We caught up with the brilliant and insightful Erica Kirkland a few weeks ago and have shared our conversation below.

Erica, appreciate you joining us today. So let’s jump to your mission – what’s the backstory behind how you developed the mission that drives your brand?

With two highly-respected, self-published titles for independent lifestyle retailers – one in Canada and one in the United States, I’m forging my own path in the publishing world as an independent, unabashed champion and advocate for small store owners. I have become one of the most sought-after thought leaders on the topic of independent lifestyle retailing in North America and I give freely of my time and resources to numerous organizations whose goals are aligned with me – educating and inspiring independent retailers with unbiased, on-point and engaging content.

Erica, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?

I studied journalism at Conestoga College in Kitchener and immediately became enmeshed in the world of business-to-business magazine publishing. I spent a few years working for major publishers and then was head hunted to work for the Canadian Gift Association as the editor of their magazine, Retail News. I quickly became the publications manager for the association, overseeing not just content but also sales and budgets for the magazine, a buyers’ guide for Canada’s largest temporary trade show, member newsletter and much more. I quickly burned out and realized that the corporate world was not for me. It was too restrictive for my personality which is much more intuitive and driven by the need for immediate action, and change!

I loved the industry – the gift industry – and the association’s board offered me the chance to edit the magazine on contract, giving me the freedom to explore writing, producing and styling for consumer home decor magazines. During my tenor at Retail News I oversaw a complete redesign of the publication numerous times. The last redesign won multiple awards including the Kenneth R. Wilson award for Best Magazine of the Year.

Shortly after we had won the award, the association decided to pull the plug on the magazine. It was well loved and had a healthy advertising base and I knew that if I didn’t take action and launch a magazine, someone else would. All my friends in the industry were saying, “You have just been handed a business, go for it – now.
Being a business owner was never in the cards for me but I knew I was the most qualified person to launch a magazine for the market and if I didn’t do it quickly, a major publishing house would move in to fill the gap in the market, especially with the healthy ad revenues that Retail News had. Within three months, the first issue of my magazine, InStore, was in the hands of 12,000 store owners from across Canada (plenty of bumps hit in those three months), but the rest is history!

With over 25 years of industry knowledge, I bring a wealth of experience in both the publishing and the lifestyle industries together to create a beautiful quarterly publication which is free for owner-operated retailers in Canada who sell gifts, decor, housewares, fashion, jewellery, artisan-goods and much more. The way I approach publishing is very much from a content perspective. My mission is to inspire and educate store owners with original and unbiased content. Advertisers do not dictate content otherwise I would not have readers. The publication is beloved in the market, has super high engagement levels and has been financial successful throughout the past decade even during the rough Covid years.
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My immediate financial success with the magazine enabled me to acquire Giftbeat in 2018. Founded in 1993 by another independent female journalist Joyce Washnik, Giftbeat is an ad-free, market-research monthly for independent retailers in the U.S., widely recognized as the ‘bible’ of the industry. Owning and operating this highly revered publication has been one of the highlights of my career.

I feel very blessed to love what I do and to have successfully launched my own publication while being able to expand my business portfolio by acquiring another top publication for the same market in a different country. Combined, I truly have my finger on the pulse of what is happening in independent gift retailing across North America. I have built a fantastic community of readers and followers who love what I do and the passion I bring to the table.

Can you talk to us about your experience with buying businesses?

Yes. After launching InStore Magazine, I purchased a U.S. publication six years later. The process was fairly straight forward, albeit stressful. Get yourself a lawyer right off the bat and insist the other party does as well. If they don’t, it will be laborious and they might not be that serious.
I have also had the opportunity to purchase other businesses and and have had my people interested in buying mine. No matter how well you know or think you know the person and no matter how much you think you can trust their word, you can’t. Get absolutely everything in writing before you move forward with the negotiation. Be very clear on what your terms are so there is no confusion. If the other party is not willing to engage or pay for a lawyer, it will be their lost. Do not cater to their terms. You have the upper hand here. As a Canadian purchasing an unincorporated U.S. business, the transaction was pretty straight forward. Setting up a USD bank account, etc., and payment processing that will allow you to charge USD funds while based in Canada can be a challenge but not impossible.

Can you open up about how you funded your business?

I didn’t! I used a $20K line of credit I had against my home. I was launching a magazine in a market I knew would spend money advertising. I carefully budgeted my expenses and calculated my revenue at 60% of what Retail News was generating – a mark I felt confident I could reach. The magazine was profitable out the gate. My accountant was astounded, and the growth of the publication is something that astounds many people in publishing. InStore is still a print magazine and we are running hefty issues – 100 pages plus with a 50/50 editorial to ad ratio – very healthy profit margins! My issues are larger than some U.S. titles in the same industry and I’m operating with 10% of their market share and way less overhead. That’s because as an entrepreneur, it’s easy for us to be able to accomplish the roles of four, five or even six corporate employees because we work harder than most, are much more driven and ambitious and 100% committed to our brand. We are backing ourselves which means we can’t stop improving, adapting, incorporating new ideas, anticipating what is around the corner, and taking calculated risks to maintain and grow your market share. I have lots of corporate competitors who will never be able to hold a candle to what I do. I’m passionate, committed, have 25 years market experience with an very wide network of connections and close colleagues who admire what I do. Relationships are key. If I had not spent the time building great relationships in the industry during my time at Retail News I would never have been able to successfully launch InStore of buy Giftbeat.

Contact Info:

• Website: www.instoremagazine.ca; www.giftbeat.com
• Instagram: @instoremag; @giftbeat_
• Facebook: InStoreMagazine; Giftbeat
• Linkedin: https://www.linkedin.com/in/erica-kirkland-5906a8a/