Best industry to start a business: Public relations

A report in Inc. magazine says the profession is expecting 6 percent annual growth for the next five years.


Thinking about taking your PR act solo?

There’s no better time than the present—or over the next five years.

This week, Inc. magazine compiled a list of the most promising industries for startups and guess what: Public relations made the list.

Crunching data from IBISWorld, Inc. said the average PR company size is 2.16 employees. It also presented the following projections for the industry:

5.7 percent annual revenue growth through 2016;
3.1 percent percentage employment growth per year through 2016;
5.5 percent average company profit margin.

Why all the growth?

I’ll give you two guesses—and the first one doesn’t count.

“The fact is that consumers having social media access, and [their] really wanting to express their opinions about brands online makes companies vulnerable,” Gary McCormick, chair of the board of directors of the Public Relations Society of America, told Inc. “Running an ad isn’t going to stop that. That’s where PR comes in.”

According to PRSA, the industry is seeing an upward trend in the number of independent practitioners.

If you are thinking about starting a consultancy, PR pro and PR Daily contributor Claire Celsi shared 10 things you need to know up front.

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