Posts Tagged by money
I had an email subscriber contact me the other day asking me about a couple of different business opportunities. One of the opportunities was starting a magazine. Not an online magazine, but a actual magazine with a front and back cover. The fact that someone was considering such a business idea got me thinking. So much to the point that I figured that I would write an article on the topic.
I had an email subscriber contact me the other day asking me about a couple of different business opportunities. One of the opportunities was starting a magazine. Not an online magazine, but a actual magazine with a front and back cover. The fact that someone was considering such a business idea got me thinking. So much to the point that I figured that I would write an article on the topic.
The first thing that I can say about starting one’s own magazine, is that there will be a substantial amount of ground work required upfront. For instance, in order to ensure the viability of your magazine, it is important that you first identify your niche, and then your competitors. Ideally, you would want to identify a niche market within which there is very little competition. However, magazines have been around so long that it is very difficult to find such a market which would still be profitable. All of this in addition to the requisite distributorship, licenses, and staff to make your operation run smoothly.
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 we were discussing above, locating your niche market early on in the game is crucial. Additionally, you have to determine whether you are going to remain local, or reach beyond your immediate market. My suggestion is that unless you have identified one of those populated, overlooked niche markets, that you remain local, then grow from there.
Additionally, it is extremely important that you spy on your competitors. You have to figure out what the competition is doing well, and what you can do better. How can you bring something to the table that your competitors are missing, and thus cut into their readership? Conducting such an analysis enables you to clearly pinpoint which opportunities can be exploited by your magazine within your target market.
Aside from everything else, one of the biggest challenges that you will encounter with your magazine is the requirement of a staff. For instance, you will need marketers, editors, designers, writers, etc. This is a major upfront expense. However, this expense can be limited if you partner with individuals will skills in the requisite areas. Nonetheless, you still need a printer, which also can be quite costly. It goes without saying that starting up a magazine is one of the more challenging business opportunities.
Running a magazine one of the specific Business Opportunities which is either hit or miss. To be successful, you have to plan your steps. While I feel that it is too robust to be a Home Based Business, success can be achieved with a magazine. Check us out at SOSComplete.com
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