Nonetheless, there is scope for new companies to bring new products into the publishing sector, though they often struggle to access the finance required to make their ideas reality.
Other banks are wary of what they deem a disruptive print-to-digital transition period in publishing; they see the ROI as high risk and are very hesitant to invest within it. Effectively, accessing finance through banks is no longer a viable option for new publishers. Public funding isn’t much of an option either, as magazines are often seen as part of the ‘press’ not the creative industries – and unlike France the UK doesn’t have much in the way of subsidies for the press.
But that doesn’t mean there aren’t options, you just need to be best prepared for them. New magazines should have a concept that is fresh and different, so think of a niche that is not currently filled. This might be a group of potential readers with common interests, a group of advertisers looking for a particular type of customer, or a group of readers or advertisers not well-served by existing media. Regardless of what you choose, you must be able to definitively answer the question of why the market needs your product.
From there, any investors will need a clear, well thought through business plan to offer any start-up capital. This should cover:
• your product and its target audience
• industry analysis
• circulation and distribution strategy, including multi-platform opportunities
• marketing strategy
• management team
Above all, despite being fun and creative – remember that a magazine is a business. Many magazines with great editorial content and design have failed because they weren’t founded and executed on a sound business plan.
Funds and Investors for Publishing
Publishers Advice Line