What every new entrepreneur needs to know about PR
Entrepreneurship is on the rise. Big-time. There was a time when only a select few were free to try their hand at their own business, introducing something brand new into the market, like part-time inventors, independently wealthy individuals with sufficient capital to launch their own start-ups, those with a partner or spouse whose income allowed the other to pursue a passion project. But in today’s current economic climate—especially in the wake of the COVID pandemic and the “Great Resignation” it spurred—entrepreneurship is more prevalent than ever, and entrepreneurs are springing up all over the place in all kinds of industries.
But like any business, entrepreneurship or solopreneurship needs to make a mark and cultivate a growing presence in its market to stay afloat. And so, like any business, new entrepreneurship can benefit immensely from the specialty services and expertise that public relations can bring to the enterprise.
The Advantages of Entrepreneurship
Most entrepreneurs are their own boss—in fact, that’s the biggest draw: getting to run something of your very own the way you want to run it. So even though basically all of the risks fall to the entrepreneur who decides to make a go of it, so do all of the rewards, some of which include:
- 1-Ability to work from home
- 2- Prevalence of online business opportunities
- 3- Self-directed learning
- 4- Flexible work schedule
- 5- Complete financial control
- 6- Unlimited possibilities
Sounds pretty attractive, huh? But make no mistake. Entrepreneurship is a lot of work. And your enterprise will only work if you surround yourself with the proper support, contract with exceptionally skilled professionals who know how to spotlight your business’s strengths, and maximize your budget by investing in actions and activities known to enhance business value and worth.
Enter the role of public relations.
How Entrepreneurs Can Benefit from Public Relations
A new entrepreneur can profit from investing in public relations in myriad ways. Because a prime focus of PR is reputation management, representation by a talented and qualified firm takes the reins of your company’s public image and strategically crafts it into a one-of-a-kind, highly-sought-after enterprise that your customer base will recognize, admire and want to engage. What can public relations do for your business? Here are just a handful of the benefits to consider.
1. Public Recognition
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You can have a fantastic business model, a fantastic idea, and a fantastic service offering. Still, if no one is aware of it, your business might as well not exist. Getting your brand known is crucial to the success of any entrepreneurial venture, and that’s precisely the starting point of any PR campaign: brand awareness and recognition. This function isn’t about directly driving people to your site or service for commercial purposes; it’s about making sure they know who you are, where you can be found, and what you do. Put simply, public relations spreads the word.
2. Positive Image
New entrants to the marketplace need to be mindful of the critical importance of having a good name and a good reputation in their market. PR zeros in on this goal with a laser focus, making sure that all the good news about what your enterprise is founded on and what you’re committed to—particularly your societal goodwill—is broadcast loud and clear, through all available channels and across all relevant platforms. Cultivating a favorable opinion from the public is the prerequisite first step before the public will be interested in what you offer, trust in your ability to deliver it, and want to do business with you.
3. Relationship with the Press
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Individual businesspeople rarely, if ever, communicate directly with the press. But PR specialists place heavy emphasis on relationship-building with the names and voices who have the power to shift the needle in the direction of your business objectives. PR is the service sector dedicated to media relations, so you’ll want to leverage their connections and know-how when it comes to deepening your presence and extending your reach. And never underestimate the power of an objective news source spreading the good word about you—it carries far more weight than your own marketing materials and claims.
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4. Crisis Management
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Bad things happen to good people all the time, often through no fault of their own. If you’re in business for any length of time, chances are that some kind of unfortunate event or incident will befall you that could damage your reputation or create a misconception in the marketplace. An experienced PR team makes sure you’ll never have to handle the crisis on your own—taking charge of the situation, devising a crisis management plan, and redirecting the narrative. It’s a PR function you never want to utilize, but perhaps the most valuable one of all when there’s a call for it.
5. Investor Excitement
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Most entrepreneurships start small but have big dreams. Making those dreams come true often requires equity and capital from outside investors. PR can play a decisive role in helping you access funding by portraying you in the best possible light—ensuring you have an esteemed reputation, solid footing in your market, and a great buzz going in the public domain. Investors want to feel confident when making monetary decisions, and the more public interest, industry standing, and professional status you have generated, the more comfortable they’ll feel taking a chance on you.
Next Steps for the New Entrepreneur
The wave of the future is entrepreneurship. To ride the wave most efficiently and effectively, you’ll want a team by your side that can strengthen your endeavors and champion your mission. An integral part of that team is an exceptional public relations agency whose job is to make you look your best to achieve your best outcomes. There are lots of decisions to make as an entrepreneur. Deciding to work with a PR team to maximize your impact in your market is one of the easiest ones!