Some might question the feasibility of publishing a magazine during an economic recession and during a modern era where it seems as if print will eventually fade away. But in fact, now may be the best time to start. Magazines will always be around because they are iconic. Like a good piece of art, they are collectible and nice to look at. The act of flipping through well-designed pages is a main draw that can’t be reproduced on the Web.
Many large publications including Domino and Best Life have folded, but it just means there is less competition and more opportunities to take advantage of by analyzing what didn’t work and what made other magazine more recession-proof than others, then applying it. The following tips are what every publisher should know before publishing a magazine.
Basic Tenet of Publishing: The Three-Legged Stool
The three-legged stool is a common industry metaphor to emphasize the importance of three major components a magazine business rests on: editorial, advertising and circulation. A weakness in any leg will decrease the stability of the publication because all are interconnected.
Editorial content is what pulls in readers and allows them to buy the product. And in order to make the product available to the public, the circulation department makes sure it gets effectively distributed. Advertisers then make ad purchasing decisions based on how many people buy/read the magazine, and the resulting revenue is mostly what allows the business to survive and continue.
Tips for Publishing a Magazine
- Find a niche. There is a better chance for success if a new magazine starts out small and local or with specialized and focused content that garners a loyal cult following.
- Produce unique content. Ask, what do people want and need at this time that they are not getting, and if they do get it now will it last?
- Let passion be the driving force. If money is the motivating factor for this business, it may be a wrong venture to go into. Should the magazine fail, it will only bring discouragement and gloom. Passion is hard to depress even in hard times.
- Test it. One should be able to describe what the magazine is about in five words or less. Otherwise, the concept or idea needs to be rethought, especially from an advertising standpoint.
- Write a mission statement. A mission statement is one of the most important components starting out because it lays the foundation. It keeps the magazine focused for a higher chance of success.
- Take time to make a business plan. Once the idea is determined, make a business plan that projects three years into the future. Usually, the longer one plans, the longer the publication will last.
- Porter’s 5 Forces. Many entrepreneurs use this model to determine success. Analyze the threat of new competitors, buyer power, bargaining power of suppliers, intensity of competitive rivalry and exit barriers.
- Choose your employees wisely. Select employees who believe in the content and product. They are the ones who will represent it well and help yield a better return.
- Have an online presence. In this Web 2.0 age, it is necessary to have a Web site that goes hand in hand with the print magazine. Otherwise, it won’t be taken as seriously. And it doesn’t have to be elaborate, but it should be well designed and a useful place to get more information.
- Network, network, network. The magazine industry is a relationship business. Get to know as many people as possible and be genuine in the interactions because it shows.
Publishing a magazine is not as easy as it seems, especially if the goal is to make it last, but it is fun and very rewarding. There are many books and resources available including Cheryl Woodard’s popular and helpful book, Starting & Running a Successful Newsletter or Magazine. Woodard is the co-founder of PC Magazine. Magazine Launch is also a helpful resource for independent publishers, which also has useful forums.
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