No, I don't think it would have to, in fact, I think it might even give it a broader appeal. Much of the things you could write about would have universal appeal. A focus on general overlanding, a bit of everything, and full feature articles.
If it was my magasines I would have some reagular feature collumns/sections in every edition. Typically: product testst(gps, tents, water filters, etc), itineraries, packing lists for different vehicles/seasons/areas, country feature information, etc... Maybe you could find some experts on different fields to write regular articles for you for free or cheaply? You could for instance use profit sharing models with yournalists to reduce financial risks. I am sure there are lots of people out there who would just love to write for you (overlander geeks, yournalist students, etc).
What competing magasines are there?
If you have much time on your hand and don't want to risk much money, you could always start out with a pure internet magazine and expand into paper later. When in paper, you could start out with a quarterly magasine and increase to monthly if the demand is great enough. One benefit of an internet magasine is that you could for instance publish 1-3 articles a day, or every third day or something. This way you wouldn't need a "fully featured magasine" with every release/update. A drawback is figuring out how to get paid.
You have to ask yourself why you want to do this. Extreme wealth? Something nice to do with a bit of money? Does it have to be your baby alone or would you think it okay to share control with someone? How comitted are you to do the work?
What most people who start up businesses seem to forget (unless they have shit loads of venture capital), is that they get all the job descriptions they would never apply for in other circumstances. Maybe what you want to do is write articles and share the wonders of overlanding, but after the articles are written, someone has to fill the shoes of the following: the janitor, the secretary, the marketer, the foot in the door sales man, the phone marketeer, the erand boy, the mail boy, the financial officer, the programmer, the project leader, and all the other jobs that need to be done in order to get a business running... the problem, if you are alone, all these functions are YOU! Once production is done with (writing articles), you have to try to get businesses to advertise with you, get people to pay up what the owe you, convince people to buy your product, convince people to invest their time or money into your business, get other businesses and people to promote you, clean the toilet, brew the coffee, deliver the mail, pay the bills, fix the broken computer, satisfy the wife, and what not.
Your initial dream might have been freedom while you end up becoming a slave of your own business 24/7/365. If you are going it alone, don't be over ambitious in the begining. Maybe start out by having it as a hobby, expanding on it as you gain experience and accquire a solid customer base.
Check out how much it would cost to print 1.000, 5.000, 10.000 mags. Figure out how much time it would take to make it (aqcuiering the journalistic content, making the layot, etc)... Lets say you sold it for 5-7 Euros. How many would you need to sell in order to be satisfied??? If you did everything yourself and had no one else on the pay roll?
Maybe you could do it next to your day job for a while, just to see if it is worth while? Spend a year or so to make your first edition and see how many you can sell? If you know your way around computers and software, or are willing and able to teach yourself, this dosn't need to be a big risk project... I'd say start tomorrow (sometimes it is both cheaper and easier just to test things out than to analyse the hell out of things)... If you plan to just be the boss of things and invest large sums of money, I'd do some serious research and planning.
Over all, if you are willing to do all the shitty jobs, and money is not the really big issue here, go for it now!
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