From the CUNY School of Journalism Wiki, an interesting page on alternate revenue models for news publications. Many of these revenue ideas would work for any small publication. Most of them focus on the internet (no surprise).
My favorite: the Newsroom/Cafe…
Here’s an extreme variation on the community building idea: news organizations that own a coffee house. Rather than erecting soaring office towers that “blur the boundary between inside and out, between the life of the newspaper and the life of the street,” some have argued that new news organizations should put their newsrooms in coffeeshops, the public square of the Internet age. [...] This is actually happening in the Czech Republic.