It is very true that digital marketing is way more effective and cheaper than traditional marketing but it is also true that outdoor advertising like billboards, bus benches, etc. have not lose their significance. Hence this can also be a good opportunity for someone to implement and start an outdoor advertising business.
All over the world, advertising in all the forms and shades that it takes is big business that commands several billions of dollars in annual returns. Anyone who is willing can come in and cut a niche for him/herself in the multi-billion dollar advertising industry.
Outdoor as the name suggest means it is outside and involves Billboards advertising, vehicle branding and so on. Many who have walked this path know the magical power having a good advertising strategy can do. They know that it sure does wonder; which is why they do not want to leave any stone unturned.
What steps can one take to be a player in this lucrative business is then the question? This is one question that needs to be tackled well. There are definite paths to follow in order to enter and become a player in the business of outdoor advertising. Let us consider some tips on how to do this:
Starting an Outdoor Advertising Business
1. Feasibility Studies
There is nothing more important than having background knowledge of the business you want to operate. Conducting the research helps you to discover how the nitty-gritty of the ‘hows,’ ‘whats’, and ‘whys’ of the business. Who are the big and small players? What and how do they do what they do that makes them big or small?
These questions will help you to discover holes that you can use to create your own niche in the market and help you start your advertising agency successfully. Where and how to attract clients, and many more subjects. You might need to give serious attention to having a mentor in this line of business. It will reduce your stress and accelerate your success.
2. Write Your Business Plan
A business plan is like the walk-stick of a blind person, it helps him to navigate his way. The plan should contain details of the business idea, vision, mission, core values and so on.
The financial details also. It is generally the blueprint for the business. It is like the architectural design for a building. It shows you what to do per time. You also will need it when discussing with investors to raise capital to start or expand the business.
It is important to have your input in every stage of developing the advertising agency business plan should you be consulting a professional to write it for you because really it is your business and not the consultants business. And you should know the content and be able to defend it when you stand before prospective investors.
3. Raise Your Startup Capital
Do you have all the required initial capital to start the business or you would need to seek other avenues to raise the fund? If you need to raise extra to join to what you have, where will it be from? Are the banks a good option to raise the funds you need? You must consider the rate of interest on loans. Can you seek for investors who would like to be part of the business or even go into outright partnership? Or as the case may be, look for angel investors.
4. Get Office Space and Equipment
You need to rent a place to use for running your administrative jobs and properly furnish it, which is necessary to project a good corporate image that is what the standard anywhere in the industry.
Although wisdom has to be applied so that you don’t unnecessarily spend too much on office space at the expense of other important things that are required to run the business effectively and profitably. And the necessary basic equipment are also important for operations. In considering a space as office, you might need to make sure it has facility that can serve as store so you can keep equipment that you need to move in and out from time to time.
5. Hire the Staff
When you rent office space, people must work there. Graphics designers, accountant, marketers/portfolio managers, drivers and the rest of the workforce. Don’t also forget the staffers that will do actual construction of the boards and mount them (But you could contract this aspect at the initial stage of the business). How do you intend to get them? Through recruitment agency or you have an internally developed process to do so?
Whichever way you choose, you must ensure you get capable hands with experience in the advertising industry, because it might be more cost effective to do so than to employ rookies and train them. The experienced ones will bring their experiences on board and it will help increase the bottom line early enough.
6. Get the Required Permits and Licenses
Before you can be allowed to operate as an outdoor advertising company, necessary permits and licenses are important. Register with the government to obtain certificate to operate as a legal business entity and advertising regulatory associations like APCON – Advertising Practitioners Council of Nigeria, AAAN – Association of Advertising Agencies of Nigeria, ADVAN – Advertising Regulatory Bodies of Nigeria and so on.
7. Have a Website
This is important to a company that operates in the advertising sector. If you must advertise for others, you must advertise yourself. In this industry, it is about showmanship; create impression and appealing to emotions. Your website must have all the elements that make all these possible. It has to be a very functional website and that is very interactive. A lot of pictures and images of jobs you have done or can do. How to contact the company and so on.
8. Announce Your Arrival
Have an official opening day and invite guests from different company that could likely become your clients. Give them souvenirs like brochures and other advertising materials as memorabilia. And of course go on local/national newspapers, advertise on other websites and have links to your website on theirs. Attend relevant functions and events where you can network to promote your business.
There you have it; the steps needed to start an advertising business and grow it to a profitable venture.
If you need any help starting this business we can help increase your chances of success even before you start, we will assist you regarding this business.
We will conduct feasibility study highlighting every important detail you need to know about this business; and present it to you in a comprehensible format at a negligible cost. CLICK HERE TO SEND US A MESSAGE.
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