My publishing evolved out of my writing. I’d had a cookbook with a big publishing house. It was to be the first book in a three book contract for a set of family reference books. While I was working on it the publisher quit, as did the book’s editor and the marketing person--everyone who’d had an original vision for the book.
Then the next publisher was fired, and my next editor there quit too. The publishing house went through tumultuous changes. When the dust settled it was a new ball game, and my book was not important to the players who had replaced the original team.
I bought 6,000 copies, the remains of the second printing, and asked for the rights back. I thought I’d sell the rights to another publisher. I knew that would involve a title change because the original publishing house was identified in the title.
At that point the book received substantial national media publicity, featured on a cable TV cooking show and in a national magazine. I decided to keep the title so I could take advantage of the new publicity and reprint it myself, starting my own publishing venture to do it.
Publishing wasn’t in the same financial league as writing, but I managed the money, if you can call it managing, in the same way I’d processed author income--haphazardly, playing catch up when I had to. It has been a continuing problem for me.
Dominique Raccah, on the other hand, started Sourcebooks the way publishing should be done. She too began very small, but, as she said in a message to a discussion list for publishers, she checked the financials every day.
That’s so important it should be written large on the wall of every publishing venture, whether it’s an evolutionary startup like mine or one that’s purposeful and planned.
CHECK THE FINANCIALS, EVERY DAY!
KNOW WHERE YOUR MONEY IS, AND WHAT IT’S DOING.
IT’S FIVE O’CLOCK, DO YOU KNOW WHERE YOUR MONEY IS?
This may not be easy for writer types. We tend to be innovators, inventors, and visionaries who think writing down expenses and balancing accounts is boring work. But, there is little else that will ensure success and satisfaction as well as showing ourselves the money, every day. Make it a requirement. Make it a habit.
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