I publish a digital-only literary magazine called Far Off Places ( http://faroffplaces.org http://faroffplaces.org ) with a team of 4 (myself, two editors, one

I publish a digital-only literary magazine called Far Off Places ( http://faroffplaces.org http://faroffplaces.org ) with a team of 4 (myself, two editors, one designer). It has recurring revenue from email and iOS subscriptions that we've ploughed back into the project. Our initial subscription revenue has funded our expansion into related projects (launch an iOS poetry promotion app, record a fortnightly podcast, &c.) all of which we use to drive readers to the magazine. They also make us look pretty awesome on grant applications... We promote pretty heavily on Facebook (poetry & literary fiction readers are a seriously niche audience), which we use to drive traffic to the (free) side projects. From there it's just straightforward cross-promotion to convert e.g. podcast listeners into magazine subscribers.