Got an idea, but where to start?
So you want to set up a magazine? You’ve got a great idea but where do you start? Let’s be honest, it’s not going to be easy. The shelves are literally rammed with magazines covering a multitude of subjects and with 9 out of 10 new magazines failing this is a tough business to be in. The Research Intitute, MRI, states that 84% of adults read magazines and with roughly 1000 new magazines being launched each year,what if yours is the 1 out of every 10 that is successful.
Of those magazines that fail, 70% fall at the first hurdle and never make it beyond the first issue. Think of various gimmicky magazines you have seen advertised in the past, offering free gifts with the first copy all at a discounted introductory price. Great you think, so you purchase said magazine, which comes with a free binder to keep all future issues nice and neat and you look forward to buying the next one. Only the next issue date comes round and you can’t find it in the shops anywhere, so you phone up to try and order and are told that the magazine is now out of circulation due to poor sales. It is relatively cheap to set up the first issue of a magazine, but in order to carry on and make it a success you must know and research both the market and the business you are going into.
Like all new businesses, a business plan is essential. Spend time researching competitive titles and find a niche that your magazine can slot into, something that is unique but also popular.
Your business plan should consider the following:
What is it?
What is the market?
Ask advice from other people already in the magazine industry.
Who is it aimed at?
What age range is it aimed at?
What other magazines like mine are out there already?
How is mine different?
Test ideas on a focus group.
How often will it be published?
What will the circulation be?
Need a good web presence.
Make a prototype to show off the design, structure and substance of the magazine.
Do i already know people with the right skill sets?
What staff will I need?
How will i fund this?
What will the advertising rates be?
What will the subscription and single copy sale prices be?
What are the costs of paper, printing, postage, distribution, staffing etc
First and foremost for an idea to work you must believe in it. Do your research, don’t be afraid to ask for help and most of all don’t give up!
For more advice on setting up a new magazine visit these sites: