Knowing how to build and staff an outdoor billboard business successfully is possible with the proper business plan. There are several paths you can take so here are your options.
To begin any business financing is necessary and an outdoor billboard business is no different. Your options are dependent on how you are financially set. For those with an IRA, the borrowing from yourself is an option. This allows you to earn the interest on your loan as you pay it back.
A small business loan is an option for those of you with good credit. These are easier to get than what most expect. This path requires an in-depth business plan to be developed. This is a necessary step anyway to have a profitable business and should be done independent of where you get your financing.
The last option would be to borrow from a family member or friend. This can led to establishing a partnership and at times problems. Unless you want to have a partner, even a silent partner, this path is the most undesirable.
The amount you will need to begin with can be as little as $10,000 for the purchase of one old wooden billboard. A digital billboard can cost $100,000 to $250,000.
The right location of the first billboard is going to make or break your business. Because of that you must take your time and search all options.
Most entrepreneurs know not to set limits on themselves. Because of that do not limit the area of your search to what is close by where you live. This is a viable option, but should not be your only choice.
The easiest way to begin your search is to get in your car and look what is around. Start in your present county and work your way out over time. You should be taking notes on what you see. This should include old dilapidated billboards along with the placement of functioning ones.
Once you have the billboards location in your county then it is time to look at how viable and profitable these locations are. The way to determine this is to know the average annual daily traffic data for each billboard location. Our government publishes this information generally at the state level. For Arizona the link to this data is at ADOT.
The data this type of site provides include average daily traffic numbers, the type of vehicles that travel in this section of the road along with the average speed of the vehicles. What it does not tell you is who is in the vehicles.
In the initial phase of operations of your new business, the staff will more than likely be just you. You initial office will most likely be your den. This will save you money in the beginning, but as your business grows so will the need to expand. Once you have revenue flowing in is the time to think about renting office space.
This is how to build and staff an outdoor billboard business and break into this lucrative business opportunity. Take your time and make wise well thought out decisions so the passive income of the billboard business will grow.