Thinking about opening a marketing and public relations business? We tell you what you need to know to get started.
(article continues below)
Elements of a Marketing & Public Relations Company Business Plan
Your marketing and public relations company's business plan should be tailored to your business's unique traits and goals. But if it's done right, your marketing and public relations business's plan should contain a handful of sound business plan elements:
- Mission Statement – A foundational statement of your company's direction and strategy.
- Goals & Objectives – A list of mile markers on your marketing and public relations business's road to success.
- Financial, Marketing & Action Plans – Specific plans that describe your business environment, demographic targets and quantitative estimates.
Take a Look at the Competition
Well in advance of opening a marketing and public relations business in your town, it's essential to find out how many competitors you have. Use the link below to generate a list of competitors in your area. After clicking on the link, type in your city, state and zip code to get a list of marketing and public relations businesses near you.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
If you want to open a marketing and public relations business you really ought to learn from folks who are already in business. If you think your local competitors will give you advice, you're being overoptimistic. It'd be crazy for them to teach you the business.
On the other hand, an individual who has a marketing and public relations business on the other side of the country will be much more likely to talk with you, provided that you won't be directly competing with them. In fact, they are often very willing to share startup advice with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
How do you go about finding a marketing and public relations business entrepreneur who is willing to advise you because you live in different cities?
It's easy. Here's a link you can use to find a mentor outside of your area.
Top Three Reasons to Buy an Established Marketing & Public Relations Business
It's almost always preferable to buy a marketing and public relations business than to pursue a marketing and public relations business startup.
You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.
- Initial Revenue. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Established Operations & Processes. When you're shopping for a marketing and public relations business, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Funding. Lenders, investors and other funding sources almost always prefer business purchases to startups.
Don't Rule Out Franchising
The chances of growing your business zoom upwards when you join the ranks of franchisees instead of doing it all on your own.
Before starting a marketing and public relations business, you should investigate whether buying a franchise could make it easy to get started.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These interviews should be of interest to you.
These additional resources regarding starting a business may be of interest to you.
If you already are in business and came here to learn about growing an existing marketing and public relations business, these resources will come in handy:
If you came here to learn about selling to marketing and public relations businesses, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.