Among the most original business concepts available right now is this one. Acting as a personal billboard can pay astonishing amounts of dividends if you don’t mind displaying yourself in public as a side business plan and appreciate a little attention.
For instance, renting out your beard can bring in up to $5 per day, while getting a corporate logo tattooed on your shorn head for five years can bring in up to $7,000—although this kind of income opportunity is relatively uncommon.
Although I find this business idea to be a bit extreme and certainly not for the weak of heart, many individuals have successfully run it as a side business or even used it to pay for their college tuition. Start by carrying a sign or donning a sandwich board.
If you feel this is a decent side company idea, you can work hard enough to transform it into a full-fledged small business idea. Plus, you won’t have to worry about all the problems that other, more sophisticated firms continually have to consider.
The 7 Steps to Starting a Billboard Business are Listed Below.
1. Develop Your Trade
Learn as much as you can about the industry before you start your own billboard company. You need to be able to communicate effectively. This was the main consideration when starting this company. Additionally, you must be able to bargain with both landowners and advertisements. In this industry, having some experience in graphic design is always advantageous.
There are several varieties of billboards that are common among advertising. Following are a few well-known examples:
- Vintage Billboards
Traditional billboards are also widely used as bulletins. There are several bulletin boards can be seen on motorways, expressways, and busy streets. There are enormous sizes available. Most common sizes are 10.5 high by 36 wide, 14 high by 48 wide, or dimensions similar to that. Actually, both motorized and pedestrian traffic is drawn to the traditional billboards.
- Vinyl boards
Bright vinyl billboards exist. Additionally, the colors and design of these boards last for a very long time.
Posters typically have a width that is half that of bulletin boards. This kind of advertising is typically used by regional advertisers to target their local audience.
- Decorative billboards
These days, painted billboards are extremely uncommon. If there is only one criteria, some advertisers still employ this kind of billboard.
- Billboards in motion
The idea of moving billboards is novel. Actually, you can relocate the announcement to several places where the intended audience is present using a single mobile billboard.
2. Market Analysis
Intensive market research is necessary before starting a billboard business. You must first list the businesses that are currently billboard advertisers. Examine the cost and design details thoroughly. Additionally, list any potential small and medium-sized business clients.
To obtain information on local small business owners, you can get in touch with your community’s business groups. Additionally, you need to determine if there is a demand for this kind of service.
3. Your Billboard Advertising Company Name
Selecting a memorable and relatable name for your billboard company is essential. The name of your company must accurately reflect the services it will provide. To learn more about how to name a business, consult this page.
4. Write a business plan for billboards.
To launch and manage the firm successfully, a billboards business plan must be created. Additionally, a financial analysis, marketing plan, and expansion planning must be included in your business plan. Include the mission, vision, and business goal. Mention the price range you have for your services. Who might be your competitors and how will you counteract them?
A financial analysis typically contains information on the starting budget and operating expenses for the company. It also contains a ROI and payback analysis as well as a break even calculation. All of these will aid in your financial planning as well.
5. Legal Points to Consider
This is yet another important matter that requires serious consideration. You must choose the appropriate business structure in accordance with the management pattern. Afterward, register it. In every state, business permission is required. Micro problems, on the other hand, are governed by the federal laws of the state in which you are starting your business.
Examine the tax concerns thoroughly. Check the fees you can charge your clients as well as the format in which you must submit your annual compliance reports. To safeguard your company and customers, it is preferable to purchase appropriate business insurance.
6. Price Points
You must decide how much you may charge customers before you ever open your doors. The billboard fees typically change depending on a number of factors. These three factors affect the billboards’ placement, size, and quality.
Without a sure, you may charge more for a busy area. Additionally, electronic billboards are more expensive than traditional billboards. Finally, the cost of giant billboards is more than that of tiny billboards.
You must also take the costs into account when setting the pricing. The most frequent expenses include those for rent, liability insurance, electricity, maintenance, transportation, and labor. Therefore, you need to appropriately customize your price for your customers.
7. Grow your billboard business by promoting it.
There are, in fact, a number of avenues you might take to market your billboard company. Since it is a B2B company, you can talk to your clients in a consultancy manner. Instead than describing the features, it is preferable to demonstrate the advantages. Always use imagination when presenting the offer. When your customers purchase billboards, consider the benefits they will receive.
You will undoubtedly gain a few devoted clients who will contact you on their own whenever you need advertising.
For those in the billboard industry, having a website is essential. Mention the areas and sizes that are currently accessible for advertising on your website. Include accurate contact information as well.
Discussion about this post