She Strengthens

The Unvarnished Truth About Building a Media Business

A Peek Behind the Curtain

As I scrolled through my Twitter feed recently, I stumbled upon a jaw-dropping job posting: a Managing Editor position in NYC for a mere $10 an hour. The irony wasn’t lost on me – a role that demanded creativity, responsibility, and a willingness to live on a shoestring budget in one of the world’s most expensive cities. It got me thinking about the harsh realities of the media industry, where exploitation often masquerades as “opportunity.”

The Struggle is Real

We’ve all heard the horror stories: editors earning minimum wage, writers coerced into sharing uncomfortable truths, and countless hours of unpaid labor fueling media empires worth millions. It’s a toxic dynamic that stifles diversity, creativity, and entrepreneurship. Yet, I took the leap, driven by my passion for creating something meaningful.

From Humble Beginnings

My partner Lauren and I transformed The Financial Diet (TFD) from a personal blog to a full-time endeavor, with a part-time team member and a steady, if modest, income. We achieved this through a combination of luck, hard work, and strategic decisions. A grant from the Green brothers’ foundation helped us establish ourselves as a business, while our partners’ stable incomes ensured our bills were paid. I also continued to freelance, which kept my income stable, but has since dropped significantly.

The Luxury of Support

It’s essential to acknowledge the privileges we’ve enjoyed. Our partners’ financial stability, Marc’s technical expertise, and our ability to freelance have been game-changers. Not everyone has access to these luxuries, and it’s crucial to recognize the advantages we’ve had.

Growing Pains

As we expanded, we invested in our infrastructure, including a site redesign that cost around $4,500. Maya, our Editorial Assistant, joined us in summer 2015, working 20 hours a week at $20/hour. Our goal is to move her to full-time, but that requires continued growth. Lauren and I don’t take a salary; instead, we use programmatic ad revenue to pay Maya and save for future projects.

Transparency Matters

We’re committed to radical financial transparency, which means sharing our challenges and successes. We’ve worked on several projects and campaigns, but we’re not yet at the point where it’s a full-time income. 2016 looks promising, with a salesperson on board to manage accounts and help us scale.

Prioritizing Sustainability

Our contributors are mostly unpaid, but we encourage them to pitch their work elsewhere to secure fair compensation. It’s our priority to become profitable independently, rather than relying on community funding. We believe in the importance of paying contributors, but we’re not there yet.

The Slow and Steady Approach

Building a media business is a marathon, not a sprint. We’ve made significant strides, but we’re committed to slow, sustainable growth. Our traffic, social media, revenue, and team have grown steadily each month, laying the foundation for long-term success.

A Promise of Honesty

As we continue to grow, we promise to remain open and honest about our journey. We appreciate your trust and willingness to share your own financial stories with us. In return, we’ll strive to be just as transparent, because that’s the least we can do.