Write down the reason for your magazine to exist. This is called your purpose or mission statement. Create your purpose before you do any serious research or analysis. It should be fewer than four sentences but as detailed as possible. Ask yourself a few simple questions:
* How is my magazine going to be different from the ones already out there?
* What is going to motivate readers to choose your magazine over the competition?
* Music is just one aspect of the hip-hop lifestyle. What elements of this lifestyle can your magazine combine to make it unique?
Create four sample issues. According to Mr. Magazine (see Resources), a magazine business plan will need to include four issues with well-thought-out content before getting any serious attention or investment. Begin by creating your departments and columns, then come up with one to two relevant features for each issue. It's important to know the general structure of a magazine, as well as what departments you would generally find in a hip-hop magazine. Since the focus is often on luxury in these types of magazines, you may want to review high-end cars and clothing. Don't forget your table of contents and letter from the editor.
Build your ideal staff. List people you know would be willing to participate. Don't forget to think about how many freelancers you will need and how to get access to celebrities.
If you're planning on doing much of the writing yourself and do not have any hip-hop connections, buy a subscription to the website WhoRepresents.com (see Resources). The fee is well worth it, as you will have a comprehensive list of every major celebrity publicist. A less expensive but more time consuming way to go is to contact an artist's record label.
Learn about your audience. Any media kit (usually available online) for a similar magazine will help you to find out who your audience is. It will include specific numbers including total amount of potential readers and gender breakdowns, as well as other information such as what kind of vehicle one drives, clothing, amount of money spent on entertainment and more. Knowing your audience is key to delivering the content it wants, which will drive up your magazine sales.
Study your competition. You need to know who your major competitors will be and their circulation (number of readers). Don't include a major market magazine like "Vibe" or "Dub" on your list unless you plan to spend millions on your debut. You will also need to identify their weaknesses and know how you plan to take advantage of them.
Find your advertisers. Since you know what your audience buys, it should be easy to identify which advertisers you would like. Make a list, but wait to contact them until you have determined your budget and know your advertising rates
Make a plan for getting magazines into your readers' hands. Even if you are planning an online-only magazine, you will still need to know how you are going to get people to come to your site.
Create a budget. You need to account for every penny. A print magazine will need to include printing and mailing costs. Online magazines will need to know how much the site will cost to design, maintain and store every month. Both types of magazines will have to pay staff and buy content to be successful. This is the longest part of your plan, but the most important.
Go back to the purpose you wrote in the beginning. Does it too closely mirror any well-established magazine? If your mission statement sounds exactly like that of "Dub," you need to rethink your strategy. Make sure you have a concise purpose with a well-thought-out angle. Speaking of "Dub," the reason it is so successful is because its focus is strictly on celebrities and their vehicles. This kind of razor-sharp purpose is what gives "Dub" its edge.
Use your research to pitch investors. Take all the above elements and incorporate them into a solid business plan. It's unrealistic to assume that you will generate enough revenue from advertising to pay for your first issue or that your friends are willing to give you that exclusive interview with Lil Wayne for free. You need to know how much money you need, and approach the right people to get it.
Plan your premiere issue and advertising. This shouldn't be too hard because your business plan already contains four sample issues. You will need to create buzz about your magazine. You can do this through advertising in trade magazines, radio stations, and premiere parties. Maybe the first celebrity you feature will be willing to do a free show as part of a release party. This can be expensive to you, but may create loads of subscribers. Have a sign-up table for subscriptions. Or, instead of a free show, sell tickets and include a first-year subscription with the ticket price.
Get to work! Write the articles you have committed too, secure your advertisers and get cranking on the first issue.
Release your first issue. Tirelessly promote your magazine at clubs, radio stations and even on street corners. Make sure you have signed up as many bookstores and music shops as possible.
Celebrate! Your first issue is done! Now it's time to party hard, but not for too long, because you have work to do on the next issue!