If your dream job includes ultimate flexibility and being your own boss, then you probably want to start your own business. Public relations is the type of industry where you can definitely do so. Working in public relations can be thrilling, but when you work for other people, especially in the corporate world, you may end up feeling burnt out in no time. Before you strike out on your own, here are six things to think about when you’re about to start your own PR firm.
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1. How Can You Make Your Business More Efficient?
When you’re about to start any business venture on your own, using your own resources or those of investors, you have to make efficiency a top priority. If you only have experience working in larger companies, you might not have the best knowledge of how to make your own business efficient when it comes to financial resources and workflow.
One of the first things you can do is commit to keeping the business afloat for a year before you hire any outside labor or assistants. This will help you keep your overhead low.
Another thing you can look into is using a media database and public relations management system. This will help you build relationships with journalists while tracking news and projects in real time.
2. Do the Benefits of Going Solo Outweigh the Costs?
Once you’re committed to keeping your business proceedings efficient, you still need to ask yourself if the benefits of going solo will outweigh the costs. Of course, you will finally have access to the flexibility you crave, and you won’t have to answer to anyone else since you’ll be your own boss.
On the other hand, you will be solely responsible for the success or failure of every project. For some people, this level of pressure can be overwhelming. There’s also the reality of being alone, at least for that first year. If you feel like you have a good grasp on what it will take to get started on your own, you can move on to the next question.
3. Do You Have the Right Background and Experience?
There are lots of routes that take people into the world of public relations, so you have to decide if you have the right background and experience to go solo as a PR agent. For one thing, you should have at least five years in the industry before you try to start your own business. Ideally, you will also have experience with high-profile and complex cases and projects. As for your background, you should have a good knowledge of marketing and journalism in order to run a successful PR firm on your own.
4. Are You Financially Ready for the First Year?
The first year of running your own business is by far the toughest, particularly because you need to be financially ready to support yourself when you start out. It’s never a good idea to begin a new business venture if you don’t have the financial resources to keep yourself afloat for the first year.
Most businesses don’t make money for at least a year, regardless of the industry. So make sure you have a comfortable level of financial resources in your accounts to keep you going as you build your business profile.
5. Which Niche Will You Focus on First?
As you’re drafting your business plan and brainstorming your brand identity, decide which niche you want to focus on first. Don’t make the mistake of offering every possible service in your first one or two years. That’s a recipe for burnout. Plus, you might alienate the clients you do have when you can’t deliver on what you promise. Consider your interests, values, morals, and hobbies, and then explore the possibilities within niches that line up with what you know and what you like.
6. What Is Your Strategy for Building Relationships?
The most critical thing to think about when you start your own PR firm is how you are going to build relationships with businesses or individuals who could turn out to be clients. Will you use the name and reputation of your previous workplace to build trust? Or will you provide evidence and demonstrate the success of previous campaigns? Have a concrete plan for this aspect of your business.
Getting into business on your own terms is incredibly exciting. Take a cautious and thoughtful approach but don’t forget to have fun along the way.
