If you are looking at a newsagency , Australia is the place to check out. On a per capita basis, Australians rank amongst the highest in consuming news in the world.
Specifically in the country, this industry ranks second only to supermarkets in terms of customer traffic counts.
The core product range for this sector includes magazines, newspapers, greeting cards, and stationery.
The first important point to keep in mind is what your goal is in owning this type of company. Do you want to improve your writing skills? Do you want to enhance people's access to the facts?
Maybe you just want to help other sharpen their investigative skills. Maybe you would like to jump right in and are investigating a newsagency business for sale.
There are many startup costs involved in this sector. How will you pay for advertising? Think about other office supplies you'll need, paying reporters, and printing newspapers. You'll also need to consider how to pay for distributing newspapers.
Next, decide how many people you'll need to help run your company. Because of technological advancements, this has been streamlined. Consider the goals of your company so you can identify the best people to hire.
Determine the prices you'll charge for ads covering a quarter, half, and full page. Send your offer to all local businesses that might be interested. If you cover news relevant to their industry, they'll be likely to work with you.
Be sure to set up a business banking account. It is okay to mix business and personal expenses in one account. However, for tax purposes and audits, separate accounts work best.
Consider how much each copy of your newspaper will cost to print. Who will you hire to do the work? Who will you hire to distribute all the copies?
Keep in mind running a news agency involves making challenging decisions. While your goal may be to share the truth, you will need to make tough decisions at times. These decisions may conflict with your views as a news reporter.
Be sure to hire the best staff possible. Work with people who are honest, reliable, and trustworthy. The best employees are people you barely have to manage.
If you are looking at selling a newsagency business, there should be buyers willing to pay your price. If you are thinking about buying a newsagency business, you may have to pay a very high premium.
About the Author
This Wiki was written by Andy White, CEO of Biz Trader .