Business plan of the magazine
A project to implement the idea of opening your own print publication must be based on the study of the market for this type of product.
The business plan of a glossy magazine will help determine the feasibility of making investments in this industry, and also warn about the long-term payback of such projects.
Choosing a way to do business
Currently, there is an opinion that it is almost impossible to "squeeze" into the market of newspapers and business weeklies, while starting to publish a glossy magazine is a very real thing, and with the right approach it can be profitable.
When deciding whether to launch a domestic brand or purchase a license from a foreign partner, you can appreciate a number of advantages. In case of choosing a partnership with foreign publishing houses:
- there is a clear concept of the publication;
- the authority of the brand in the international market;
- the possibility of using ready-made articles and photo sessions;
- easier attraction of advertisers who are guided by the time-tested name of the publishing house;
- funds for advertising the publication, as a rule, are provided by foreign partners;
Among the shortcomings in the first place is the need to pay royalties: deductions from sales and receipts from advertisers - always expressed as a percentage of 10 to 25%.
If a choice is made in favor of independent publication, the publisher will face a number of difficult problems, and his main task will be to make the project pay off at least in 3 years.
A detailed study of the print media market in the area where the glossy magazine is mainly supposed to be distributed is required. For comparison with competitors' products, the format of the future edition, the number of pages, the frequency of the issue (usually from 10 to 12 times a year), the estimated circulation are determined.
The design of the magazine and headings are being preliminarily worked out, which will make it possible to compete with the publications already available on the market. The business plan of a glossy magazine should take into account the peculiarity of the entry of a novelty into the wholesale distribution market, sometimes this requires very significant costs.
Added to this are advertising costs, since often consumers don't even look at the products on the counter, but immediately ask to sell a familiar magazine.
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Many professional journalists or copywriters sometimes think about starting their own magazine.
Some already know the entire system of the magazine business from the inside, while others just have to join the flow of publishing.
To ideally organize such a business, you need a clear plan of all actions and aspects of the planned enterprise.
The business of creating your own magazine, organized according to a well-thought-out business plan, will quickly find its target audience and bring good profit.
The business plan of the magazine takes into account such important factors: marketing analysis of the market, sales channels of the magazine, production component, promotion channels, including advertising, economic calculations, as well as project risk assessment.
At the very beginning it is necessary to clearly define the subject of the published journal. When doing this, take into account the following:
1) It is necessary to analyze the tastes, interests and preferences of modern society, thus choosing the most successful position.
2) Magazines with informational, financial or educational topics, as well as magazines for women (the market for such magazines accounts for about 15% of the total magazine market in the Russian Federation) has recently been in demand.
3) A good solution would be to create your own publication, which is unique on the subject, which, for example, is not available in the city of the main distribution of the magazine.
It is important to determine in advance the volume, frequency of issue and circulation of the journal.
All these factors depend on the popularity of the publication.
In the world of 5G technologies, after the fourth scientific and industrial revolution, it is increasingly difficult for print media to compete with electronic ones. Despite this, they have their own readership. The most important income part of journalists remains the profit from the sale of advertising space. Let's analyze how to create your own media and make money on it.
According to information provided by the Association of Communication Agencies of our country (ACAR), the volume of advertising information in business publications in the first half of 2021 is over 60% of all advertising in print media. This suggests that magazines are still of interest to advertisers as platforms for promoting their products.
Experts confirm that the interests of readers are focused on professional publications. In this regard, the choice of niches in which magazines will be published is very important. In 2021, the Ministry of Press registered over 12,000 magazines, but only 300 of them are published on a permanent basis.
It is very difficult for small specialized publications to compete with the leaders of the print market. Despite this, newly created publications are opened annually, which have their own audience and generate income for their owners.
How to create a magazine Business plan magazine
Before you start working on a magazine, you need to write down its business plan.
The business plan of the journal looks like this:
- Summary - includes an analysis of the market situation in the industry, analysis of competitors, characteristics of the readership, analysis of the merits and characteristics of your print publication.
- In the production organizational plan, all stages of starting a new business should be described, including registration of an individual entrepreneur with the tax authorities, the purchase of the necessary equipment, rent for production facilities, the purchase of paper and other consumables for the print publication.
- In the financial plan, calculations of capital and operating costs, monthly, quarterly and annual profits, as well as the payback period of the project are performed.
- Risk analysis describes any possible risks and measures to minimize them.
- The marketing plan contains a complete description of the campaign to promote the magazine to the market.
How to create a business magazine: first steps
Almost all journalists and even editors, those employees who are associated with publishing, at a certain point in their professional activities begin to think about starting to print their publication, for example, opening a magazine.
Many of them are well aware of how this type of business works from the inside, but even despite this, when creating a business, you should rely on the typical business plan of the magazine that you now have before your eyes. It is worth noting that the business plan of the magazine is most likely necessary for you when looking for lenders or investors. If you are seriously thinking about creating your own magazine, you are advised to study this business plan, and if you need to make your own adjustments to it.
This business plan of the magazine assumes the release of a magazine designed only for a target group of readers. Before publishing a magazine, it is necessary to check the presence of the target audience in this market, its approximate number and, of course, determine the competition.
Suppose you want to start publishing a magazine for people who collect stamps, and there are not many such people in your community. In this case, the issue of a magazine for lovers of collecting stamps will be unprofitable. And vice versa, if you start publishing a magazine with tips for housewives, and there are quite a few of them in your city, you can develop a profitable business. It is worth evaluating your material resources - will you be able to reach the main audience group or should you start with only a certain part.
Description of the business enterprise
The business plan of the magazine envisages opening a printed mass media (magazine). Legal form and organizational form of doing business - an individual entrepreneur. We take into account the publication of the A4 magazine - format and circulation of about 10 thousand copies.
Competition and Market Analysis
In this section it is necessary to make a detailed report and characteristics of the market for similar magazines or newspapers. You should try to find out the positive aspects of doing business and the negative aspects of doing this type of business of competitors in order to analyze everything and avoid mistakes in the development of your business.
Magazine Marketing Plan