Starting a Public Relations Firm

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Tips & Advice to help you make your decision on 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.

Starting a Public Relations Firm Key Terms

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

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.
Try: Read more in-depth about what is required to start a home-based PR firm in Entrepreneur Magazine.

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.
Try: Watch a video on AllBusiness.com on the importance of establishing and sticking to a standard fee structure for a PR firm.

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.
Try: TransMedia Group offers a comprehensive article that includes information on the importance of revenue goals to a PR firm.

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.
Try: An article on JLMandAssociates.com on successful PR strategies includes some examples of publicity goals.

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.
Try: PR Web offers a detailed explanation of what makes a successful press release, as well as press release tips and advice.

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.
Try: Look through the guide on MediaCollege.com for finding and using media contacts.