Magazine publishing is a multi-faceted process. So what are the two key ingredients to any successful publishing venture?

Planning

Whether you are a startup or a long-standing publication, you should always have some sort of plan in place. It should be a good, workable plan, somewhere in the realm between a slapdash effort and an excessively detail-oriented one. A plan should also be dynamic, something that can adapt to changing times.

Odds are, your publication will require several different types of planning: operational, conceptual, production, and financial. Hire personnel or consultants who are well versed in these areas and can make regular assessments.

Marketing Strategies

Always keep in mind your readers, their industry/profession, interests, etc. Identifying who your readers are will help you to identify who your advertisers should be. Also keep in mind your competition -- scrutinize their magazines and advertising.

How will you price your magazine? Will there be introductory rates to entice new subscribers? Is your current pricing plan profitable? Whether you are just starting out or looking to make your current publication more profitable, you should be making regular assessments of your magazine pricing. If competitors are slashing prices and offering perks to new subscribers, you will have to adjust your pricing accordingly to remain competitive.

You will also have to decide whether or not your sales staff will be in-house or commissioned. Will their focus be cold calling, field selling, social media, or some combination of the three? Their job is to build lasting relationships with advertisers to keep your magazine in the black.

Remember that, while marketing and planning are two of the most vital components of magazine publishing, they are not the only ones. Editing, design, office administration, meticulous bookkeeping, effective management, and online integration are also key. If you allow one to fall by the wayside, it is likely that you will see a domino effect.