Outsource everything you can and keep your fixed costs to a minimum. That way you can flex and prioritise your spend to reflect your immediate needs. And remember that a healthy P&L is a ‘nice to have’, but cash is king. It’s effective cash management that will ultimately ensure your business’ endurance and success.
2 Look outwards
Spend more time looking outwards than inwards. Too many businesses focus on their own internal machinations and don’t keep up to speed with competitors’ activity, or what’s happening in the wider market. Be aware of trends in your sector, and translate them into commercial publishing opportunities.
3 Be tough
Don’t become a publisher unless you’re resilient and tenacious and have an excellent sense of humour. You’re going to need it!