Few new magazines make it through their first year. According to Cheryl Woodward, author of Starting & Running a Successful Newsletter or Magazine, as many as 9 out of 10 fail.
With odds like these, why bother?
Only you can decide whether to invest the time and money needed to launch a new publication. Before launching your dream magazine, consider these five common reasons new magazines fail:
The Magazine Lacks a Sound Business Plan
Magazine publishing is a business. It's possible for a magazine to have excellent editorial content, top-notch writers, and cutting-edge design, but still fail because the publication lacks a sound, well-executed business plan.
Most business plans include such basic component as an industry overview, sales plan and forecast, benchmarks for your magazine's success, and an operating budget.
To help jump start the process, consider using one of the many free business plan templates available online.
The Magazine Lacks an Audience
Is there an audience for your publication? Asking your friend or mother if they think there's an audience for your magazine doesn't count.
Hire an outside firm to conduct some preliminary market research and survey people who are objective. Don't launch a publication until you have a clear target audience that is large enough to support your publication.
The Magazine Lacks Advertisers
Money is the biggest hurdle to overcome for most new magazine publishers. And with today's soft economy, the obstacles are even greater.
Most money for magazines comes from its advertisers. According to the Publishers Information Bureau, ad revenue for 2008 closed at $23.5 billion, a 7.8% decline over last year. While that might seem like a robust number, many publishers are cutting the number of pages in their magazines due to slow advertising sales.
In slow economic times, advertising budgets are the first to go. With fewer dollars to invest, advertisers are more likely to invest their limited funds in a well-known publications with a proven track record than risk a loss by advertising in a start-up magazine.
The Magazine Lacks Quality Editorial Content
Quality matters. Even if you have a clearly defined, loyal audience, your magazine won't succeed without quality editorial content. If you can't write and have no editorial skills, you should consider another business. However, if you have strong business skills, you might succeed if you partner with a professional writer or editor.
Quality editorial content starts with a clear mission statement and fundamental purpose for publication. Read this example from The Bark:
"Bark is the magazine of modern dog culture—it speaks to the serious dog enthusiast. Bark is the indispensable guide to life with dogs, showing readers how to live smartly and rewardingly with their canine companions.
Taking the magazine’s slogan to heart—Dog Is My Co-Pilot—Bark became the first magazine to tap into the exploding phenomena of dog culture and lifestyle, focusing on the growing bond between individuals and their pet companions. Over the past ten years, Bark has chronicled the America’s love affair with dogs, the evolving status of canine pets and their role in society, as well as the incredible rise in services and products. Bark has become the recognized expert on the social/cultural world of dogs in America, and what they mean to us."
The Magazine Lacks Distribution Channels
Distribution is a major roadblock for most start-ups. Few start-ups can afford distribution houses like Amazon.com and Magazania.com, and traditional distributors are wary of most magazine start-ups. A handful of magazines make up more than 90 percent of the publications on local new stands. Those willing to take a chance on a new publication, purchase one a few at a time.
When it comes to starting a new magazine, a great idea simply isn't enough. Hard work, though essential when launching a new publication, won't guarantee success. A successful magazine launch requires a solid business plan, money, and the right timing.
And a little bit of luck doesn't hurt either.
Mary Yerkes - Mary J. Yerkes is an award-winning freelance writer. Her main writing interests include religion, health and wellness, and ...
