Yes folks that’s right! I want to start my own magazine-a local one at that. I suppose it would be nice to make a decent living off of the business, but at this point, that’s not what’s important.
Here’s the scoop:
I want to start a magazine that is aimed at my neighborhood/city. In addition I want to put the magazine on sale at local stores (grocery, book, etc). The magazine is going to be general interest and I plan on taking contributors by placing ads in newspapers. Also I don’t think I would charge more than a few dollars per issue-which would come out quarterly.
I however know absolutely dirt about the business. I have lots of enthusiasm but no practical knowledge. I don’t know how to get ads, how to start, how to sell the magazine in bookstores, or like I said, pretty much anything.
So I need some suggestions, ideas, been-there-done-that-stories, legal advice, pretty much whatever you can give me.
You’ll need to have a pretty big bankroll to get anything off the ground.
You’re going to find it hard to sell ads without being able to give any circulation figures, so don’t expect much advertising for the first few issues. Also, you’re going to have to go from store to store and ask them to sell your magazine. They will only do it on consignment, so you won’t get any money up front. I don’t know what the local stores will expect out of the cover price, but remember that you need to charge enough to pay the printing not only on the magazines you sell, but also on the magazines that get sent back to you from the stores.
Some hypothetical figures: Assume your charging $3 an issue, with $1 going to the store. If your sell-through is 33% (i.e., you sell one-third of the issues outstanding – a fairly high percentage), you get an average of $0.67 per issue printed, and you have to make sure the printing cost per issue is less than that. Advertising can help fill the gaps once you establish yourself.
There’s no reason you can’t make a go at it, but understand that you’re going to be losing a lot of money until you manage to turn things around – if you ever reach that point.
While you’re corresponding with Mr. Chance, also check out the library. Especially if you have a college or university nearby - they have textbooks on the stuff that (if you pay attention (which I forgot to do)) has a lot of answers to help you understand the whole biz.
In one of my magazine journalism classes, our project was for each student to come up with a complete business plan for a magazine. Most of the answers I found were from textbooks, reference books (about advertising and markets) and helpful folks with experience.
Good advice from Zipper. Without a business plan, you will have tough time selling ad number one. The advertisers are where your money is at, not the paid circulation. You need to have a very clear idea of what this magazine is about and who buys it. General interest will only get you so far.
Network to get your first ads. And keep everything on the cheap for the first year, because you will have a tough time with the ads in year one.
And make friends at your local media establishments. You are going to need some buzz about the publication the first year to sell the concept to readers and advertisers.
And write to Jonathan. See what advice he can give you. Oh yeah, if you are taking on Freelance writers, see a lawyer or read up on copyrights.