I have already mentioned that my biggest ambition in life is to start my own entertainment magazine. But I know it is not a cake walk for me. To start a magazine is more difficult to start a newspaper. Before I even take a first step it is important for me to understand that to launch a magazine I would need loads and loads of money, if I really want to succeed with my venture. I am doing loads of research everyday, reading articles, interviews on how to start a magazine. Just wanted to share some of my ideas with all of you.
I have read in an interview of the CEO of entrepreneur.com, Neil Parlman, that you need millions of dollars to start a magazine. Maybe you will lose money for the first few years trying to build a good circulation. One of the most important thing he said is to test the ideas with the focus groups. The feedback which you will be getting with these ideas will help you in knowing the market conditions.
So after you have decided about the looks of your magazine, after developing the prototype, after studying your competitors, the niche of your magazine, after you have developed the mission statement of your magazine that is your magazine should be very different from the rest of all, get the opinions of the consumers of different class. That is how you can judge your creativity.
Neil added that since this is service business it is very important to have good qualified individuals to work for your magazine. Good editorial team that understands the industry well, experienced sales organization that should be able to sell your sales advertising well. You have to have a good talented circulation Director who should be fully acquainted with subscribers retention. Magazine accounting in an important element for this industry and it is very important to have a talented financial person for the same.
Neil believes that in every Magazine house, backbone of the magazine is how well you can sell your advertisements. So the most critical task is to find experienced sales persons who can sell ads at higher rates. Without a large subscriber base one can never succeed in this industry. Hiring a good circulator is the only option left with you.
Seek advice from those who are into this industry for many years. It is advisable to have a good mentor who can guide you before you proceed in each and every step you take. Keep an advisory board that will analyze your magazine work on day to day basis.
It is very important for you to be calm and patient. There will be many times when you will get frustrated but remember it should not effect your work, he added. Don’t be one of those people who run out of money and confidence. Stick to your ideas and concepts.
I really liked all the articles from Neil. I read somewhere that it is important for the magazine owner to have his own website too. In the website he should have pages like feedback, recent articles, etc. It will inform people from time to time about the changes you will be bringing in your magazine.
I have already crossed the first step. I have got a post graduate diploma degree in journalism. I have learned loads and loads of things while doing my Journalism course. Media is a powerful industry and will always remain same. I hope I am able to launch my own magazine someday like Entertainment Weekly, Famous and People!