Every successful business needs a great marketing strategy, and behind every great marketing strategy should be a public relations firm, or PR firm for short. Public relations firms are more in demand than ever, as businesses have found new markets on the national and international level as a result of new media like the Internet. Starting a public relations firm key terms is the best place to start when considering the launch of a new PR business.
Start-up capital is the money required for everything needed to start-up a business; minimal capital required for a home-based PR firm is between $3,500 and $11,000 for a computer, printer, fax machine, cell phone, office furniture and a marketing budget.
A fee structure is the breakdown of charges for specific services performed by a PR firm for a client. The right fee structure is a key to success for not only PR firms but any service-based business.
A revenue goal is the amount of money a business would like to see come into a business, within a predetermined amount of time, and is a very important part of a PR firm business plan.
Publicity goals are standards for achieving certain levels of publicity through specific media outlets by a PR firm, but are different for each publicity campaign and need to be pre-determined by both the PR firm and the client.
A press release is an announcement of an event, performance or other newsworthy item that is issued to the press by a PR firm.
Media contacts are business relationships with members of the media that have the power to get publicity for a client through media outlets, such as radio, television or print. Developing media contacts is one of the most important determinants of success for a PR firm.