Thinking about opening a radio station? We tell you what you need to know to get started.
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Writing a Business Plan for a Radio Station
Does your radio station have a business plan? If not, your company is lacking a critical business tool. If you have invested time and effort in its creation, a business plan can help your startup secure financing, attract investors and execute a strategy for growth.
To assist your efforts, you may want to consider enlisting the aid of a professional business plan writer.
Time and time again, the best entrepreneurs we see rely on professionally crafted plans to guide their decision making. However, outsourcing doesn't completely eliminate your responsibilities in the writing process.
Startup entrepreneurs are well advised to materially participate in the writing process, even after they have engaged a proven professional.
Consider the Competition
Before you open a radio station in your town, it's worthwhile to find out what the competition looks like. Use the link below to find competitors near you. After following the link, enter your city, state and zip code to get a list of radio stations in your area.
Is the established competition doing a good job? It's important to understand their strengths and weaknesses and think through how you'll stake up against those established businesses.
Learn from Others Who Are Already In This Space
As part of your due diligence on opening a radio station, it's essential that you learn as much as you can from somebody who is already in the 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.
Fortunately, somebody who runs a radio station in another town can be a great learning resource for you, as long as they don't view you as a competitive threat. In that case, the business owner may be more than happy to discuss the industry with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
So, what can you do to find a radio station founder on the other side of the country to talk to?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Is It Easier to Buy an Existing Radio Station?
Tough decisions are what business ownership is all about. And one of the first decisions you'll have to make is whether to start a business from scratch or buy an existing radio station.
In general, purchased radio stations fare better than startups, at least during the initial few years. Existing companies have an established customer base, brand recognition and functional business models. More importantly, buying an existing radio station makes it easier for you to begin collecting a salary sooner rather than later.
Depending on your business goals, you may have no choice but to start a radio station from scratch. But for the sake of minimizing risk and maintaining your sanity, a business purchase is often the right move for emerging radio station entrepreneurs.
Consider Buying a Franchise
Recognize that your chances of doing well with your venture go up significantly if you purchase a franchise rather than going it alone.
Before opening a radio station, you would be wise to check out whether franchising might alleviate your startup process.
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.
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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 radio station, these resources will come in handy:
If you came here to learn about selling to radio stations, we've got better information for you elsewhere on our site. Try these resources instead:
If you are still exploring all of your options, please browse our directory of guides below.