It was not a difficult decision to decide to publish my first novel myself. After all, I was a businesswoman with many skills and my specialist subject was setting up companies, advising my clients how to meet all their legal and corporate requirements, and effectively run their companies efficiently both from an economic and tax perspective. How difficult could it be?
The world of publishing is generally closed, unless you are very fortunate, but I was ready to release my novel onto the general public. So, first I had to think of a name and to me that was very important; it had to be just right.
It is important to verify the name is available and unique. For example, you could not have Micro Soft because Microsoft already exists. Certain words are also not allowed, such as Group, Holding, Royal, but the website is really helpful and informative. The whole process is very simple and can take fifteen minutes. You can register it yourself online simply by entering your personal details as director and shareholder and paying the nominal fee. There is no need to go to a formations company who would charge you more for doing what you could do yourself.
I checked out all the names of publishing houses and realised they were quite abstract. I thought of Yellow Giraffe Publishing, Green Turtle, Flying Albatross and all of this caused a huge amount of mirth, but it just wasn’t right. When I did settle on King of the Road, my dad’s favourite song, the name almost screamed out at me and even more so when I checked it out on the Companies House website for its availability.
So now you have your company. In this age of technology, you should also register your domain name so you can send and receive emails from your company, and also set up your own website. There are many providers of this service and it is not an expensive item.
I would always advise establishing a separate bank account for your company. Any high street bank or building society is acceptable and again, as long as you have a good credit history, most banks are happy to help. By keeping your company financial affairs separate, it is much easier to monitor your expenses, of which they may be many so be prepared for initial outlay, and easier for your accountant to prepare your annual accounts. Any monies you place into this account personally will be treated as loans to your company and then when your start to receive monies from the sale of your book, you can repay yourself and this is not treated as income for tax purposes.
Another question that may be raised is whether you should be registered for VAT, currently at 20%. Until you reach £90,000 of turnover, there is no need and all it will do is add an extra layer of cost as, for most beginners, you will need the assistance of your accountant to prepare and file quarterly VAT returns. The only reason you would register is because you have incurred a huge amount of expenses with VAT on them that you want to recover.
As for an accountant, do you need one immediately? Probably not, unless your book sales rise to such a high level that it is impossible to monitor your financial situation. For a company, you only have to file accounts nine months after the end of the first year.
Most accountant would not charge for an initial consultation and they are always on hand to discuss your situation regarding tax, VAT, budgeting.
My next issue was the cover of the book. If you are formally published, that’s something the publishing house would take care of but as a self-publisher, this is down to you. I can’t emphasise enough the importance of having the right cover; it is the first thing that the general public see and can make the difference between success and failure. It is worth spending money going to the right designer and there are many to be found on the internet. Ask around via social media platforms for recommendations as it doesn’t have to cost the earth. Then whittle down to two or three suggestions and put it out on Facebook for example. I did that with my first novel – red or white writing on the title – and not only did I get a huge amount of feedback, but it was fun and also generated interest for the book itself. I went around main bookstores checking out covers, what I liked and didn’t like, what was ‘in’ at the time and what colours really stood out.
Social media is very important, having a website for news items, posting regularly on Facebook, Instagram, LinkedIn, X, and there are many others. You can do all this yourself.
Next publishing your novel. Amazon offer a publishing service but it really does depend on your financial situation. There are many printing companies and I would suggest phoning around to get the best price and again ask for recommendations. Prices vary and so does the quality. When you call to printers, ask them to send samples of books they have printed and check the paper quality. They are normally very happy to assist. Be careful approaching ‘Vanity Publishers’ as they will charge you for publishing your book.
One of the main real gripes with self-publishing is the fact you have to edit and proof read yourself, and check through the final proofs from the printers. You can go to professionals and I would seriously advise doing this – an expense you should not ignore. I did this and worked very closely with my editor, and a separate proofreader. Again, call around a few editors as the charges vary.
If you are only publishing for kindle, you will need someone to format the pages for you. One item I forgot is where you want the content to start, on the left or right of the book. A very simple but crucial point to check. Look at other books and how they are set out. Also ensure the copyright clause is clearly included.
For printing in hard or paperback copy, this is not a cheap option, although Amazon do offer this. I approached a well-known printing company who I contracted to print my books but that was my own choice. I also arranged my own distributors and got my books into all the well-known books stores, again my own choice.
Finally, you have your book in your hand. The sense of achievement, that you have done it all yourself, is simply amazing. Whether you want to give it to friends as a present, sell it on Amazon or go for the route I took to get it into bookshops, it doesn’t matter.
It is your success no matter which way you look at it.
