a well-designed website, a bank account as well as secure e-payment gateways. Further, you will need to have contracts with independent authors, editors, musicians, suppliers, etc. You will also need to work out royalties and fees, apply for distribution rights, buy ISBN (International Standard Book Number), etc.
The biggest concern in the publishing sector is the legal ramifications that arise from a breach of regulations. It is a tightly regulated industry, but this has proven to be an uphill task. Copyright, theft, and even national security under the Official Secrets Act are concerns that are constantly being raised. As a publishing entrepreneur, you must be aware of copyright and plagiarism regulations as well as what constitutes libellous and slanderous material.
You will also need to ensure all licenses and permits are in order, and you can search for the appropriate approvals on the Government website. In the UK, there are quite a few collective licensing agencies as well. These grant blanket rights to use their members’ work and include the Publishers’ Licensing Services (PLA), Copyright Licensing Agency (CLA), amongst others.
As these basics on how to set up a publishing business in the UK indicate, the industry can be quite complicated. 3E Accounting can help you navigate these complexities with its cutting edge and innovative solutions. Contact 3E Accounting today to speak to our team of professionals on bespoke solutions that work best for your business.