How to Start a Journal Business

Journaling has seen a resurgence among millennials. Not as a diary, as with previous generations, but more as a way to increase mindfulness and improve memory and communication. The market’s already filled with choices – happiness journals, gratefulness journals, Bullet journals, and more. If you have an idea for an appealing journal brand and a flair for design, you could start your own journal business. There are a host of journal design software programs that you can use, and you can have them printed and bound, and then sell them at a markup to make good money.

To get started, though, you need to prepare yourself with some entrepreneurial know-how. Fortunately, this step-by-step guide contains all the insights and information you need to start a successful journal business.

Step 1: Decide if the Business Is Right for You

Pros and cons

To clarify, a journal is usually a blank book to write thoughts in. There are also guided journals that offer prompts or questions to answer. Some journals have themes, and encourage you to write things like what you’re grateful for, or happy thoughts.

Starting a journal business has pros and cons to consider before deciding if it’s right for you.

Journal industry trends

Industry size and growth

Industry data specific to journals is not available, but they fall into the paper stationery market, as journals are often sold in stationery stores. 

• Industry size and past growth – The US stationery products market is worth $5.9 billion in 2022, and has been in steady decline for the last five years. However, these numbers reflect the decreased use of paper cards and notes. Journals are rising in popularity.((https://www.ibisworld.com/industry-statistics/market-size/the-retail-market-for-stationery-products-united-states/)) 
• Growth forecast – The US stationery products market is expected to continue to decline in the coming years.

Trends and challenges

Trends in the journal industry include:

• Shared journaling is becoming popular, where two or more people use the same journal and respond to each other’s entries. 
• Journaling with a purpose, i.e. to improve positivity or confidence, is trending. The journals generally ask daily targeted questions to create this purposeful experience.

Challenges in the journal industry include:

• When something like journaling is trending, it means that new types of journals are being sought out. This means that journal businesses may constantly need to update their product offerings or expand into other related products, like weekly planners.
• The low barriers to entry for a journal business make it a highly competitive market.

How much does it cost to start a journal business?

Startup costs for a journal business range from $2,200 to $5,400. Costs include journal design software and an initial order of a prototype of your journal that you can sell to test the market. 

Alternatively, you can find a print-on-demand supplier that will print your journals as they are ordered and package and ship them directly to customers. By doing so, you won’t need to spend money on an inventory of journals.

How much can you earn from a journal business?

Journals with special cover designs and themes, such as positivity, sell for about $25. Your cost to print the journal should be about $15, for a profit margin of 40%. If you order in larger quantities and hold inventory, your printing cost could be far lower. 

In your first year or two, you could work from home and sell 15 journals a day, bringing in $137,000 in annual revenue. This would mean $55,000 in profit, assuming that 40% margin. As your brand gains recognition and you ramp up your marketing, sales could climb to 25 journals a day. With annual revenue of $228,000, you’d make a tidy profit of $91,000.

What barriers to entry are there?

There are a few barriers to entry for a journal business. Your biggest challenges will be:

• Finding a supplier to print on demand and drop ship for a good price
• The competition from other journal companies

Related Business Ideas

If you’re still not sure whether this business idea is the right choice for you, here are some related business opportunities to help you on your path to entrepreneurial success.

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Step 2: Hone Your Idea

Now that you know what’s involved in starting a journal business, it’s a good idea to hone your concept in preparation to enter a competitive market. 

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

Research journal businesses in your area and online to examine their products, price points, and customer reviews. You’re looking for a market gap to fill. For instance, maybe the market is missing a business that offers bullet journals, or productivity journals.

You might consider targeting a niche market by specializing in a certain aspect of your industry, such as gratefulness journals or positivity journals that contain journal prompts.

This could jumpstart your word-of-mouth marketing and attract clients right away. 

What? Determine your products or services

In addition to journals you could also expand into weekly planners, or sell additional products like pens to increase your revenue.

How much should you charge for journals?

Themed journals with nice cover designs sell for around $25. You should aim for a profit margin of about 40%.

Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

While your target market will be broad, journaling has become most popular with millennials. You can find them on TikTok, Instagram, or Facebook.

Where? Choose your business premises

In the early stages, you may want to run your business from home to keep costs low. But as your business grows, you’ll likely need to hire workers for various roles and may need to rent out an office. You can find commercial space to rent in your area on sites such as Craigslist, Crexi, and Instant Offices.

When choosing a commercial space, you may want to follow these rules of thumb:

• Central location accessible via public transport
• Ventilated and spacious, with good natural light
• Flexible lease that can be extended as your business grows
• Ready-to-use space with no major renovations or repairs needed

Step 3: Brainstorm a Journal Business Name

Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals.

Here are some ideas for brainstorming your business name:

• Short, unique, and catchy names tend to stand out
• Names that are easy to say and spell tend to do better 
• Name should be relevant to your product or service offerings
• Ask around — family, friends, colleagues, social media — for suggestions
• Including keywords, such as “journals” or “custom journals”, boosts SEO
• Name should allow for expansion, for ex: “Wordsmith Workshop” over “Fitness Journal Co.”
• Avoid location-based names that might hinder future expansion
• Use online tools like the Step by Step Business Name Generator. Just type in a few keywords and hit “generate” and you’ll have dozens of suggestions at your fingertips.

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create a Business Plan

Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. A business plan also enables potential partners and investors to better understand your company and its vision:

• Executive Summary: A brief overview of your business plan, highlighting key points and objectives.
• Business Overview: An introduction to your business, including its name, mission, and a general description of what it does.
• Product and Services: A detailed explanation of the products or services your business will offer.
• Market Analysis: Research and insights into your target market, including its size, demographics, and trends.
• Competitive Analysis: An assessment of your competitors, their strengths, weaknesses, and how your business compares.
• Sales and Marketing: Your strategies for reaching and attracting customers, as well as your sales approach.
• Management Team: Information about key team members, their roles, and qualifications.
• Operations Plan: An outline of how your business will operate, including location, suppliers, and processes.
• Financial Plan: Financial projections, including income statements, balance sheets, and cash flow forecasts.
• Appendix: Supporting documents, such as resumes, legal agreements, and additional data relevant to your business plan.

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you’re planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to journal businesses.

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state. 

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your journal business will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

• Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
• General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
• Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
• C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
• S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC, which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization, and answer any questions you might have.

Form Your LLC

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Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number, or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

The IRS website also offers a tax-payers checklist, and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you’re completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

• Bank loans: This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
• SBA-guaranteed loans: The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan.
• Government grants: A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
• Friends and Family: Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
• Crowdfunding: Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
• Personal: Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best option, other than friends and family, for funding a journal business. You might also try crowdfunding if you have an innovative concept. 

Step 8: Apply for Licenses/Permits

Starting a journal business requires obtaining a number of licenses and permits from local, state, and federal governments.

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration (OSHA), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package. They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money, you’ll need a place to keep it, and that requires opening a bank account.

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your journal business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

• General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
• Business Property: Provides coverage for your equipment and supplies.
• Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
• Worker’s compensation: Provides compensation to employees injured on the job.
• Property: Covers your physical space, whether it is a cart, storefront, or office.
• Commercial auto: Protection for your company-owned vehicle.
• Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
• Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business. 

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks. 

You may want to use industry-specific software, such as lulu, the Journal Creator, or Canva, to design your journals.

Accounting

• Popular web-based accounting programs for smaller businesses include Quickbooks, Freshbooks, and Xero. 
• If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial. 

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using website builders. This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

They are unlikely to find your website, however, unless you follow Search Engine Optimization (SEO) practices. These are steps that help pages rank higher in the results of top search engines like Google. 

Marketing

For your journal business, the marketing strategy should focus on highlighting the quality, uniqueness, and potential uses of your journals. Emphasize the craftsmanship of your products, the variety of designs or themes you offer, and how journaling can benefit mental health, creativity, or productivity. Here are some powerful marketing strategies for your future business:

Kickstart Marketing

• Professional Branding: Your branding should reflect the quality and personality of your journals, encompassing everything from logo and product design to your online presence.
• Direct Outreach: Connect with bookstores, gift shops, and specialty stores to stock your journals. Attend craft fairs, markets, and trade shows to showcase your products and build brand recognition.

Digital Presence and Online Marketing

• Professional Website and SEO: Develop an e-commerce website that showcases your journals with high-quality images and detailed descriptions. Optimize your site for SEO with keywords related to journaling, writing, and stationery.
• Social Media Engagement: Utilize visually-oriented platforms like Instagram and Pinterest to showcase your journals and share ideas for journaling. Use Facebook and Twitter for customer engagement and sharing journal-related content.

Content Marketing and Engagement

• Journaling Blog: Share blog posts about the benefits of journaling, creative journaling ideas, and stories behind your journal designs.
• Email Newsletters: Regular newsletters can inform customers about new designs, special editions, and journaling tips.
• Video Content: Create videos that showcase the making of your journals, journaling tutorials, or feature customer stories.

Experiential and In-Person Engagements

• Journal Workshops and Events: Host or participate in journaling workshops, book fairs, or literary events to engage with your target audience and demonstrate the use of your journals.
• Pop-Up Shops: Set up pop-up shops in high-traffic areas or collaborate with cafes and bookstores to reach a wider audience.

Collaborations and Community

• Collaborations with Artists and Writers: Partner with local artists or writers for special edition journals, adding exclusivity and appeal to your product line.
• Community Involvement: Participate in community events or collaborate with educational institutions to promote journaling, especially in creative writing or art programs.

Customer Relationship and Loyalty Programs

• Loyalty Rewards Program: Implement a program offering discounts or exclusive access to new editions for repeat customers.
• Customization Services: Offer personalized journal options, like embossed names or custom covers, to cater to individual customer preferences.

Promotions and Advertising

• Targeted Online Advertising: Use digital advertising platforms like Google Ads, Facebook, and Instagram to target journal enthusiasts, writers, and stationery lovers.
• Seasonal and Themed Promotions: Align your promotions with seasons, holidays, or events like back-to-school season to capitalize on higher demand periods.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your journal business meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your journal business could be: 

• Beautifully designed journals to boost your self-esteem 
• Need to get organized? Bullet journals to guide your life 
• Personalized journals let you be you

Networking

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a journal business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in journals for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in journals. You’ll probably generate new customers or find companies with which you could establish a partnership. Online businesses might also consider affiliate marketing as a way to build relationships with potential partners and boost business. 

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a journal business include:

• Journal Designers – assist with designing journals
• General Manager – ordering, accounting
• Marketing Lead – SEO strategies, social media

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. 

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed, Glassdoor, or ZipRecruiter. Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent. 

Step 13: Run a Journal Business – Start Making Money!

With so many millennials picking up the journaling habit, now could be the perfect time to start a journal business. It doesn’t take much to get started, and you can work from home and make some good money. If you come up with a unique idea for your journals, something that hasn’t already been done, you could be very successful. 

Now that you’ve got the business part down, go ahead and start designing your way to entrepreneurship!