Checkers
New Member
Well, put on your helmet and crash pads and buckle up because you’re going to be in for one heck of a ride!
The reasons are many and if you were to ask a business owner why he started his company, nearly every owner has a unique answer. When I pose this question to many of the people I meet, I’m told everything from “I enjoy the creative freedom and control over my art” to “nobody else would hire me”. However, when I read between the lines, I’ve noticed one underlying theme. All of these business owners wanted to gain control over their destiny while doing the work they enjoy the most.
I’m sure that if you were to answer this same question, your answer would be unique too. So, the goal of me writing this and sharing my thoughts with you is to give you a better understanding of what it really takes to start and manage a profitable sign business.
Do You Have What It Takes?
There are no laws (yet) in this country that says you can’t enjoy your career. If you’re the creative type or really enjoy working in the industry, there is nothing wrong with starting a business to earn a living.
However, starting any business requires a lot of dedication and determination. In addition, to be successful in this industry, you need to be outgoing, possess some people skills, mechanical ability, and you may need a lot of money. If you’re in a serious relationship or married, you’ll also need a very patient and understanding significant other too, because starting an running any small business can ruin your relationship.
The Business of the Sign & Graphics Industry
There are billions of dollars being spent in outdoor advertising industry (signs, vehicle graphics, etc) and billboards, signs and vehicle graphics are the major money makers. However, as a successful entrepreneur, you will realize that this work is only part of a much larger picture. As technology advances and markets change, you’ll notice that signs are everywhere and being presented in many new mediums. And the most important component of any of these mediums is they can not be ignored.
While there is a lot of money to be made, you can loose a lot of money in this business too. The dream of getting rich running your own sign business is there. But, in most cases, this dream can not be further from the truth – no matter what you read or anyone tells you.
Let’s face facts, making a sign is easy. However, the sign and graphics industry is extremely competitive. Just open your phone book and look at all the companies making signs and graphics. You’ll be competing against some highly skilled craftspeople with many years of experience and organizations with very deep pockets that can burry you in a moment and not blink an eye.
In addition, this industry is highly regulated and controlled at many levels. Besides regulations from all levels of government regarding taxes, business licenses, etc, these regulatory bodies can tell you what types of signs you can make for your client, how big they can be and where they can be placed. Additionally, you also must abide by environmental restrictions and building codes and regulations too.
So, even though you can pick up a plotter and some software for under $1,000 and call yourself a sign maker, the responsibilities and cost of owning and operating a business is a lot more than that.
Where to Start
So, if you think you’ll enjoy working in this business and want to make it your chosen career, you better make money at it. Because, once you start your own business, you are on your own. There is no boss or anyone else that is supporting you. You are responsible for everything that happens to you and your business, including paying all your bills to vendors, utilities and insurance company, while providing for yourself and family, living life and saving for retirement too.
A failure to Plan is a Plan for Failure
Your business plan is your first step in starting your successful business. It address all the aspects of starting and running a successful business – budgets, marketing, expenses, liability, employees, etc.
A good plan will start with your personal needs and the business requirements.
Starting with your personal requirements, you’ll need to know how much money you need to make from the business for you so you can live a comfortable lifestyle. Having or developing personal budget will help you here. Don’t forget the most important part of your personal budget, providing for your needs once you choose to retire from the business.
Once you know what the business needs to do for you, you’ll need to work on building a business that provides for these needs. Your business plan will help you think through the business process and develop goals to help insure your business will be successful. However, good results are not guaranteed.
Start-up costs are probably the most underestimated part of running a successful business. When you add up all the expenses of starting your own business, you might be in for a big surprise. If you’ve never been in a management position nor have experience running a business, you may be in for a HUGE surprise.
These will include all of the costs relating to the start of the business; including but not limited to business registration and licensure, equipment acquisition, real estate acquisition, security deposits on facilities and utilities, insurance, inventory and, most importantly, operating capital.
Developing a marketing plan and operating budget takes a lot of time and preparation too. Any oversight here will also lead you down the fast road to failure. But don’t fret; there is plenty of help available.
Getting Help
Starting a business is an experience in team building. Similar to competitive sports, you team needs to include many people who will have an effect on your bottom line. In addition to support from your friends and family, you’ll need well balanced support from your all-stars - attorney, accountant, banker, and insurance agent and, possibly others. These players probably will have a lot of influence on your business to insure that it will operate efficiently and effectively.
There are many resources available to those who wish to start their own business. Some help may even be right in your own neighborhood, but you have to know where to look. In addition to government help from the U.S. Small Business Administration, you there are many low cost or free programs offered at the state, regional and local levels which offer business assistance and coaching. In addition, there are also private firms that will offer assistance too. A good place to start is www.SBA.gov.
Don’t Get Discouraged
Being a small business owner is not for everyone. Remember, if running a small business was easy, everyone would be doing it. But as I mentioned earlier, it’s a long and bumpy road to become a successful business. So, if you don’t have 3 to 5 years (or more) to invest to become a successful business, you may want to consider a different line of work.
Additional Notes:
Some information on the expenses directly related to starting and running a sign and graphics business are available here…
[FONT="]Overhead - A lesson in pricing - Signs101.com[/FONT]
Comments are always welcome and appreciated.
Checkers
The reasons are many and if you were to ask a business owner why he started his company, nearly every owner has a unique answer. When I pose this question to many of the people I meet, I’m told everything from “I enjoy the creative freedom and control over my art” to “nobody else would hire me”. However, when I read between the lines, I’ve noticed one underlying theme. All of these business owners wanted to gain control over their destiny while doing the work they enjoy the most.
I’m sure that if you were to answer this same question, your answer would be unique too. So, the goal of me writing this and sharing my thoughts with you is to give you a better understanding of what it really takes to start and manage a profitable sign business.
Do You Have What It Takes?
There are no laws (yet) in this country that says you can’t enjoy your career. If you’re the creative type or really enjoy working in the industry, there is nothing wrong with starting a business to earn a living.
However, starting any business requires a lot of dedication and determination. In addition, to be successful in this industry, you need to be outgoing, possess some people skills, mechanical ability, and you may need a lot of money. If you’re in a serious relationship or married, you’ll also need a very patient and understanding significant other too, because starting an running any small business can ruin your relationship.
The Business of the Sign & Graphics Industry
There are billions of dollars being spent in outdoor advertising industry (signs, vehicle graphics, etc) and billboards, signs and vehicle graphics are the major money makers. However, as a successful entrepreneur, you will realize that this work is only part of a much larger picture. As technology advances and markets change, you’ll notice that signs are everywhere and being presented in many new mediums. And the most important component of any of these mediums is they can not be ignored.
While there is a lot of money to be made, you can loose a lot of money in this business too. The dream of getting rich running your own sign business is there. But, in most cases, this dream can not be further from the truth – no matter what you read or anyone tells you.
Let’s face facts, making a sign is easy. However, the sign and graphics industry is extremely competitive. Just open your phone book and look at all the companies making signs and graphics. You’ll be competing against some highly skilled craftspeople with many years of experience and organizations with very deep pockets that can burry you in a moment and not blink an eye.
In addition, this industry is highly regulated and controlled at many levels. Besides regulations from all levels of government regarding taxes, business licenses, etc, these regulatory bodies can tell you what types of signs you can make for your client, how big they can be and where they can be placed. Additionally, you also must abide by environmental restrictions and building codes and regulations too.
So, even though you can pick up a plotter and some software for under $1,000 and call yourself a sign maker, the responsibilities and cost of owning and operating a business is a lot more than that.
Where to Start
So, if you think you’ll enjoy working in this business and want to make it your chosen career, you better make money at it. Because, once you start your own business, you are on your own. There is no boss or anyone else that is supporting you. You are responsible for everything that happens to you and your business, including paying all your bills to vendors, utilities and insurance company, while providing for yourself and family, living life and saving for retirement too.
A failure to Plan is a Plan for Failure
Your business plan is your first step in starting your successful business. It address all the aspects of starting and running a successful business – budgets, marketing, expenses, liability, employees, etc.
A good plan will start with your personal needs and the business requirements.
Starting with your personal requirements, you’ll need to know how much money you need to make from the business for you so you can live a comfortable lifestyle. Having or developing personal budget will help you here. Don’t forget the most important part of your personal budget, providing for your needs once you choose to retire from the business.
Once you know what the business needs to do for you, you’ll need to work on building a business that provides for these needs. Your business plan will help you think through the business process and develop goals to help insure your business will be successful. However, good results are not guaranteed.
Start-up costs are probably the most underestimated part of running a successful business. When you add up all the expenses of starting your own business, you might be in for a big surprise. If you’ve never been in a management position nor have experience running a business, you may be in for a HUGE surprise.
These will include all of the costs relating to the start of the business; including but not limited to business registration and licensure, equipment acquisition, real estate acquisition, security deposits on facilities and utilities, insurance, inventory and, most importantly, operating capital.
Developing a marketing plan and operating budget takes a lot of time and preparation too. Any oversight here will also lead you down the fast road to failure. But don’t fret; there is plenty of help available.
Getting Help
Starting a business is an experience in team building. Similar to competitive sports, you team needs to include many people who will have an effect on your bottom line. In addition to support from your friends and family, you’ll need well balanced support from your all-stars - attorney, accountant, banker, and insurance agent and, possibly others. These players probably will have a lot of influence on your business to insure that it will operate efficiently and effectively.
There are many resources available to those who wish to start their own business. Some help may even be right in your own neighborhood, but you have to know where to look. In addition to government help from the U.S. Small Business Administration, you there are many low cost or free programs offered at the state, regional and local levels which offer business assistance and coaching. In addition, there are also private firms that will offer assistance too. A good place to start is www.SBA.gov.
Don’t Get Discouraged
Being a small business owner is not for everyone. Remember, if running a small business was easy, everyone would be doing it. But as I mentioned earlier, it’s a long and bumpy road to become a successful business. So, if you don’t have 3 to 5 years (or more) to invest to become a successful business, you may want to consider a different line of work.
Additional Notes:
Some information on the expenses directly related to starting and running a sign and graphics business are available here…
[FONT="]Overhead - A lesson in pricing - Signs101.com[/FONT]
Comments are always welcome and appreciated.
Checkers
spot on!, even after 13 years, it's good to review these things in principal... i never really had a business plan as i was thrown into my business with an opportunity i could not pass up.
