Public Relations is a very lucrative business no doubt.
The media is one of the most influential aspects of society, and people are capitalizing on it to make loads of money.
You can start a PR Agency & press release business and start monetizing the content you create.
So, how do you start?
Start with a Niche
Ignore the temptation of being a “jack of all trades” and just start with a Niche where you have the most experience or influence.
I remember a particular lady who had worked in the women’s beauty and fashion industry for over 10 years.
She went out and started her own PR and publishing agency for that niche.
Now, she’s paid heavily just to publicize new products and contents in the women’s beauty and fashion industry.
She started with a niche that she’s conversant with, and it was so easy to grow the PR business from scratch to profitability.
Build inside Relationships
In the business of PR, publishing and press releases, you can’t achieve much without building inside relationships.
That is why it is always good to start with a niche you are conversant with.
If you’re conversant with fashion, start from there and build inside relationships.
If you are conversant with politics, start from there and build inside relationships.
You should have insiders who trust you and want you to always want you to have access to first hand information.
They could also pay you for the publicity even.
Build Niche Brand Relationships
Now, the business of PR and press releases is not a charity project.
You must find ways to monetize your work and make money from brands, especially those in the same industry.
That is why it is important to build brand relationships on the side, as you build your PR business.
So, for example, if you are in the men’s fashion industry, and you cover fashion for male celebrities and other personalities, you should look for fashion brands in the men’s category who are willing to fund your publications.
It’s always a win-win, since your publications would give publicity to the fashion brand without looking like an advertisement.
Many savvy brands understand this concept and are willing to spend heavily on it.
You have to find those brands and make them pay for the value you create.
Get Volunteer Personnel
A PR agency is a very cumbersome business, with many hands needed to make it work.
Safe to say, you cannot do it alone.
You need hands to support the business activities such as interviews, photography, business development, content development, platform management, etc.
Imagine publishing content in several formats on multiple platforms such as websites, Facebook, YouTube, and managing it all alone.
That’ll be very difficult to do while creating high-quality PR content. So, you need volunteer personnel.
Volunteers could be interns or apprentices who are willing to work with your publishing company for a small fee.
This could help you reduce your overhead while keeping the business moving.
Incentivize with Physical Products
Sometimes, monetizing your PR agency business from the start could take some time.
If you need to start making money asap, then you should create physical products to incentivize your business.
A good way to do this is to create magazines, brochures, albums and wall frames of your content.
You could sell these products to brands in the same industry and also to the personalities you are working with.
The goal is to create high-quality products that will catch the eye and also buttress the value you are creating for the industry.
Start Making Money from the Start
The final point here is to try as much as possible to start making money right from the start.
A PR agency could easily become a chore with nobody interested in your work, if you leave the business to fate.
You have to be intentionally passionate and driven to monetize your PR business.
Look for monetization avenues, look for brands, build business relationships, communicate the value of your work, and create ways to make money.
If you position your PR business to make money from the start, then that is exactly what it would do.
Otherwise, it could quickly turn to a case of working for people who do not want to pay for the value you create.
Don’t let that be you.
Value your work right from the start, create high-quality content and demand good money for your PR agency.