We are onto M in our series, and this week we are looking at the marketing and public relations industry. Marketing and PR is often seen as a hard industry to break into. There are a lot of rival firms – some big and some small – and new businesses often have trouble figuring out how to stand out. But with a good amount of experience, the right contacts, and enough work ethic, it is possible for a company to succeed in the growing marketing and PR industry.
What do you need to start a business in the marketing industry?
Most experts say that the most important factor to a new firm’s success is marketing experience. You need friends and contacts to really succeed. And while it is totally possible to build a successful business with no experience in the marketing industry, it’s really, really hard. There are a lot of lessons you learn about marketing and PR by working within the industry, and a major part of that industry is who you know. Networking is much more effective than cold-calling.
Once you have a bit of experience, starting a marketing company isn’t too different than any other type of business. You at least need a website, a social presence, a location, and all the necessary paperwork – the bare minimum will be a ‘doing business as’ name and a local operating permit/business license. A lot of independent agencies also issue certifications, but it isn’t required that you have one of those to run a marketing firm.
Should you form an LLC or Incorporate?
Marketing firms can start out very small, and with a shoestring budget. So there isn’t as much liability as other industries, like construction. Still, it’s always a good idea to protect yourself as best you can, and forming a limited liability company or incorporating will help you do just that by separating your personal assets from the business’s debts. The final decision is yours, and it’s a good idea to talk with your accountant or other expert before beginning this process.
How healthy is the marketing industry?
That answer depends on your chosen focus. The Bureau of Labor Statistics predicts an average rate of growth for the PR industry, but certain subspecialties are on the rise. The demand for web and social marketers, for instance, has exploded over the last few years. According to the Council of Public Relations Firms, healthcare is also one of the most popular, and in demand, focuses. However, it’s best to stick to what you know, and what you’re experienced in.
Interested in getting started in the marketing and public relations industry? Need some help getting off the ground? Give us a call at 1-877-692-6772!