The economics of book publishing can make it impossible for a publisher to ever repay large long-term loans. If you have to delay growth to live off of cash flow, I would recommend it. It is tempting to publish every great manuscript that comes across your desk, but you can't. And if you cannot afford to publish new books out of the profits from past works, you should pass. These five tips cannot guarantee publishing nirvana, but they can go along way towards making your company more prosperous, secure and fun.
Publishing is a time-honored and rewarding profession.
The business does not have to be any riskier than any other. It is made more hazardous by the uninitiated, who violate one or all of the five steps above. The business of publishing is not as fun as the art of publishing, but it is essential. No one gets into this business with the thought of creating a few mediocre books and then blowing away on the first strong wind. But that's what happens to hundreds of publishers every year.