The essence of lean media is eliminating waste, focusing creativity, and bringing audiences closer to creators. So when a prospective guidebook author queried me about setting up a publishing company to publish a series of guides about state parks in his region, here’s what I advised:
If the demand is there, I would definitely consider doing such a series. I would first try to determine what the demand is, based on things like state park attendance (which is probably publicly available somewhere) and the competition … and creating a test book (as yourself, not through a company) to see how people react.
If there is already a popular book or state park brochure series that covers the state parks, and it is cheap, that would be something you would have to address as you will be competing with them. Maybe your book series could offer better maps or some other information that the competition doesn’t have. In other words, offer a premium feature (for a premium price).
On the other hand, if the competition is expensive and stands tall on quality, you will have to position yourself differently. Say the competition is a big photo book about state parks. Maybe you could price your series lower, or you could try sizing the paperbacks to be able to fit in someone’s pocket, which is a selling point the photo book can’t match.
Keep in mind that setting up a company comes with real costs … I pay $1500 a year to my accountant to maintain my books, plus $500 to the state government as a corporation fee, not to mention various legal costs (trademarks, agreements, copyright applications) which usually run a few thousand per year. My sales are able to support those costs, but if my series was struggling it would probably be better just to sell them on my own or as a “DBA” entity (doing business as) or sole proprietor.
Because of the potential for higher costs, running a test to see if the demand is there is a good idea. If you get some steady sales and reviews you could then start up a publishing company to take things to the next level.
Note that determining audience demand through a test edition and some other market-sizing activities (such as evaluating state park attendance) is a critical first step. Otherwise, there is a real risk of spending a lot of time, money, and effort on something that not enough people are interested in.
This is in fact how I started the IN 30 MINUTES series, with a DIY first edition of Dropbox In 30 Minutes back in 2012. It started selling a few copies per day, as did the next book in the series, Google Drive & Docs In 30 Minutes. Once I knew the demand was there, I went ahead and created the corporate entity in early 2013. Now we sell thousands of copies every year of our most popular titles!
The other element that I touched upon in my reply was Positioning. I have blogged about the concept of positioning in the past after reading the book Positioning. It’s a really helpful way to think about creating and marketing products in a crowded marketplace. According to the lead author of the book Positioning (Al Ries), it makes sense to work with what customers already know. Marketing strategy for a new product should be built from the perspective of the “prospect”, rather than the perspective of the company (and the ego of company executives). Often, this involves finding the hole that the market leaders have neglected or don’t serve well. Hence, my advice to the guidebook author to do his book in a different way than the existing competition.