Overview
A Public Relations (PR) service business focuses on managing and enhancing the public image and reputation of clients, which can include individuals, companies, non-profits, or other organizations. Here’s an overview:
1. Core Services
- Media Relations: Building and maintaining relationships with journalists and media outlets to secure coverage for clients1.
- Crisis Management: Developing strategies to handle negative publicity and mitigate damage during a crisis1.
- Event Management: Planning and executing events that promote the client’s brand and engage with their audience1.
- Content Creation: Producing press releases, articles, blog posts, and social media content to communicate the client’s message1.
- Reputation Management: Monitoring and managing the client’s online and offline reputation1.
2. Business Model
- Retainer-Based: Clients pay a monthly fee for ongoing PR services.
- Project-Based: Clients pay for specific projects or campaigns.
- Hourly Rate: Charging clients based on the number of hours worked.
3. Key Activities
- Strategic Planning: Developing comprehensive PR strategies that align with the client’s goals1.
- Media Monitoring: Tracking media coverage and public sentiment about the client1.
- Pitching Stories: Crafting compelling pitches to secure media coverage1.
- Social Media Management: Managing the client’s social media presence to engage with their audience and promote their brand1.
4. Skills and Qualifications
- Communication Skills: Excellent written and verbal communication skills are essential1.
- Media Savvy: Understanding how the media works and building relationships with journalists1.
- Crisis Management: Ability to handle and mitigate negative publicity1.
- Creativity: Developing innovative campaigns and content to capture public interest1.
- Analytical Skills: Monitoring and analyzing media coverage and public sentiment1.
5. Challenges
- Maintaining Relationships: Building and maintaining strong relationships with media and clients.
- Handling Crises: Effectively managing crises to protect the client’s reputation.
- Staying Current: Keeping up with the latest trends and changes in the media landscape1.
6. Financial Considerations
- Startup Costs: These can include office space, marketing materials, software tools for media monitoring, and salaries for staff1.
- Revenue Streams: Revenue can come from retainer fees, project fees, and hourly rates1.
7. Industry Trends
- Digital PR: Increasing focus on online media and social media platforms.
- Influencer Partnerships: Collaborating with influencers to reach wider audiences.
- Data-Driven PR: Using data and analytics to measure the effectiveness of PR campaigns1.
Starting a PR service business involves a mix of strategic planning, relationship building, and creative communication. It can be a dynamic and rewarding field if you enjoy working with media and helping clients shape their public image.
Is there a specific aspect of the PR business you’d like to explore further?
What You Will Be Doing
Running a Public Relations (PR) service business involves a variety of tasks aimed at managing and enhancing your clients’ public image. Here are some of the key activities you’ll be involved in:
1. Media Relations
- Building Relationships: Establish and maintain relationships with journalists, bloggers, and influencers to secure media coverage for your clients1.
- Pitching Stories: Craft and send pitches to media outlets to generate interest in your clients’ news, events, or products1.
- Press Releases: Write and distribute press releases to announce significant news or updates about your clients1.
2. Content Creation
- Writing: Create various types of content, including articles, blog posts, social media updates, and newsletters1.
- Press Kits: Develop comprehensive press kits that include press releases, fact sheets, bios, and other relevant materials2.
3. Event Management
- Planning Events: Organize and manage events such as press conferences, product launches, and promotional events1.
- Coordinating Appearances: Arrange media appearances and speaking engagements for your clients1.
4. Crisis Management
- Developing Strategies: Create plans to handle potential crises and mitigate negative publicity1.
- Responding to Crises: Act quickly to manage and resolve crises, ensuring your clients’ reputation is protected1.
5. Social Media Management
- Content Scheduling: Plan and schedule social media posts to maintain a consistent online presence1.
- Engagement: Monitor and respond to comments and messages on social media platforms to engage with the audience1.
6. Monitoring and Reporting
- Media Monitoring: Track media coverage and public sentiment about your clients1.
- Reporting: Provide clients with regular reports on media coverage, campaign performance, and public perception1.
7. Strategic Planning
- Developing Campaigns: Create and implement PR campaigns that align with your clients’ goals and objectives1.
- Evaluating Results: Assess the effectiveness of PR campaigns and adjust strategies as needed1.
8. Client Communication
- Regular Updates: Keep clients informed about ongoing activities, media coverage, and campaign progress1.
- Feedback: Gather and incorporate client feedback to improve services and strategies1.
By engaging in these activities, you’ll help your clients build and maintain a positive public image, manage their reputation, and effectively communicate their messages to their target audiences.
Is there a specific aspect of running a PR service business you’d like to know more about?
Qualifications/Skills Needed
To run a successful Public Relations (PR) service business, certain qualifications and skills are highly beneficial. Here’s an overview:
Qualifications
- Bachelor’s Degree: Typically, a degree in Public Relations, Communications, Journalism, Marketing, or a related field is required12.
- Certifications: Additional certifications in PR or related areas can enhance your credibility. Examples include the Accreditation in Public Relations (APR) or certifications from professional organizations like the Public Relations Society of America (PRSA)1.
Skills
- Communication Skills: Excellent written and verbal communication skills are essential for crafting compelling messages and engaging with media and clients2.
- Media Relations: Ability to build and maintain relationships with journalists and media outlets2.
- Crisis Management: Skills to handle and mitigate negative publicity effectively2.
- Content Creation: Proficiency in creating press releases, articles, social media posts, and other content2.
- Social Media Savvy: Understanding of social media platforms and how to leverage them for PR campaigns2.
- Analytical Skills: Ability to monitor and analyze media coverage and public sentiment2.
- Creativity: Developing innovative campaigns and strategies to capture public interest2.
Experience
- Previous PR Experience: Proven experience in a PR role or similar position is highly valuable2.
- Internships: Internships or volunteer work in PR can provide practical experience and help build a network2.
By focusing on these qualifications and skills, you can build a strong foundation for your PR service business and effectively manage and enhance your clients’ public image.
Is there a specific qualification or skill you’d like to explore further?
What You Can Charge/Earn
The rates you can charge as a public relations (PR) business can vary widely based on several factors, including your experience, the complexity of the services you offer, and the market you're targeting. Here are some general guidelines:
### Hourly Rates
- **Small PR Agencies**: Typically charge between $125 and $150 per hour.
- **Mid-sized PR Agencies**: Rates range from $150 to $250 per hour.
- **Large PR Agencies**: Can charge upwards of $500 per hour.
### Monthly Retainers
- **Basic Services**: Retainers can start as low as $1,500 per month.
- **Mid-range Services**: Average between $5,000 and $10,000 per month.
- **High-end Services**: Can go up to $20,000 or more per month.
### Project-Based Fees
- **Press Releases**: Writing and distributing a press release can cost between $500 and $800.
- **Media Placements**: Fees for securing media placements can range from $250 for local coverage to $1,500 for national coverage.
### Performance-Based Pricing
Some PR firms adopt performance-based pricing, where fees are tied to the results achieved, such as media coverage or social media engagement.
These rates can serve as a starting point, but it's essential to tailor your pricing to reflect the value you provide and the specific needs of your clients. If you need more detailed guidance on setting your rates, feel free to ask!
Startup Cost/Unusual Expenses
Starting a public relations (PR) business involves various startup costs and some potentially unusual expenses. Here's a breakdown:
### Startup Costs
1. **Office Space Setup and Leasing**: Depending on the location and size, this can range from $2,000 to $5,000 per month.
2. **Professional Equipment and Technology**: Initial costs for computers, software, and other technology can range from $5,000 to $20,000.
3. **Legal and Business Registration Fees**: These can vary but typically range from $500 to $2,000.
4. **Insurance Coverage**: General liability insurance and other necessary coverage can cost between $1,000 and $5,000 per year.
5. **Website Design and Development**: A professional website can cost between $2,000 and $10,000.
6. **Branding and Marketing Materials**: Initial costs for branding and marketing can range from $2,000 to $10,000.
7. **Initial Client Prospecting and Outreach**: Budget around $2,000 to $10,000 for initial marketing efforts.
8. **Hiring and Training of PR Specialists**: If you plan to hire staff, initial costs can range from $30,000 to $80,000 per employee.
9. **Networking and Industry Event Attendance**: Attending industry events can cost between $2,000 and $10,000 per year.
### Unusual Expenses
1. **Subscription Fees for Media Monitoring Tools**: These tools are essential for tracking media coverage and can cost between $50 and $500 per month.
2. **Travel and Entertainment Expenses**: For client meetings and networking, these can range from $1,000 to $5,000 per month.
3. **Professional Development and Training**: Ongoing training for employees can cost between $500 and $2,000 per employee per year.
4. **Technology and Software Expenses**: Regular updates and subscriptions for PR tools can cost between $500 and $2,000 per month.
5. **Legal and Accounting Fees**: Ongoing legal and accounting services can cost between $1,000 and $5,000 per month.
These costs can vary depending on the size and scope of your PR business, as well as your location and specific needs. Careful planning and budgeting are essential to ensure the financial sustainability of your PR agency.
If you need more detailed guidance on any of these expenses, feel free to ask!
Other/Ongoing Expenses
Running a public relations (PR) business involves several ongoing expenses. Here are some key ones to consider:
### Operational Costs
1. **Office Rent and Utilities**: Monthly rent, electricity, water, and internet bills.
2. **Salaries and Benefits**: Regular payments to employees, including benefits like health insurance and retirement plans.
3. **Software Subscriptions**: Costs for PR tools, media monitoring services, and project management software.
4. **Marketing and Advertising**: Ongoing expenses for promoting your business through various channels.
5. **Professional Development**: Costs for attending industry conferences, workshops, and training sessions.
### Administrative Costs
1. **Accounting and Legal Fees**: Regular payments for accounting services, tax preparation, and legal advice.
2. **Office Supplies**: Expenses for stationery, printing, and other office essentials.
3. **Insurance**: Ongoing premiums for business liability, property, and other necessary insurance policies.
### Client-Related Costs
1. **Travel and Entertainment**: Expenses for client meetings, networking events, and business travel.
2. **Media Buying**: Costs associated with purchasing media placements for clients.
3. **Event Planning**: Expenses for organizing and hosting events, including venue rentals, catering, and promotional materials.
### Technology and Maintenance
1. **IT Support**: Costs for maintaining and updating computer systems, software, and other technology.
2. **Website Maintenance**: Ongoing expenses for hosting, updating, and securing your business website.
### Miscellaneous Costs
1. **Membership Fees**: Annual fees for professional associations and industry groups.
2. **Subscriptions**: Costs for industry publications, research reports, and other resources.
These ongoing expenses are essential for maintaining the smooth operation and growth of your PR business. If you need more detailed guidance on managing these costs, feel free to ask!
Other Services You Can Offer
Expanding your service offerings can help attract a broader range of clients and increase your revenue. Here are some additional services you could offer as a public relations (PR) business:
### Media Relations
- **Press Releases**: Writing and distributing press releases to media outlets.
- **Media Pitching**: Crafting and pitching story ideas to journalists and editors.
- **Media Training**: Preparing clients for interviews and public appearances.
### Content Creation
- **Blog Writing**: Creating engaging blog posts for clients' websites.
- **Social Media Management**: Developing and executing social media strategies.
- **Video Production**: Producing promotional videos and other multimedia content.
### Event Management
- **Event Planning**: Organizing and managing events such as product launches, press conferences, and corporate functions.
- **Crisis Management**: Handling PR crises and developing strategies to mitigate negative publicity.
### Digital Marketing
- **SEO Services**: Optimizing clients' websites for search engines.
- **Email Marketing**: Creating and managing email marketing campaigns.
- **Influencer Marketing**: Collaborating with influencers to promote clients' brands.
### Branding and Design
- **Brand Strategy**: Developing brand identities and positioning strategies.
- **Graphic Design**: Creating logos, brochures, and other marketing materials.
- **Website Design**: Designing and maintaining clients' websites.
### Market Research
- **Audience Analysis**: Conducting research to understand target audiences.
- **Competitive Analysis**: Analyzing competitors to identify opportunities and threats.
- **Surveys and Polls**: Designing and conducting surveys to gather customer insights.
### Public Affairs
- **Government Relations**: Managing relationships with government officials and agencies.
- **Advocacy Campaigns**: Developing and executing campaigns to influence public policy.
### Internal Communications
- **Employee Communications**: Creating internal newsletters and communication strategies.
- **Corporate Social Responsibility (CSR)**: Developing and promoting CSR initiatives.
By offering a diverse range of services, you can meet the varied needs of your clients and position your PR business as a one-stop solution for all their communication needs. If you need more detailed guidance on any of these services, feel free to ask!
How to Start Your Own Business
Starting a public relations (PR) business can be an exciting and rewarding venture. Here are some steps to help you get started:
### 1. Define Your Niche
Identify the specific area of PR you want to focus on, such as media relations, crisis management, or social media strategy. Specializing can help you stand out in a competitive market.
### 2. Create a Business Plan
Outline your business goals, target market, services offered, pricing strategy, and financial projections. A solid business plan will guide your growth and attract potential investors.
### 3. Register Your Business
Choose a business name and register it with the appropriate government authorities. Ensure you comply with all legal requirements, including obtaining any necessary licenses and permits.
### 4. Build Your Brand
Develop a strong brand identity, including a logo, website, and social media presence. Your brand should reflect your business values and appeal to your target audience.
### 5. Network and Build Relationships
Establish connections with journalists, influencers, and potential clients. Attend industry events, join professional organizations, and leverage social media to build your network.
### 6. Develop a Portfolio
Showcase your skills and experience by creating a portfolio of your past work. Include case studies, client testimonials, and examples of successful campaigns.
### 7. Market Your Services
Promote your business through various channels, such as social media, email marketing, and content marketing. Consider offering free workshops or webinars to demonstrate your expertise.
### 8. Set Up Your Office
Decide whether you'll work from home, rent office space, or use a co-working space. Ensure you have the necessary equipment and software to run your business efficiently.
### 9. Manage Finances
Keep track of your income and expenses, and consider hiring an accountant or using accounting software to manage your finances. Set aside funds for taxes and create a budget to control costs.
### 10. Continuously Learn and Adapt
Stay updated on industry trends and continuously improve your skills. Attend workshops, read industry publications, and seek feedback from clients to refine your services.
For more detailed guidance, you can check out resources like [Prezly](https://www.prezly.com/academy/how-to-start-your-own-pr-firm-with-advice-from-those-whove-done-it) and [Slam Media Lab](https://www.slammedialab.com/post/how-to-start-a-pr-agency).
The Business Plan for Small Business
Get clear step-by-step instructions and expert tips on how to build your business plan. Whether this is your first plan or you are an experienced business plan writer, it's fast and easy to create a business plan with these easy to follow instructions. The Business Plan for Small Business is available for immediate download.
- The needed Excel® spreadsheets and the Word® documents are included.
- The workbook contains all of the instructions you need to complete your business plan.
- Designed and Customized for a Small Business
Some of the Features the Business Plan:
- Complete the business plan in eleven (11) steps.
- The workbook contains all of the instructions you need to complete the business plan for your Small Business.
- Contains samples, illustrations, charts, and graphs.
- Create a mission statement to synchronize your company's activities with a clear corporate vision.
- Detailed instructions on how to customize your business plan.
- Powerful forecasting tools and a complete, integrated financial plan.
- Prepare marketing and sales plans with systems for determining optimal strategies, tactics and pricing.
- Optional system to assess strategies prior to drafting plan.
- The charts and graphs that are important to you and your potential lenders are automatically created.
- Select from the list of products and services to help you choose what you will offer your customers in the operation of your Small Business.
- Sections included are:
- Personal Evaluation
- Cover Sheet
- Executive Summary
- General Company Description
- Products and Services
- Startup Cost and Capitalization
- Marketing Plan
- Sales Forecast
- Operational Plan
- Management and Organization
- Financial Plan
- Learn how to keep your business plan up to date.
- Impress your audience with a professional, attractive document in the format accepted by the SBA, investors, and major lenders.
- No writer's block; just follow the steps.
- Bank or Grant Funding. Will meet or exceed bank or government guidelines.
- In addition to the complete business plan, you are provided information references and website links to valuable business resources.
Where to Begin
How you Can Succeed
Succeeding in a public relations (PR) business requires a combination of strategic planning, relationship-building, and continuous learning. Here are some key steps to help you thrive:
### 1. Develop a Strong Brand Identity
- **Unique Value Proposition**: Clearly define what sets your PR business apart from competitors.
- **Consistent Branding**: Ensure your branding is consistent across all platforms, including your website, social media, and marketing materials.
### 2. Build a Robust Network
- **Industry Connections**: Cultivate relationships with journalists, influencers, and industry leaders.
- **Client Relationships**: Maintain strong, positive relationships with your clients by providing excellent service and regular communication.
### 3. Showcase Your Expertise
- **Content Marketing**: Publish articles, blog posts, and whitepapers on PR topics to establish yourself as an authority.
- **Public Speaking**: Participate in industry events, webinars, and conferences to share your knowledge and gain visibility.
### 4. Deliver Exceptional Results
- **Client Focus**: Understand your clients' needs and tailor your strategies to meet their goals.
- **Measurable Outcomes**: Provide clear, measurable results to demonstrate the impact of your PR efforts.
### 5. Stay Updated on Industry Trends
- **Continuous Learning**: Keep up with the latest PR trends, tools, and techniques.
- **Professional Development**: Attend workshops, courses, and conferences to enhance your skills and knowledge.
### 6. Leverage Technology
- **PR Tools**: Use PR software and tools to streamline your workflow, manage media contacts, and measure campaign success.
- **Social Media**: Utilize social media platforms to promote your services, engage with your audience, and monitor industry trends.
### 7. Offer Value-Added Services
- **Crisis Management**: Provide crisis communication services to help clients navigate challenging situations.
- **Media Training**: Offer media training sessions to prepare clients for interviews and public appearances.
### 8. Gather and Showcase Testimonials
- **Client Feedback**: Collect testimonials and case studies from satisfied clients to build credibility and attract new business.
- **Portfolio**: Create a portfolio showcasing your successful campaigns and client achievements.
### 9. Adapt and Innovate
- **Flexibility**: Be adaptable and open to new ideas and approaches.
- **Innovation**: Continuously seek innovative solutions to stay ahead of the competition.
By following these steps and maintaining a client-focused approach, you can build a successful and thriving PR business. If you need more detailed guidance on any of these steps, feel free to ask!
Market Research: Surveys and Questionnaires
Questionnaires are still very much the cornerstone for market research and the effectiveness of the questions will be determined by the quality and structure of the questionnaire itself. By ignoring this fact, the results you obtain may be irrelevant, inaccurate and even inconclusive. This E-book will help explain how to structure and develop your questionnaire in order to gain a response that can be used for an accurate analysis and constructive feed back.
Some of the Features of this Book:
- Ways of issuing questionnaires.
- Which people to target with your survey and questionnaire.
- Types of questions for the questionnaire.
- Examples of questionnaires.
- Structuring the questionnaire.
- Designing the questionnaire.
- Doing your sample survey with the questionnaire.
- Planning the survey.
- How to write the questionnaire.
- Survey fieldwork.
The Complete Basic Office
A good office setup is critical to smooth running business operations. Controlling purchases and expenses are a key ingredient to a healthy business, especially a new start up venture. This book gives you the information you need to professionally set up your office operation.
Some of the Features of the Book:
- How to determine the office supplies, equipment and furniture you will need for your business.
- Introduction to office supplies and equipment.
- How to buy or lease office furniture and options for second hand furniture.
- Keeping control of our office supplies.
- Complete listings on filing systems, desks, shelving, and chairs.
- Complete computer listings including PC, laptops, modems, monitors, mouse and keyboards, printers, scanners, photocopiers, fax machines and combined units.
- How to maximize connectivity, size and legal software.
- Links to government websites for business operations.
- 100 ways to increase your business.
- Free Reports including coupons and discounts and how pricing affects your business.
Paperback
How to Attract Clients/Customers
Attracting clients for a public relations (PR) business involves a mix of strategic planning, networking, and showcasing your expertise. Here are some effective strategies:
### 1. Build a Strong Online Presence
- **Website**: Create a professional website that highlights your services, portfolio, and client testimonials.
- **Social Media**: Use platforms like LinkedIn, Twitter, and Instagram to share industry insights, success stories, and engage with potential clients.
### 2. Network and Build Relationships
- **Industry Events**: Attend conferences, seminars, and networking events to meet potential clients and industry peers.
- **Professional Associations**: Join PR associations and local business groups to expand your network.
### 3. Showcase Your Expertise
- **Content Marketing**: Write blog posts, articles, and whitepapers on PR topics to establish yourself as an authority in the field.
- **Public Speaking**: Offer to speak at industry events or webinars to showcase your knowledge and skills.
### 4. Offer Free Workshops or Consultations
- **Workshops**: Host free workshops or webinars on PR strategies to attract potential clients and demonstrate your expertise.
- **Consultations**: Offer free initial consultations to understand potential clients' needs and show how you can help them.
### 5. Leverage Client Testimonials and Case Studies
- **Testimonials**: Collect and display testimonials from satisfied clients on your website and marketing materials.
- **Case Studies**: Create detailed case studies of successful PR campaigns to showcase your results and approach.
### 6. Utilize Online Platforms
- **Freelance Websites**: Use platforms like Upwork, Fiverr, and Freelancer to find clients looking for PR services.
- **Job Boards**: Check job boards and industry-specific sites for businesses seeking PR professionals.
### 7. Collaborate with Other Businesses
- **Partnerships**: Partner with marketing agencies, graphic designers, and other related businesses to offer comprehensive services and gain referrals.
- **Cross-Promotions**: Collaborate on cross-promotional activities with complementary businesses to reach a wider audience.
### 8. Stay Updated and Adapt
- **Industry Trends**: Keep up with the latest PR trends and adapt your strategies accordingly.
- **Feedback**: Regularly seek feedback from clients to improve your services and address any concerns.
By implementing these strategies, you can effectively attract clients and grow your PR business. If you need more detailed guidance on any of these steps, feel free to ask!
New Customer Development Program
How to get new accounts and new customers is the #1 concern of any business. How to get the new customers you need to provide the income your business requires is a matter of prime importance to survival and growth. Many businesses, large and small, approached new customer acquisition in a haphazard, unplanned, and uncoordinated way. The results are usually disappointing, expensive, and inadequate from the standpoint of a contribution of to the profitability and success of your business.
Some of the Features of this Book:
- The Six Steps to getting your new customers, clients and accounts.
- How to understand your customers needs.
- How to know who your clients are and where they are located
- How to conduct your own full scale market research with emphasis on the two ways to conduct your market research
- The four methods for getting your first customers for start-up businesses!
- How to implement a successful marketing program!
- How to use direct mail, telemarketing, printed materials, exhibitions, surveys, websites, promotions, press releases and public relations to acquire new customers, clients and accounts.
- How to develop a customer retention program.
- How keep your customers coming back!
- How to establish Loyalty and Rewards programs!
- Includes six bonus sections with information regarding community work, advertising, exploring business opportunities, financing your business, pricing policies and income goals.
Customer Care Program
Good customer relations will give you a sense of achievement, satisfied customers and the improved chance of further promoting your business. So, how can you ensure that your customers will stay loyal to your business?
Some of the Features of this book:
- How to improve customer care and customer relations.
- How to establish your Customer Relationship Management (CRM) program.
- Selling and building customer relationships over the telephone.
- How to handle customer complaints and establish solutions.
- How to establish the programs that will reflect your business.
- How to establish automatic email responses, set up telephone call centers, direct mail campaigns and loyalty cards.
- How to handle gatekeepers.
- How to establish customer loyalty programs.
- How to keep customers loyal to your business.
- How to make telephone sales and appointments.
- How to expand your customer database.
- How to encourage old and new customers to buy again.
- How to generate more profit with direct mail and email marketing.
- What you need to know about customer retention.
Associations/Organizations
There are an immense amount of small business associations and organizations for both general and specific businesses and industries. The ones listed here, offer broad information that affect all businesses, no matter what their size. These organizations provide support, education and resources for running your business.
I can think of no reason not to join any or all small business associations that are relevant to your business. Most charge a membership fee, but if you get one, two or even a dozen ideas that impact your bottom line for the positive, then it will be well worth the cost. Having an invaluable business partner—or maybe even a loyal customer down the line—is priceless for your business.
Think about what your goals are, where your customers are and what they need, and investigate how the association can connect you to the partners, networks, and customers you need to grow your business.
Industry Specific Organizations
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Books/Magazines/Periodicals
Industry Specific Books & Publications
In this section you will find resources that are specific to your field of interest.
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Education/Courses/Training/Videos
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Blogs/Forums
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Social Media
Not every social media company has industry specific links. Where I could find them I have tried to give you the best, otherwise I have provided links to general business social media accounts. Not all of these will meet your criteria, but things on the internet change on a daily basis and I will keep researching. If anyone accessing this site knows of a industry specific social media company please email me the information at
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Flickr
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KIK
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Periscope
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SoundCloud
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Medium
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Snapchat
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Swarm by Foursquare
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YouTube
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Words to Know
Business Plan
Here is your tool for demonstrating how you want to establish your small business and how you plan to grow it into good financial health. When writing a business plan, it should include financial, operational, and marketing goals as well as how you plan to get there. The more specific you are with your business plan, the better prepared you will be in the long run.
B2B
abbreviation for business-to-business: describing or involving business arrangements or trade between different businesses, rather than between businesses and the general public
B2C
abbreviation for business-to-consumer: describing or involving the sale of goods or services directly to customers for their own use, rather than to businesses
e-business
the business of buying and selling goods and services on the internet, or a particular company that does this
Bootstrapping
Using your own money to finance the start-up and growth of your small business. Think of it as being your own investor. Once the business is up and running successfully, the business finance term and definition bootstrapping refers to the use of profits earned to reinvest in the business.
Employer Identification Number (EIN) Certificate
In order to be more easily identified by the Internal Revenue Service, every business entity is assigned a unique number called an EIN. When you start your small business, an EIN will be assigned and mailed to the business address. This number never changes, and you will be asked to furnish it for many reasons.
Articles of Incorporation
This is legal documentation of the business’s creation, including name, type of business, and type of business structure or incorporation. This paperwork is one of the first tasks you will complete when you officially start your business. Once submitted, your articles of incorporation are kept on file with the appropriate governmental agencies.
Income Statement
Here is one of the four most important reports lenders and investors want to see when evaluating the viability of your small business. It is also called a profit and loss statement, and it addresses the business’s bottom line, reporting how much the business has earned and spent over a given period of time. The result will be either a net gain or a net loss.
Statement of Cash Flow
One of the important documents required by lenders and investors that shows a summary of the actual collection of revenue and payment of expenses for your business. The statement of cash blow should reflect activity in the areas of operating, investing, and financing and should be an integral part of your financial statement package.
Bootstrapping
Using your own money to finance the start-up and growth of your small business. Think of it as being your own investor. Once the business is up and running successfully, the business finance term and definition bootstrapping refers to the use of profits earned to reinvest in the business.
Financial Statements
An integral part of the loan application process is furnishing information that shows your business is a good credit risk. The standard financial statemen packet includes four main reports: the income statement, the balance sheet, the statement of cash flow, and the statement of shareholders equity, if you have shareholders.
Lenders and investors want to see that your business is well-balanced with assets and liabilities, has positive cash flow, and will have capital to make expected repayments.
Net Worth
This business finance term and definition is an expression of your business’s total value, as determined by your total current assets less the total liabilities currently owed by the business. With your business’s most recent balance sheet in hand, you can calculate the net worth using a simple formula: Assets – Liabilities = Net Worth.
Featured Business
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Description
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History
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Marketing Tips
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What I've Learned
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Advice and Recommendations
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