Go or no go? November 29, 2006
Posted by Niels in : Magazine , trackbackIt’s time to make a decision on the magazine. Craig and I sent everything we have to Samir “Mr. Magazine” Husni, the world’s foremost expert on magazine startups. He thinks our idea has potential, which is what we wanted to hear. But we have a long, long ways to go.
According to Prof. Husni, most of the magazines he sees fail because of a lack of funding. Even starting small, only 4-6 issues a year, we’re going to need between $750k and $1 million to last. Of course, we don’t have that kind of money, so we’ll be approaching investors. But we have to have something to show them first, i.e. a pilot issue and a business plan. And Samir suggests that a $50k prelaunch budget is reasonable.
That $50k would be raised from friends, family, and other people who believe in our idea. I’m pretty sure we could raise it. But we have to be fully committed to the magazine, and I’m not sure I am.
I love the idea of being the one who takes all this incredible information mainstream. The standard advice for men on how to start and maintain relationships is terrible. A lot of it is worse than terrible. Buying flowers when you screw up? Do women really want to be with a man who has to buy them into a good mood?
However, I also want to make a lot of money at a job I enjoy. If I went into industry, I would be making six figures now. It would take years for me to make that kind of money at the magazine, if ever. And I’m not sure I would even enjoy the work. The emotional reward is incredible to be sure, but I don’t know if it would be enough to overcome the tedium of what I expect to be basically an administrative job behind a computer.
Frankly, I don’t know what to do. Any advice?
Comments»
Tough one. Huge committment, great risk of failure if you look at how many new magazines get published and dissappear that have a huge publishing house behind them….rewarding however to be your own boss.
Probably depends a lot on the investors and their committment and backing. Have you guys done any market research at all?
This year I chose being a poor writer over one of those six figure (seven with bonus) jobs.
It’s scary as hell and I cry at least once a day. But only for a moment.
The corporate world depresses me. I know I’ll be miserable and unhappy and stagnant as hell in that job.
I get an incredible amount of satisfaction out of what I’m doing now. The only problem….I’m not as disciplined on my own as I was in an office. If you can master the discipline thing…do what you love…if not…wait until you can.
Hmm. I don’t think a lot of magazines make it unless there’s either a favorable halo effect from a larger parent company, or it’s cutting edge, or just has some irresistible content. Advice sites and columns exist by the thousands, in print and on the web - that’s a mighty difficult group to overtake. It might be best to get a devoted following first from being a regular columnist in a newspaper or magazine before taking a much larger risk.
It’s hard to say without knowing exactly what your mag may be about. It sounds like it’s a lot like restaurants in that you have to plan to lose money for the first three years, at the very least. If you can raise the money, I would say to go for it, as all successful business ventures start out with a huge element of risk. If they didn’t, then everyone would do it.
I think there’s a reason most of the pickup literature and companies available now have an online presence as opposed to a tangible presence like a magazine you can pick up in a store. Lower overhead costs, and easier distribution. I’m not really familiar with the magazine business, but I know that the newspaper business is going down the tubes with declining circulation, and it’s because people prefer getting their information from the Internet.
How you’d market to new readers is a good question, especially if you’re aiming at a mainstream audience and not just those who are already “in the community” of wanting to improve their skills with women. So many of the average Joes in the world are really hostile towards the idea of improving themselves and taking a risk, while it’s easy to hook them with cheap entertainment and zero content like a Maxim magazine.
Don’t mean to sound like a bummer.
Go for it! You never know unless you try. Take a risk. While you’re at it write a book too.
I was Talking about your idea with a friend of mine who is in the magazine business. In fact her company creates a lot of start-up magazines. She really thinks the idea is good, so do i. But if you don’t think a full-blown magazine is gonna work right now, then DON’T do it.
I hate to sound negative, but if you don’t believe its gonna work then it won’t. Thats just how the universe operates. BUT, i think it would be worth your while to try writing a column in a more established magazine. It’s pretty obvious people like what your talking about. Plus, that way you gain the exposure, the experience, and the credit to back you up later if you decide to go ahead with the project.