Journalism Venture Company
1. Business Plan (individual project) 1000 words Write a business plan for a small journalism venture company. For this plan map out the details of your entrepreneurial journalism startup. It must identify a gap in the market – what audience do you aim to serve? What challenges do people in your audience face in their daily lives? What do they already read/watch/listen to? How do they access information? When you understand your target community you’ll be able to start to understand what already exists and what people need. For example, you might realize that in a community of Chinese-speakers, people rely on English-language blogs for information about schools in Melbourne. Or the latest research and development on electric vehicles might not be available on a convenient platform. How to research your start-up: Interview people you know in Australia on what types of news information they’re reading now and what they’ve tried searching for but can’t find. Your start-up could fill those gaps. One of the best ways to lay the groundwork for the development of a new journalism venture idea is to listen to people you are interested in serving. This step forms part of your market analysis. The business plan should address the following: -The mission stating what you’re offering readers -Narrow down by explaining what makes your company different. What unique features does your site/platform offer? Using the information you’ve gathered, why are you offering these features? -What business model would your news company use? You need to demonstrate your understanding of digital-era business models. As media organizations become less reliant on advertising, will you be asking audiences to pay directly for the journalism or will you try other revenue-raising initiatives? Explain your process of elimination. -Analyze current market conditions. You may want to include case studies of major publications (i.e. The Age, The New York Times) or a smaller publication that interests you. -Who are your competitors? -What tone of voice will you use to inform your audience? Why? -With a small start-up budget, how will this affect the quality of your company’s journalism? Look at examples of two successful examples of journalism startups. How do they manage to survive with minimal staff, produce good journalism, and stay afloat? -The assignment is to be submitted via Turnitin.