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Publicists are a unique breed. They tend to be extroverted people who can talk to anyone about anything. Read More »
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Starting a Public Relations firm can be a very exciting endeavor, but one that will require you to coordinate employees, clients, and the media in order to achieve success. Many people consider the entrepreneurial route, but it is a risky road to take, especially if you don't set yourself up for success. Read More »
Starting a Public Relations Firm Key Terms
Start-up capital
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.Fee structure
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.Revenue goals
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
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.Press releases
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
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.-
Tips & Advice for Starting a Public Relations Firm
The field of Public Relations is one that employs a special kind of person. They are generally go-getters and personable individuals who know what they want and how to get it. It's no wonder that many people in this field look into starting a public relations firm of their own at some point in their careers. There are a few things you might want to consider if you happen to be one of these people.
The first thing you may want to consider is where you will find the bulk of your funding. Have you been saving for years for the opportunity? If so, can you find an investor with enough faith in you to match your personal investment dollar for dollar? Is it more feasible for you to take out a new business loan and budget the payments into your projections? Don't forget to consider any local, state or federal grant monies that may be available to you.
One of the best ways to work yourself through the maze of information that comes from starting a public relations firm is to hire a consultant to work directly with you during the set up phase. A professional who has done this before can provide you with information you may not have thought of, as well as help you navigate the legal processes of incorporation and insurance.
To find out more about setting up your own public relations firm, please use the resources on the left side of this page. Business.com has provided these resources, and many others, to help you succeed in the world of business.
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