This is how expensive it is to make a magazine
How to keep your finances under control as a media founder. A guest article by Neue Narrative founder Martin Wiens with tips on creating a financial plan.
The nasty thing about financial topics is that they usually sound much more complex than they really are. Accordingly, I hardly know any (media) founders who enjoy dealing with the topic. At the same time, I am convinced that if you want to build a successful media project, you have to become a financial professional. At least a little.
In this article, I would like to give you an overview of the costs of our magazine Neue Narrative. The list contains important cost items of a media project - and gives you a realistic idea of how much it costs to publish a magazine.
The subscription price calculator: Why we have increased our subscription prices
It sounds so simple: in the end, it's all about striking a good balance between income and costs. Below you will find a list of our magazine, which we communicated to our subscribers as part of a price increase. From this, you can also see what expenses you can expect if you want to publish a magazine yourself.
Nine tips for creating a financial plan:
1️⃣ Plan and calculate realistically and be honest with yourself. Your future self will thank you for it.
2️⃣ No matter how good your assumptions are, no one can see into the future. Build in a healthy buffer.
3️⃣ Justify your assumptions and ideally back them up with data you have already collected.
4️⃣ Always think in different scenarios.
5️⃣ Your plan is not (only) for you. It should also be easy for others to understand.
6️⃣ Financial planning works co-creatively. Involve all relevant teams in the planning and get input from roles that are close to the numbers.
7️⃣ Organize an internal sparring partner. Four eyes see more than two.
8️⃣ Establish rolling planning (updating the plan after certain time intervals) and constantly develop the plan further. Financial planning is never finished.
9️⃣ Financial topics can quickly overwhelm non-professionals because they seem so substantial. If you get stuck: Get external help! As a founder, you also need your energy for other topics.
My favorite learning path on NeueMedien.org is the one I was least keen on: "How to keep an eye on your finances". It contains a small financial glossary in which we explain financial terms so that everyone understands them. You'll also find templates for your sales planning, cost planning, liquidity planning and profitability planning. I'd be delighted if you gave the learning path a chance.
