Should You Launch Your Own Publication? Key Insights and Tips
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Chapter 1: The Commitment Required
When contemplating whether to start your own publication, prepare yourself for a significant time commitment.
For a while now, our community has frequently asked, "Should I start my own publication?" The truth is, it's a complex question and one I can't definitively answer. However, I can provide some insights that might assist you in making that decision. As someone who manages two publications with a dedicated team of editors, I can attest that they are vital components in the machinery of any publication.
If I could offer myself advice based on what I've learned, I would certainly revise some of the choices I've made, aiming for decisions that would enhance the quality and reach of my publications.
About Me — Robert Ralph
Hello!
To successfully run a publication, certain skills and traits are essential, including:
- The ability to juggle multiple tasks
- Resilience to handle criticism
- A modest demeanor paired with an objective viewpoint
- A commitment of at least 10 hours weekly for editing, increasing as your publication expands
- A solid grasp of marketing and promotional strategies
- Proficiency in both editing and writing
- Financial resources to invest in your publication
- A creative mindset
I chose to invest fully in this venture, having put over $2,000 into my publications for various tools, equipment, and prize incentives. While it's possible to start without significant financial investment if you already possess the necessary resources, my experience has taught me that sometimes you need to invest to see returns.
I have adopted two distinct strategies for my publications: "New Writers Welcome" aims for substantial growth, whereas "What is Love to You" has a more organic development approach.
I Want To Build an Empire
Will you join our journey?
With a background in finance, marketing, management, sales, and training, I bring various insights to my writing and interactions. I have a strong belief in the potential of the underdog and take great joy in witnessing growth and progress.
There are definitely advantages and disadvantages to managing your own publication:
Pros:
- You have control over your content.
- You set the guidelines (though be ready for some resistance).
- You maintain full access and authority.
- Success is determined by your efforts (and those of your team, if you have one).
- It can be immensely fulfilling.
Cons:
- The extensive editing hours may limit your writing time.
- It can dominate your life, requiring long hours.
- Finding a trustworthy editing team is a significant challenge.
- Be prepared for criticism; jealousy is common.
- Failing to innovate can lead to reader attrition.
- Recruiting new writers can be daunting; many publications (about 90%) fail due to this challenge.
I've often contemplated closing one of my publications; managing two is exhausting. A friend of mine attempted to launch four or five publications but experienced burnout swiftly.
The Burden of Expectations
The pressure can sometimes be overwhelming.
After closing her publications, she took a break from Medium but is now back, focusing on just one. Another friend who started multiple publications has not returned, and I sincerely hope she's doing well; I miss her dearly. Medium can be quite demanding, and I find that I prefer writing over editing.
Many believe they can successfully operate a publication, but statistics show that 90% fail. Currently, I dedicate around 20–30 hours weekly to manage my two publications and write articles.
Eliminating Non-Contributing Writers
They are diminishing your potential income.
This article aims to provide insight into my experiences and expectations as a publication owner; other owners may have different approaches.
Kim Rody, I wrote this with you in mind; I hope it proves helpful. You have my unwavering support, regardless of your decision.
Written by Robert Ralph
Video Description: Discover the essential steps and considerations for starting your own publishing company, including insights on taxes, ISBNs, and business strategies.
Video Description: Learn how to effectively initiate and manage a publishing company, with practical advice for aspiring publishers.