Starting a Business
Starting an Advertising Business
These tips are ideal for those who want to open an advertising business. This is a must-read before you start!
This article includes some good recommendations on starting an advertising business.
Best Practices: Business Plans for Advertising Businesses
A great business plan will lay a strong foundation for growth in your startup advertising business.
The most effective advertising company business plans include a comprehensive chapter on finances. Not surprisingly, lenders immediately turn to the financial section and use the accuracy of your forecasts to gauge the value of other parts of the plan.
Subsequently, a thorough understanding of business plan financial basics is a prerequisite to effective business plan writing for advertising businesses.
Take a Look at Competitors
Before you open an advertising business within your community, it's a good idea to see how many competitors you have. Try our link below to generate a list of competitors in your city. Just enter your city, state and zip code to get a list of advertising businesses in your community.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
If you are seriously contemplating launching an advertising business, it's a smart move to speak with somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. Why would they want to educate a future competitor?
Thankfully, an owner of a an advertising business in a different city may be more than happy to give you a few tips, given that you don't compete with them in their area. In fact, they are often very willing to share startup advice with you. If you are persistent, you can find a business mentor who is willing to help you out.
The key question new becomes: how to find an advertising business entrepreneur that lives outside of your area?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Advertising Business Acquisitions: Financial Considerations
Startup advertising businesses carry a host of financial risks and concerns. Without an operational history, it's hard to predict how your startup will actually perform in the marketplace.
One of the ways to mitigate the financial risk of a startup is to modify your approach to tap into the financial benefits of buying an existing advertising business. At a minimum, it's worth exploring the financial benefits of buying a business to get an established customer base.
Based on the acquisition target's financial records, you should be able to piece together a realistic forecast of your new company's financial picture for the first year and beyond. If you need assistance, we suggest talking to an accountant or professional business planning consultant.
Is Franchising the Right Option?
The four-year survival rate for business startups is less than fifty-percent. Survival rates improve when entrepreneurs launch an advertising business franchise. Franchise startups have something traditional startups don't -- the reassurance of a network that is invested in their long-term success.
At a minimum, click the link below to explore the possibility of pursuing a franchised approach to your advertising business startup.
Entrepreneur Interviews
These interviews should be of interest to you.
- Interview with Chitika Co-Founder Alden DoRosario
- Interview with Timothy Barnes, Founder of Barn Painting & Advertising, Inc
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