The publishing industry is quickly evolving due to the digital age, which is leading to many heated debates regarding the sector’s reconfiguration.
For many startups to flourish and grow, they may need to introduce new technologies into their operations and understand the various obstacles that may come their way.
To enjoy great success in the industry, take a look at the four solutions for startup publishing company problems.
1. E-Print Platforms
While traditional publishers were once the leading source of information, they are now competing with eBooks, audiobooks, and self-publishers, who are stripping away at their annual revenue.
For a publisher to survive in today’s competitive marketplace, which allows the average joe to both write and sell their own book on an e-reader, such as Amazon Kindle, they will need to find ways to monetize their content.
Startup publishing companies must turn their attention to e-print platforms to enjoy success in the industry and generate a superb profit.
2. An SaaS Model
Thanks to the rise of blogging, microblogging and social media, it is now easier than ever for the public to receive answers to their questions.
Rather than picking up a textbook, they can scan through various websites to receive informative content, which could support their education each day.
Consequently, this is lowering the value proposition of textbooks, which is forcing publishers to tweak their pricing.
For publishers to acquire more customers and compete with online content, they should consider providing an annual fee to gain access to their array of content, which is known as an SaaS model.
3. A HR and Payroll System
In addition to competing with both eBooks and online content, startup publishing companies might also struggle with various internal issues.
For example, as your business starts to grow in size and revenue, you may need to hire additional members of staff, which can make it tricky to record and track their working hours to ensure they receive the correct weekly or monthly salary.
However, a HR and payroll system from XCD can transform the process by reducing the time spent on admin tasks and improving accuracy.
4. Publishing Contracts
It is essential for budding publishers to be aware that their works could be open to defamation lawsuits, as a living individual or a relative of a deceased person might believe a false statement of fact was included in a book.
To prevent your startup from facing the issue, you must provide publishing contracts to ensure an author is aware of the potential issues that could arise following their book’s publication.
They should, therefore, ensure their lawyers perform a due diligence review of their text.
Conclusion
There is no denying the publishing industry is facing huge challenges at the moment, as it is forced to compete with the rise of eBooks and online content.
However, it is possible for startup publishers to overcome various challenges and enjoy a healthy profit margin in the digital age.
So, if you are dedicated to publishing exceptional books, you should consider embracing e-print platforms and providing a SAAS model.
You also must find ways to improve your internal operations by introducing a dependable payroll solution and avoid potential defamation claims against your startup.
