Business Idea for Opening a Marketing Firm †MyAssignmenthelp.com

Question: Discuss about the Business Idea for Opening a Marketing Firm. Answer: Business idea Business is a risk that most people take in order to become entrepreneurs. It is something that one can excel in or fail terribly. It only needs a lot of dedication and a good business idea. There are some businesses that require a lot of capital and others do not need capital at all. This is not to say that they will not both flourish because of the difference in start-up. When trying to open a business there are things that are done before so you ensure that things will run smoothly. (Emerson,2016) A written business plan is the first thing that one should have whether the business is self-sponsored or the capital for start-up is borrowed (Ramptoms, 2016). It should entail the expectations and growth of the business. My business idea is marketing/PR because I feel that it would work-out well in the business world. New things are being produced every day and they will need to be put out there in the market. Most production companies outsource Marketing/PR firms to handle the exposure of their product to the public in the most eye-catching way possible. This is a business that starts small and sometimes it does not need a lot of capital or none at all (Canvanizer, 2017). You can even start this firm in your home office and grow it at a pace that is comfortable for you and the money you have. It definitely will need some kind of upgrade as it grows so that it can have the facilities that will enable it to work for bigger companies. Opening a marketing firm can also be very hard and there are some business models that could be used to make it easier to deal or work with (Griffin, 2017). The first component is delivery; this is where your business shows its commitment in doing some work marketing different products. Most product companies are always on the lookout for new companies and which has the best rates and does a good job. It is like probation to see what kind of work your firm can do (Lumos, 2010). The second component knows your target. With a Marketing/PR firm you can choose the kind of marketing you are knowledgeable in this way you can show your expertise in the products you are sure to shine in. Customer relationship is also a very important component in a business. This is where you deal with the clients on a more personal level (Wagner, 2013). This helps build a good working relationship for your business. The more you treat your customers well and with uttermost respect and dedication to marketing their product well then you are able to attract more clients. Cost structure is also very important when trying to start a new business. Setting aside an expense fund for bills like rent and miscellaneous so that the company can stand on its own without having any problems (Australian Government, 2016). These components are what build a company to be strong and help it dominate in its field. It is important for a company to have business models that help with its growth. A marketing/PR firm should be able to define its niche in the business world clearly. Offering a range of services with different packages that can suit any client would also go well for the business. At the same time, it is important to keep in mind that challenging your business will help it grow. (Simcoe, 2017) Mostly the PR part of the firm should always be the cherry of the business. PR comes in handy helping most companies get known. This means instead of marketing products now you get to advertise a company to the public which is also a form of marketing. PR helps the public know more about a company. The end result of my business idea will have two departments that work together to market different things. As the business continues to grow it will need to establish you in the marketing and PR content field by also marketing yourself. Clients who see you growing your influence in the content marketing space will be much more likely to trust you, and will feel much less risk when deciding whether or not to hire you. At this point you can now start hiring people who can help your business in a positive direction. Technology is one way to be equipped in this market because almost everything or business in this era uses technology to get things done. You can also hire freelancers that will help you write and edit your marketing strategies so that it can help you take on more clients (Business Queensland, 2017). If you're going to use freelance writers and editors, it is recommended to investing inlong term relationships. Training takes time and patience, and usually entails extra hands-on involvement from you. Using the same writers for all your projects also ensures consistency in writing style and voice. (GOV.UK, 2017) This consistency is what helps you to continue attracting more clients and also you create a good name for your business. It is also great to continue doing research on other firms that you may be competing and know what they may be doing better than you. You can also research on how to make yourselves better by creating polls on social media so that the public and potential clients can tell you what they need. In a business, one should be able to attract and retain customers to be successful. My business idea is among the highly sought-after kind of business and therefore it has a lot of competition. This means that you have to be on your feet all the time and keep up with the changes in the business. Also making your services more attractive you could find a way to bring in more clients. Competition can bring a business to its knees in matter of a few days having a good eye and employees that love their job helps you be on top of the game. The business world can be ruthless and it needs one to grow a thicker skin in order to survive and prosper. References: Australian Government (2016). Marketing. Retrieved September 18th, 2017. https://www.business.gov.au/info/plan-and-start/develop-your-business-plans/marketing. Business Queensland (2017). Tips for improving your business. Retrieved on September 18th, 2017. https://www.business.qld.gov.au/running-business/growing-business/tips-improving. Canvanizer (2017). How to develop your startup idea. Retrieved on September 18th, 2017. https://canvanizer.com/how-to-use/how-to-develop-your-startup-idea. Dana Griffin (2017). What are the main components of a business model. Retrieved on September 18th, 2017. smallbusiness.chron.com/main-components-business-model-600.html. Eric T. Wagner (2013). 5 business model components every entrepreneur needs. Retrieved on September 18th, 2017. https://www.forbes.com/sites/ericwagner/2013/05/23/5-key-business-model-componenets/#4914e1e24051 GOV.UK (2017). Growing your business. Retrieved on September 18th, 2017. https://www.gov.uk/growing-your-business/improve-your-products-and-services. Jenni Simcoe (2017). Tips for starting a marketing business. Retrieved on September 18th, 2017. https://www.business.com/articles/tips-for-starting-a-marketing-business/ John Ramptom (2016). How to start your own content marketing business. Retrieved on September 18th, 2017. https://www.forbes.com/sites/johnramptom/2016/01/04/how-to-start-your-own-content-marketing-business-in-2016/#c2ef6of3a74e. Lumos (2010). The key components of a business model. Retrieved on September18th, 2017. www.lumosforbusiness.com/blog/723/02/07/2010/the+key+components+of+a+business+model. Melinda Emerson (2016). How to develop your business idea. Retrieved on September 18th, 2017. https://suceedasyourownboss.com/how-to-develop-your-business-idea/