The Publishing Business #1

So a while back I pointed out I was planning to launch a small business and take a try at book publishing.  I should also point out I intend to wrap this blog up in that company as well.  So regardless of the book fails or not I intend to keep the company around.

So far I haven’t had much time to work on the venture, but I’m starting to get some of the paperwork done.  I’ve filled out my company name search form and will drop this off this week.  Once that is approved I can formally regisiter the company in Saskatchewan and then start using the name I’ve picked out.  Then I’ll be off to get some banking setup and get a city business licenece.

I’ve also already picked up a new domain name for the first book.  I’m debating about picking up a domain name for the company as well.  It might be useful to hang onto for now, as I might do more than one book.

In the mean time I’ve got several items to research including:

  • PST/GST:  I know that if my sales are under $30,000 I don’t have to collect GST, but I don’t know the threshold for PST (or is there is one).
  • Communications:  Since this is micro company I don’t want to invest in a second phone line for the house.  So I’m wondering how to hand faxing and phone.  Any ideas?  A pay as you go cell phone might handle the voice part of it, but I’m looking for faxing ideas.
  • Accounting:  Do I hire this out or do it myself?  I’ve setup my wife’s books in the past, but this business is going to be a bit more complex.
  • Expansion:  I’ve also had to brain storm some issues about what if I really like this process and do I want to accept book proposals in the future.

So for all you small business owners out there, what issues do you run into?  Any hints for the newbie at the game?

8 thoughts on “The Publishing Business #1”

  1. * In QC, PST & GST limit is the same: $30k except it’s the same in other provinces.

    * There are several web fax solutions you can get online, depending on volume they are probably cheaper than an extra phone line.

    * If you’re always in the office I would look at Skype for the office phone. I use SkypeOut when calling out and added a 2nd number to my home line for incoming.

    Biggest thing that helped me starting out: don’t spend a dime you don’t have to.

  2. FT,

    No I’m not doing a corp for now. If I expand beyond one book I would consider doing it. Right now if I were to incorporate it would kill all hope of a profit.

    Elizabeth,

    Thanks for the idea. I’ll have to check it out.

    Patrick,

    Sound advice. Thanks for the tips.

    Tim

  3. Here in BC you have to register for PST if you sell any amount. As for the GST I registered years ago on the advice of a friend. You pay GST on all your services and purchases so you might as well get it back. At the time when GST was 7% it increased my profits by that amount. The paperwork is not onerous and you do it once a year. With the rate at 5% I still think its worth the trouble

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