Many people are not aware of the fact that the outdoor billboard business promises a great deal of income for those that do it right. There are even claims that outdoor advertising is considered to be amongst the most profitable businesses, one that requires very little to get started.
What are Billboards or Outdoor Signs?
Outdoor signs are an excellent way to promote products, companies, people, conferences, movies and sporting events because these have the potential to get the attention of thousands of people in just a day. Few other advertising media types can match the visibility of outdoor signs.
- Bulletins: These outdoor signs usually measures 14 feet high by 48 feet wide or 10 1/2 feet high by 36 feet wide. This large format billboard is typically seen on expressways, highways, and other major surface streets.
- Wallscapes: This very large type of outdoor advertising measures more than 700 square feet. It is usually located on landmarks or metropolitan areas because they are intended for extended viewing and to create a lasting impression.
- Digital Billboards: These type of outdoor signs creates images that are being changed by a computer every few seconds. Like other billboard types, its primary use is to advertise, but it can also be utilised for public service purposes. Digital billboards measure 14 feet high by 48 feet wide or 10 1.2 feet high by 36 feet wide.
- Posters: This kind of outdoor sign has medium format that is 5 feet high by 11 feet wide or 10 feet high by 22 feet wide. Posters are usually located in industrial and commercial areas on main and secondary roadways. It is intended for pedestrian exposure only, and usually seen by commuters and local residents.
- Mobile Billboard: This type of outdoor advertising is considered memorable and very effective because mobile outdoor signs can go directly to its target audience. They can be placed on locations with heavy traffic, such as trains, convention centres, sports arenas, and airports. They can also repeat routes. That is why people not only notice them, but also retain the information they convey.
Simple Steps to Follow When Starting an Outdoor Billboard Business
1. Know how much money you will need for local billboard advertising, which will include billboard construction, ground rent, insurance, lighting costs, taxes and permit fees. If you are in a small town, you can charge your client $200-$300 a month depending on the type of billboard and its visibility. Frank Rolfe of NuWire Investor indicated that your ground rent must not exceed 20 per cent of your revenue.
2. Learn the laws and legalities of setting billboards on specific locations. Digital outdoor signs might be prohibited to some areas because of their light emissions. Other places may also have strict guidelines on the display duration of each digital outdoor advertisement.
3. Study the maps of your prospect areas and begin plotting the best locations for your outdoor signs, such as busy roads or certain landmarks. If you are on a tight budget, select a location out of town. The upside of this strategy is that it requires cheaper ground rent. The downside, however, is the visibility rate of your billboard will be diminished. Another option you have is to purchase outdoor signs, permits, and ground leases from a company that is already established.
4. As excited you may be to start your lucrative billboard business, consult a lawyer first before signing any leases or contracts. Also, explain to your client the duration of your outdoor sign, maintenance responsibilities, design specifications, and any charges for breaking the contract.
5. Digital billboards are a good option if you want to advertise several companies at once. This option will double or triple the revenue you can earn from one billboard. If you want a cheaper alternative, however, go for traditional outdoor vinyl signs.
6. Create eye-catching billboards using design software like Adobe Photoshop. If you are not that confident with your artistic ability, hire a graphic artist to do the layout and design of the billboard signs as per your clients’ request. Also, it is good to create a sample book of your billboard designs to be shown on potential clients.
7. Offer your clients competitive rates and discounts for longer terms.
8. Don’t forget to acquire a liability insurance policy for the benefit of your outdoor billboard business and, of course, your clients.