Business Opportunities – Do You Really Want to Start a Magazine?
About five days ago, an individual who subscribes to one of my websites contacted me to discuss a couple of different business opportunities. One of the business opportunities which has been troubling me was that of a magazine publication. When I say magazine publication, I am talking about the kinds that you see on the table at the dentist, not the kind that you read on the internet. This idea of starting a magazine got me thinking so much that I decided to write an article about it.
Perhaps a magazine might seem appealing to some of you out there. However, before you start calling up your friends, telling them that you are going to become the next big rival to People Magazine, there are some things that you should know. First and foremost, the fact that this is a very difficult business. Moreover, you must be able to clearly identify your who your reader is. Unless you clearly identify your reader, you will not be able to come up with either a name or a theme for your magazine. Furthermore, it is of the utmost importance that you determine what you are up against. Who are your competitors? Of course, you want to identify the biggest niche market with the least amount of competition. With that being said, magazines have been around for so long that such treasures are difficult to find. Even if you do locate a potentially profitable niche market which has been overlooked, you are still faced with the task of figuring out how to distribute your magazine, obtain licensing, and put together a competent staff.
Never lose sight of why we are in business. We are here to make money. With that being said, you have to figure out just how you are going to make money. Sure, I am quite certain that some individuals are focused on the popularity that they will gain with a successful magazine. However, if your magazine cannot sustain itself, it will not become popular, and will become bankrupt. Therefore, you have a few decisions to make. Are you going to sell your magazine to the public? Are you going to give it away for free and sell advertising? These are just a couple of the decisions that you are going to have to make for yourself.
As alluded to previously, you have to identify your target or niche market from the start. Moreover, you have to come to the conclusion as to whether you are going to stay within your local market, or venture out further. Unless you have a strong hold on your market, as well as adequate resources, I strongly suggest that you start of locally, and expand.
A competitive analysis is essential. It is important to see what is already out there in the niche which you are targeting. The key is to offer something to the public which is noticeably better than what they are currently being offered. A competitive analysis will enable you to see what is and is not being done by the competition.
As if starting a magazine was not challenging enough, you are also faced with the responsibility of locating and hiring a talented staff. You will undoubtedly require designers, writers, editors, and marketers. Of course, these people do not work for free. However, if you can partner with a set of individuals who have experience in these fields, they can be responsible for such tasks, and will not be on the payroll. Unfortunately, it is unlikely that you can partner with a printing company. Therefore, you will have to locate one and bare this expense. As you can see, starting a magazine is one of the more risky and resource intensive business opportunities. If you plan to go this route, please know exactly where you are going.
