Are you interested in publishing books? The founder of Fintelligence Publishing has tips on how to bootstrap a publishing business.
Tell me about your current business. What are you doing exactly?
I am the writer and publisher of a children's book series called "Finance for Kidz."
How did you come up with your business idea?
I have 2 young boys, ages 5 & 6, and I don't want them to face a financial meltdown environment that we saw recently.
Did you write a business plan? Was it an effective tool for you?
No. I just wrote my books, though I was aware of the elements of a typical business plan.
What advice would you give to somebody else who wanted to start a similar business?
Use the Internet extensively to get inexpensive resources for your business.
Who did you hire to help you? Bookkeeper, Accountants, Lawyers …? Would you suggest others do the same?
I am doing everything myself. I did hire an illustrator from Indonesia, a printer from China and a web designer from India. I have also hired a publicist who will start soon.
What outside resources were helpful for you?
Primarily it was the internet. Specifically losangeles.craigslist.org; alibaba.com & odesk.com.
With the current economy in a slump, what cost saving tips would you have for a new entrepreneur?
Use the internet extensively. One can post bids on alibaba.com, elance.com, odesk.com and craigslist. It is much cheaper to post bids and hire people/services that way.
Have you outsourced any portion of your business? Has that worked for your business?
Yes. I outsourced my design work, and actual printing of books. It worked wonderfully. I saved a ton of money. Specifically losangeles.craigslist.org; alibaba.com & odesk.com.
Thanks for your time, Prakash.