Why Publishing A Digital Magazine Is So Darned Smart

Boost Your Profit Potential (Part 2 of 7)

Welcome back!

Miss part #1? Pick it up here.

Steph here today, and we’re going to talk about increasing your profit potential.

It will not be news to you that running a business requires that you bring in revenue. Otherwise, you have a hobby (and perhaps a very stressful one at that!).

There are a myriad of ways to bring revenue in the door — many of which require that you’ve been doing the work (marketing and bringing in new leads, talking to prospective customers/clients, launching or having closing-conversations) on an ongoing basis. If you’ve been doing this consistently, chances are good you’ve got a healthy stream of income coming in.

But what if you don’t?

Or what if you’re new to business?

We believe there are long-term, consistent things you need to be doing regularly to grow your business – we do them too. There is just no replacement to showing up and doing the work – every. darn. day.

AND – sometimes, you just need that surge of income. Maybe it’s to fund a vacation, a new business course or to upgrade your lifestyle.

You don’t want to wait weeks, months, maybe even years to slowly build up a nest egg to use — you want a cash injection pronto.

That’s where a catalyst strategy like a digital magazine comes in.

Let me tell you a story:

When I decided to launch my first Going Pro magazine, I was just coming off a (very short) mat leave with my daughter. My business had been moving along slowly but surely (more slowly than surely) because I had a 17-month old son at home, we had just moved and my husband had recently started a new job.

I knew I needed something to kick-start my business again — something more than just blogging weekly and tweeting out other people’s links.

And I knew that it had to be something big – and I wanted to do something different  rather than just the same-old, same-old that clogged my inbox (more on distinction in part #4).

So I launched the first issue of Going Pro magazine. And while the primary purpose (part of our 5 P’s of Planning inside the Mags to Riches course) was to build my list, my secondary purpose was to bring in revenue.

And I did – much more than I anticipated.

WIthin a week of launching, I had 1500 subscribers and had made five figures as part of a beta program launch.

Now five figures might not seem like much to some of you (or maybe like a heck of a lot to others), but for me — a sleep-deprived mama of two kids under two, I was elated. And that revenue set the stage for long-term revenue in repeat clients and new business from my expanded community.

***

As we prepare for Fall, it’s a great time to start thinking about where you’re going to bring in revenue for the rest of 2013 (you’ve still got lots of time to change the game!).

And while you likely have some pretty established revenue streams in place whether that be a service, product or program, it may be time to consider a catalyst revenue generator that will boost your profit potential in a BIG way (and give you that added confidence and momentum).

For us, that catalyst is the Digital Magazine.

A digital magazine has the power to really explode your list and your profit potential, and here’s why:

  • There are many ways to monetize a magazine – from advertising, subscription, sponsorship, affiliates to back-end sales (or a combination) (we teach an entire Profit Master Class inside the program to help you find the best way to monetize your magazine)

  • If you’ve spent even two minutes online, you know that the maxim ‘Content is King’ is heralded as truth as providing great content creates know, like and trust that primes people to buy. Well, what better content value than a beautifully designed, content-rich digital magazine that extends way beyond a quick blog post.

  • Once people subscribe to your magazine, you have the ability to have a focused conversation with your readers/subscribers and ready them to work with you – example: my first Going Pro magazine directly lead into my program “Making it Big in Business” (now called Primed for Profits). The conversation was very aligned and it was an easy yes to step into the program.

  • You can incorporate a magazine into your regular marketing mix – meaning, if you publish quarterly, you could easily get a healthy cash injection four times a year beyond your regular revenue streams

We hope we’re building a case for while publishing a digital magazine is such a fantastic strategy to leverage in your business.

But regardless, make the rest of 2013 count. Look for the ways you can bump beyond your current income level and end the year with a bang. Whether that’s following up with previous customers and clients, introducing a new revenue stream, expanding on one that’s already working or just letting fear step aside while you do the work — the truth is you’ve still got time to make this your most profitable year yet.

You can do this!

And if you love the idea of using a digital magazine to boost your profit potential, our signature program, From Mags to Riches is now open.

Here’s the cool thing – you could have a beautiful digital magazine, a huge growth in your list and a cash infusion — all before we toast glasses on January 1. How thrilling would it be to start on the new year like that?!

You can check out the program details at  http://frommagstoriches.com — and join a community of digital magazine publishers who are truly reaping the rewards of going the extra mile.

Steph & Gina

p.s. watch for part #3 on Friday. We’ll be talking about how a digital magazine can grow your visibility fast (perfect if you’re just starting out OR if you’ve felt like you’re invisible!)