Founder and CEO,
Murray Books
Publisher of TOOTS (Think Out of the Square) Books
How do you find a new product to build a profitable business around?
Keep your eyes open. Visit as many tradeshows as possible for your industry to see what the latest technology offers, and then, come up with a better idea. In my case, after publishing ‘normal’ books for 25 years, I came across a children’s book concept at the 2005 Frankfurt Book Fair that I was able to modify and create into an adult niche. This was one of those ideas that makes one say, “Why didn’t I think of that sooner?” Test the market in a small region first. If it works (in my case I had a 100% sell-through), then launch to the world in a very strategic manner. We launched our first ‘tactile’ book for Christmas 2006, and over the following 12 months, sold over 500,000 units in 12 languages and in 20 countries. We have now modified the product again with Custom Publishing, becoming the most sought-after sector. In 2008, we have orders for over 1 million units.
What one business secret do you know that no one else follows through on?
Do as much as possible yourself. Do not count on staff to ‘make it happen.’ You have technology at your fingertips. Work 24 hours a day until you feel you have reached your ultimate goal. There is no need for large opulent offices or flashy cars. Keep the outgoings as low as possible and work to a profit margin of 50% if at all possible.
Which oversight are you certain will never happen again?
Issue invoices in the currency of the buyers’ country. The value of money has many highs and lows, and it’s important to work in the currency that you believe is best suited for you when dealing with international clients.
Have you accepted the challenge of increasing your income by 1% in one month or less?
I have looked at cutting outside costs. In my case, I would try to cut our shipping bill or printing outgoings, which are always the main factor in publishing. I was recently able to cut my printing costs by 5% or $480,000, by negotiating with new suppliers.
If you had 15 days to turnaround a new company, what would you do first?
If I were to purchase a publishing company, I would be looking to purchase their existing titles, brands, key buyer contacts, and distribution channels. I would not be interested in their existing offices, staff, position in the industry, or potential. I would first sell all their warehouse stock to a remainder company and look at how we can reintroduce their current titles to a bigger market.
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