This article will give you 7 tips that are essential to starting your new PR Agency.
So let’s start with what actually is a PR agency? A public relations (PR) agency is a company or individual that provides clients with public relations services in areas such as corporate communications, financial and investor relations, public affairs, social media marketing, community outreach and more.
How are your competitors performing?
This is a very important point to consider. All too often we see companies start up and think that their competitors are not doing well or they just don’t exist, this couldn’t be further from the truth.
A lot of your potential customers might already have a PR Agency in place, you need to know who these agencies are, what they do for their clients and how long they have been operating in the market. Having all this information might give you an idea of where to focus first.
How much money will it all cost?
Have you thought about the cost of starting a PR agency? You will need to evaluate the cost of running your business, services offered and target market.
What kind of clients do you want and how much will they be paying? You need to weigh up how much your own costs and how much your clients will pay you. You need to remember that certain services will attract bigger budgets and better quality clients meaning you can charge more.
How much time do you have?
Are you ready to dedicate a significant amount of time to your PR business? Research, relationships with potential clients (networking) and just general administration will all require time. On the other hand, if you are a beginner at PR, you might want to consider working with an already established company in your area that can help you get started and that could offer some assistance as you grow.
Which Industries will you operate in?
You will need to figure out which types of industries you will be selling your services to. Each industry has its own culture which you need to understand very well. This way you can tailor your services to meet their needs and hopefully have a better chance of getting more business.
What is so unique about you?
Having a Unique Selling Point (USP) will set you up well against similar competitors.
This is where you will have to focus a little more on your client’s needs, research the market to see what other agencies are doing and how you can be different from them.
PR is a competitive and highly skilled industry. You will have to overcome a lot of hurdles and difficulties before you have established a successful company. Start off small, do some research, network and establish your reputation. It might take a while to get there but the rewards are worthwhile.
Your Turn: Have you started a PR company? What were the main challenges and have you overcome them yet? Share your experience with us in the comments below!
Hi! I’m John, the owner of New Vine. Here I post about all things business, finance, and real estate. My aim is to help people learn about all things business!