One of the businesses which can be started with low to modest investment is starting an Advertising Agency. You can run an Advertising Agency from your home office and requires low investment.
Step-by-step process on how to start an advertising agency
1) Choose the type of advertising agency you want to start:
There are several ways you can start an advertising agency. It could be in the area of just slogans, billboards, radio, Television, Print media, online media, web, etc. You should choose in which area you want to start the Advertising Agency.
2) Local licenses:
Apply for advertising licenses from your local government regulator. For specific countries, you need to apply for special documentation like a State tax certificate, federal tax identification number, PAN card (India), etc. These would differ from country to country.
3) Build your infrastructure:
You need to arrange for a computer, printer, phone, fax, internet, etc. If required you need to hire one or two professionals who can help you in this Advertising Agency business.
4) Building key infrastructure:
You would need a camera, scanner, graphic designs; software like Adobe photo studio, Adobe creative suite, etc. These things would help you in your day-to-day business.
5) Procure printing materials:
You need to arrange stationery, brochures, and any other printing materials. The material you purchase here would be required for your day-to-day running of the business. In other words, the expenses are to be taken from working capital.
6) Collect a list of local and regional businesses:
This list would help you in knowing whom you target and get the business. You can refer to newspapers and other online media to know who is advertising more and you can prepare such a list.
7) Prepare a marketing plan:
Once you prepare whom to target, you need to have a marketing plan on how to approach them. The best way is to have direct contact with them. If it is a small business, you should have direct contact with the owner to know the pulse of the owner.
8) Charge fewer margins:
In the initial period, you can charge fewer profits so that your price would be below. Once your business grows, you can slowly increase the prices.
How to be successful in the Advertising Agency business?
Many people generally give up once they start an advertising agency business. Here are a few tips to run a successful advertising agency business.
1) Have a mission statement:
If you want to achieve something, write this on a piece of paper. Never give up.
2) Customer satisfaction first:
Customer should be your priority. Meeting the needs of individual clients requires you and your support staff to pay attention to client concerns and give each project individual attention according to the size and nature of the project
3) hire new talent:
Once you have a set up advertising agency, you should hire new talent so that they can do innovative things and help you in growing your business.
4) Update yourself with the latest trends:
You can sign-up for weekly newsletters or magazines so that you are up to date in your industry.
5) Meet new clients:
You would have set up your business and it might be running well, but meeting new clients would always explore new opportunities. It would also be useful when existing customers quit for some reason so that your business would not get impacted.