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I did some years ago, and although in retrospect it turned out to be worthwhile as a learning experience, I wouldn't do it again. Like someone said above, 'Why? There's the internet now.'
It was a Harley orientated monthly publication and actually showed a minuscule profit from day one, yet the time involved was brutal. A two-man operation, we did all the:
Layout and design
Wrote the articles and/or edited submissions
Photography
Ad sales
Majority of the distribution
Pre-print set ups
Promotion/ad trades with other publications
And that's just off the top of my head. Probably worked out to where we were making about 50 cents an hour and killing ourselves doing it. The only good part was we advertised our own products and events so there was that upside factor.
Overall, it wasn't worth it and this was long before the net.
I'd recommend that if you have a good concept, build it on the web. It'll be 10% of the cost and work of print and you'll have a ton more upside potential.
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