Online Magazine vs. Boutique... What's More Fastlane?

[LadyMillionaire]

I am torn between what business to start. I am already a successful blogger, but it doesn't pay the bills.

I know the goal of the fastlane is to be a producer so ideally, I'd be a manufacturer of clothes that also distributes a magazine, but sometimes you have to crawl before you walk. I just quit my 9-5 and I need income NOW! The ultimate goal is to produce my own garments like an ASOS.com or TopShop.com and have an online magazine as they both do, but for now... where should I focus my efforts: creating an online publication where I earn money off subscriptions and ad sales or an online boutique where I make money from selling garments?


Both the magazine and boutique are scalable because they are online based and can have international customers.
Both cater to a niche market that is under served.

If I want an average of $10,000 per month IN SALES in the first year:

Magazine - I'd have to sell $10,000 in ads and subscriptions

Boutique - I'd have to sell $10,000 in merchandise and at an average $50/garment

The costs of both would probably be $5000 per month to produce the magazine and again to buy merchandise for the boutique.

I think either will be successful and a hybrid of both is probably best, but what do you think?

 

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[Models & Moguls]

WOW I'm in same situation!

I was taking a mental break from building an e-commerce platform for my fashion/lifestyle blog/social network and decided to check out the author of this amazing book I just read's website and found your thread which is literally the question I've been asking myself for several weeks!

When I read 'Millionaire Fastlane' I was already in the midst of a dual prong attack to launch my 3 year old blog in both a magazine and an online boutique.

In my case, I believe the two projects resonate with one another....through my association with a local brick and mortar boutique owner and the on the ground research I've performed, I've learned that many boutiques in my city have either no e-commerce or e-commerce with no traffic and/or no online customer relationship management.

They can benefit from the exposure and exposition of a print magazine blended with accompanying links on my website and the channels I push my content.

At the same time, I am building my e-commerce solution to market the merchandise of my brick and mortar boutique partners (who didn't have e-commerce until I came along)...who are also ad prospects or customers!

And of course what better way to promote your website store then a magazine?

I've done as thorough spreadsheet cost/revenue analysis as I could do without being struck by paralysis by analysis and realize that yes...depending on how much ad inventory is sold at rates competitive to similar magazines in my area, a respectable profit can be realized and that profit may be scaled, as I grow my circulation and sales operation.

The magazine has the greatest potential for immediate revenue...but in my case it totally hinges on my success at selling my ad inventory.

However I believe the e-commerce/online boutique has greater 'fast lane' potential...as it lends more to scale and automation...especially if you take note of the plays being made by many of these 'Flash Fashion' sites...not so much the limited time only deals but the immersive social media marketing they use to move merchandise.

But my challenge is that I am a one man show.

I have to code, write articles, design layouts, write sales copy, sell ads, do everything myself.

Yes I have a few 'partners' who have or have committed to making contributions in terms of graphics, photography and editorial content but the time cruncher and crux of the project, as I see it, is the advertising sales cycle and coding.

So I have extreme doubts as to whether I am doing the right thing much less what MJ would advocate.

But for better or for worse, I deal with my doubts by writing code, writing sales copy, writing magazine articles, tweaking my spreadsheet, building a ad prospect list, getting better printing/graphic prices, etc.

I wish I could give you some smart advice...but I am beset by the same puzzle...and my approach could very well be on a fool's journey.

In fact, I'm so boneheaded that the only reason I even responded to your thread is in the vain hope that either you or some one else in this forum could provide practical and executive insight with "how"; not "why" or "should".

(Has anybody out there wrote zen cart modules? Would anybody like to sell ads for commission? Are there any graphic designers out there who would like to partner with me? Are there any fashion/lifestyle/ entertainment website owners with decent traffic who would like to run ads? Anybody out there with a provable track history-ex.good e-bay/amazon seller rating- of fulfilling online apparel/jewelry/accessory orders? etc.)

Anyway...that's my 2 cents...good luck LadyMillionaire...please keep me posted on your journey.

This is my first post...I hope I adhered to community guidelines.
-J a.k.a M&M

MJ if you are reading this thread...let me tell you your book was one of the most profound and insightful business books I've ever read in my life...and probably THE most practical. And I have read alot of business books.

Whether or not I follow all of your principles to the letter, I feel as though reading your book helped me make a breakthrough, not just in business, but in life...and I am looking forward to the day when you will be able to use my story as a successful case study.

With great respect,
-J

I am torn between what business to start. I am already a successful blogger, but it doesn't pay the bills. <br>
<br>
I know the goal of the fastlane is to be a producer so ideally, I'd be a manufacturer of clothes that also distributes a magazine, but sometimes you have to crawl before you walk. I just quit my 9-5 and I need income NOW! The ultimate goal is to produce my own garments like an ASOS.com or TopShop.com and have an online magazine as they both do, but for now... <strong>where should I focus my efforts: creating an online publication where I earn money off subscriptions and ad sales or an online boutique where I make money from selling garments?<br>
<br>
<br>
</strong>Both the magazine and boutique are scalable because they are online based and can have international customers.<br>
Both cater to a niche market that is under served.<br>
<br>
If I want an average of $10,000 per month IN SALES in the first year:<br>
<br>
Magazine - I'd have to sell $10,000 in ads and subscriptions<br>
<br>
Boutique - I'd have to sell $10,000 in merchandise and at an average $50/garment<br>
<br>
The costs of both would probably be $5000 per month to produce the magazine and again to buy merchandise for the boutique.<br>
<br>
I think either will be successful and a hybrid of both is probably best, but what do you think?

 

[biophase]

I am already a successful blogger, but it doesn't pay the bills.

Question: What are the metrics for being a successful blogger?

Is it vistors per day?
RSS feed subscribers?
Income?

Just wondering because you state that you are and then say it doesn't pay the bills. I know that money isn't everything but how do you measure success as a blogger?

 

[MJ DeMarco]

MJ if you are reading this thread...let me tell you your book was one of the most profound and insightful business books I've ever read in my life...and probably THE most practical. And I have read alot of business books.

I read the thread. Thank you for the feedback.

So I have extreme doubts as to whether I am doing the right thing much less what MJ would advocate.

I advocate pursuing a business where the product/service is what people want, need, and demand. It makes the job much easier.

 

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