8 practices of successful entrepreneurial journalists
Editor's note: This post was updated 3 June with an eighth best practice. For the last seven years I have been interviewing and profiling successful entrepreneurial journalists in various countries of various socieconomic classes. I've talked to publishers and editors with staffs of as many as a hundred as well as some one-man/one-woman bands. The ones that survive and thrive after several years share some common practices: 1. They develop multiple sources of revenue. They embrace sponsorships rather than advertising, memberships rather than subscription paywalls. They recognize that they can't make money on standard cost-per-thousand or cost-per-click advertising rates. They seek sponsors who embrace their mission and core values. They monetize their audience by creating clubs or groups of members who support their journalism mission. They can actually charge much more than a subscriber would ever pay. Among other revenue sources: direct sale of products such as books, mu...