Week 11 April 10 Writing a Business Plan: The Budget
Week 11 April 10
The Big Decision: Should Pitch Day be on May 1 or May 8?
Today we’re going to talk about the dollars and cents of magazine publishing: the budget. We’ll discuss how to figure out how much this venture is going to cost, how you can make it profitable and where you can get money to finance your project.
We’ll also look at some recent magazine launches including:
- BossLadies Magazine
- Sugar Magazine
- Kazoo Magazine
- Ruby Magazine Kickstarter campaign
- Catalyst Magazine Kickstarter campaign
How to Raise Start-Up Capital
MagazineLaunch.com — lots of articles and resources on starting a magazine
Magazine budget discussion
Budget discussion questions:
- Will the magazine publish in print, online, on tablets or some combination?
- How often will it publish in print — monthly, quarterly, etc.?
- If you have a website, how often will you update online — daily, just when the print edition comes out, some content in-between print editions?
- How will you pay staff — full-time salaries, part-time, no pay at first?
- Will you have an office or have people work from home? What will your office need — furniture, equipment, phone, Internet, etc.?
- Consider different sources of revenue — paid circulation, single-copy sales, membership, product sales, events, digital advertising, print advertising. How do you plan to get revenue?
- How much do you need in start-up funding?
- Where will you seek start-up capital — venture capitalists, partnership with an organization, crowdfunding campaign, bank loans, Small Business Association loan, friends/family?
- Discuss the scale of your start-up — low-budget (no paid staff, no office), medium budget (a few paid staff, bare-bones office), high budget (full staff, office).