Ahhhhhh, the media.
Where would we be without it?
Probably less informed, but also hopefully less mis-informed.
Do with that what you will.
In all seriousness, media is made up of five different forms of widespread communication:
Television, radio, cinema, newspapers, magazines, and blogging based websites.
So if you have a passion for one or several of these communications outlets, then you might be considering starting a media company.
In this article, I’m going to cover 7 different tips you need to know before starting your own media business in 2021.
I’m Ippei, an entrepreneur and expert in all things passive income, online business, and local lead generation...
And I will be your guide as we navigate the twists and turns of the massive industry that is known as media.
Plus, I’m going to break down the profit margins and revenue potential for launching a media company, so that you know what you’re really getting into.
So let’s get started.
How to Start a Media Company in 2021
Thinking About Starting a Media Company? Here's What You Should Know First:
Media is everywhere. There’s news media, and social media, and digital media. But if you’re planning to start your own media company, you’ll need to clearly define your target audience, choose your monetization strategies, diversify your media outlets, and build a website to get started.
Start Up Costs
While this list is not a comprehensive compilation of everything you need to start a media business, it provides a snapshot of what you need to add into your business plan.
7 Step Quick Start Checklist:
1. Clearly Define Your Audience and Niche
Before you can take any practical steps towards starting your own media company…
You have to clearly define your audience and target niche.
Every media outlet in existence has a target audience that they are speaking to.
Even news outlets that are supposedly just reporting on world events have a defined niche and target audience.
Their niche is delivering local or global news…
And their audience is usually based on a specific political slant.
Whether stated or unstated, most American news media outlets are known by whether they are labeled as a “conservative” or a “liberal” media source.
So regardless of what type of media company you want to start, you need to define these two categories clearly, first.
Whose attention do you want to get?
Will you attract your readers and content consumers based on demographics, political affiliation, or a niche interest?
Before you can become successful as a media outlet, you have to know whose attention you are vying for.
Speaking clearly and directly to your target audience is how you will be able to build a brand and monetize your content.
In short, without a niche or an audience…
You don’t have a media business.
Because at the heart of what a media company…
Is an influencer.
So even if you're not the stereotypical beauty guru YouTuber type of influencer…
If you are starting a media company…
The goal is influence, and with an audience comes the influence.
2. Provide Clear Value
After you have taken time to carefully and clearly define who you content is for…
You have to turn your attention to the value that you will provide.
Have you ever read content from tabloid style paparazzi digital media outlets?
The type of articles that report on which celebrity was seen out on a date with another celebrity?
Half the time, these articles are so poorly written that they are essentially composed of the same three lines of information that has been re-spun and reframed 5-10 different times.
They have horrible grammar and spelling, and the quality is in the trash.
You aren’t going to get anywhere with content like this.
And I don’t mean the celebrity reporting part of it.
I’m talking about the quality and value that they are providing.
As a small media startup, you cannot afford to skimp on value.
You will need to be on top of your game.
Every article needs to be thoroughly researched and well written.
Your content needs to be edited, and formatted.
You cannot afford to half-ass your content.
The world of digital media is heavily saturated, and you will likely be competing for your readers’ attention against much bigger digital media players.
What will people get by consuming your content, and what value do you bring to the saturated table of digital content?
If you can’t answer this question…
Then you aren’t ready.
Plain and simple.
3. Consider Avoiding Print When Starting Out
Digital media is becoming the standard for companies across the world…
And while print isn’t necessarily dead, it has some significant shortcomings.
For starters, involving print into your media company will highly increase the startup costs of your business endeavor.
And in addition to the weighty costs of involving printed magazines or a newspaper into your distribution strategies…
You will lose some of the key benefits of digital publication:
At some point, your media company may grow large enough that having a printed version of your publications will be a valuable asset.
However, it is usually a bad place to start.
For Example:
Chip and Joanna Gaines established a large name for their Fixer Upper brand, and were producing media content online and on television long before the creation of the Magnolia Magazine publication. There was a demand for their printed content because they had already invested the work into building a reputation and a brand.
If you are passionate about keeping printed publications alive…
Don’t give up hope!
It can be done.
But be strategic about your approach.
It takes time, and hard work to develop a successful print magazine or newspaper in a world that is now wired for digital content.
4. Determine Your Monetization Strategies
As the avenues for media outlets have shifted away from mainstream television and printed publications to strictly online and digital outlets…
The revenue streams and monetization of media companies has shifted with them.
Making money isn’t going to come down to how many newspapers you sell anymore!
And TV advertisements are restricted to the major players, rather than small startup companies.
You will need to be strategic in your media company monetization strategies, because this will be the lifeline of your business.
Especially if the majority of the digital content you create is going to be accessible for free.
Some of the main ways that modern media companies are monetizing their content is through:
Advertisements are definitely the number one method for monetizing a modern day digital media company.
No matter which outlets you are using to get your content out there…
Ads are going to be involved.
Whether that’s through a blog, your Youtube channel, or even a magazine if you decided to go that route…
Advertisements will be your number one method for monetizing your content.
The key is to do this strategically.
Yes, ads will make you money.
But if you have ads scattered across your blog left and right…
It’s going to be distracting, and a major turn-off for your readers!
Likewise, if your Youtube videos are spliced ten different times with advertisements…
You’re going to lose people’s attention, and probably irritate them!
Choose when and where to place ads, and be strategic about who you allow to advertise in your space.
The brands that you partner with for ads should be representative of the interests and values of your subscribers.
Don’t bombard them with useless or scammy ad content simply for the sake of making money.
Remember, it all comes back to value.
Brand products are another great way to monetize your media company!
Granted, it takes some work to get to this point.
This is because most people won’t have an interest in your branded products until they are fully committed to your company as a whole.
Once you have a loyal base of avid subscribers…
Then you can start introducing branded products like:
To further diversify your revenue streams.
And finally, there’s nothing wrong with throwing in a little affiliate marketing into the mix!
Affiliate marketing is beloved by bloggers, YouTubers, and influencers everywhere.
And even larger media outlets are starting to want in on a piece of the affiliate marketing pie.
By promoting products throughout your digital content…
Your subscribers can use an affiliate link present to purchase that product, and then you get a small cut of the profits.
If you’ve already put in the work to scale and grow your media company subscriber base…
Affiliate marketing could add a significant boost to your profits!
5. Diversify Your Outlets
If you haven’t noticed yet…
Most digital media companies don’t just produce content in one form.
If you just have a blog…
Then yes, you are producing consumable media content, but you’re really just a blogger.
A media company produces media in various forms.
Whether that’s through print, blogging, video, or even audio like podcasts.
Diversifying your media outlets will be crucial for expanding your audience reach, and growing your media company.
Some of the best and most common forms of diversifying your media outlets are:
That doesn’t mean that when you first start out that you have to be creating content in all of these different forms!
Start small with the intention to expand.
Personally, I highly recommend exploring the podcast outlet.
Podcasts are changing the way that media is consumed…
And rather than social media platforms like Instagram and Tik Tok, where attention spans are short…
Those who engage with content via podcasts are actively engaged listeners who are there to learn and connect…
And there is a much greater capacity to build a loyal base of listeners and subscribers.
Which will in turn create a greater opportunity to expand your brand through merchandise and advertisements.
6. Build a Website
Regardless of the various media outlets that you decide to explore…
One of the best places to start when establishing your media company is to build a website.
This will be true for bloggers, magazine creators, podcasters, and video content creators alike.
Your website will be the hub for all of the diverse content that you create, and it will be a representation of the brand and business that you are building.
If you have it in your startup budget, I highly recommend working alongside a professional graphic designer or web designer during this process.
Branding your media company is not something to take lightly, as your brand is how you will be known to your readers and subscribers.
Having a graphic designer involved will be helpful when creating a logo for your media brand, and in creating a seamless, professional, and user friendly website.
However, if you don’t have the budget to hire a graphic designer or web designer to assist with the branding process for your media company…
Don’t be discouraged!
There are some amazing creative resources available that will help you to create a logo and website for your media business for free or at an affordable price.
When it comes to logo design, Canva is a great resource!
They are essentially an online graphic design platform for those who are either not creatively inclined…
Or simply want an easier alternative to traditional graphic design programs like Photoshop or InDesign.
They even have a free logo maker!
If you are looking to build your entire website yourself, and you aren’t experienced in the complex world of coding…
There are some surprisingly simple template-based website builders available such as:
And if you want to learn more about how you can leverage your website to create business...
Check out our course on local lead generation, here.
7. Create Exclusive Content
As you get further along into your media outlet journey…
You will inevitably start to build up your reputation and audience reach.
And your actively engaged listeners, subscribers, or users (whatever term is applicable for your business structure) will become heavily invested in your content.
This presents a fantastic opportunity to add value (and profit) to your monetization methods.
What do I mean by this?
I’m glad you asked.
Two words: Exclusive Content.
What is exclusive content?
Extra content that you produce that isn’t available to the masses via your typical outlets.
Typically, this content is only available to a select few at an additional price.
Sometimes this looks like content that is higher in value due to being packed with extra information…
But oftentimes (especially in the case of media brands that are based around individual people) exclusive content is as simple as sharing pieces of your personal life.
For committed subscribers, getting a glimpse into the daily life or “behind the scenes” of their favorite podcaster or blogger is worth a good chunk of change!
Patreon is a common method for monetizing exclusive content that has been used by many different content creators including YouTubers and podcasters.
While subscription levels are a great way to dip your toe into the water of exclusive content by offering additional levels of access for different subscription packages…
Exclusive content goes a step beyond this by offering something that is completely unique to the rest of the content you release or produce…
And it relies on selling power of exclusivity.
Everyone wants what they can’t have, and everyone wants to feel as if they are a part of something special.
This is what makes exclusive content so powerful.
Pros and Cons
of starting a media company
Pros
For many aspiring entrepreneurs, one of the greatest draws to launching a business is the freedom to set your own schedule. There’s no boss to dictate your day, or look over your shoulder… You are in control of your time. This can be both freeing, and stressful. But for most small business owners, it is one of the most gratifying aspects of being self employed.
Media is a broad term. And there is beauty in this, because it allows your media company a wide variety of outlets to monetize. This can be anything from a blog, to video content and podcasting. If you are the type of person who struggles to niche their creativity into one specific outlet... then starting a media company may be perfect for you, as it will offer you a vast expanse of creative mediums.
Whether it’s social media, TV media, or print media… We are constantly inundated with media in various forms, and the media world is a consistently growing and evolving industry. This is good news for anyone considering launching their own media company. If you are willing to continue to grow and pivot with the industry, you’ll be set. Because it’s not going anywhere.
Cons
If you have any visions of earning steady passive income from your media business from day one… I encourage you to lay those aside. Your income as a media company will be directly linked to your hours. While owning your own media company can eventually lead to consistent passive income, that is a long road ahead.
Because the world is dictated so heavily by the media in all her forms, it has become a heavily saturated industry. You will need to be prepared to stay afloat in this industry, as more and more people want to take a piece of the media pie for themselves.
Everyone has to start somewhere, but there are some big name players in the media world that your company will probably be up against. The best way to combat this is to heavily niche down and provide clear value. Eventually, you may be able to directly compete with the big name competitors around you, but it’s best to start small and focus on doing one thing really well in the beginning.
Starting a Media Company Can Work, but Lead Gen is Better... Here's Why:
We live in a world that is drowning in the media.
Whether it’s news media, or social media, or even just a new Netflix documentary.
Media is everywhere.
Which is why the harsh reality of starting a media company is that you will constantly struggle to shout above the noise.
Is there a potential for profit?
Yes.
But getting there isn’t going to be easy, and there are literally no guarantees in the media industry.
It’s sink or swim.
Personally, if I were going to start a business in 2021…
A media company wouldn’t be it.
Over six years ago now, I left my typical 9-5 job that was barely paying my bills to explore the world of online business and passive income.
I tried everything.
Drop Shipping.
Affiliate Marketing.
You name it.
But the business model that changed everything for me was online lead generation.
Local lead generation literally took me from barely making 2K per month to bringing in over 50K per month in passive income in less than five years!
Plus, I was able to help small businesses grow and thrive by supplying them with a steady stream of new leads.
And guess what?
Anyone can learn how to leverage the localization abilities of Google alongside strategic SEO to generate leads.
Even you.
So if you’re ready to explore a business model that is in high demand with the potential for limitless passive income…
Then click here to learn more about how we can help you get started with local lead generation today.