Starting A Modelling Agency Business Plan (PDF) 2019/2020
- 1 Starting A Modelling Agency Business Plan (PDF) 2019/2020
- 1.1 How do Modelling Agencies Make Money?
- 1.2 Know this if you want Success In Modelling Agency
- 1.3 How to Begin A Modeling Agency Business
- 1.4 Marketing Strategies For A Modeling Agency
- 1.5 How Modeling Agencies Make Money
- 1.6 Other Amazing Business You Can venture Into Today
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Do you know that starting a modeling agency business can make you a millionaire? Well, I never knew until recently when a friend, a model exposed this lucrative business to me. What has made this business a profitable venture is due to the fact that other industries depend on them when it comes to seeking for models for an advert of any kind.
The most intriguing part of this modeling agency business is that you don’t need any sort of experience whatsoever. All you need is basic knowledge of the business and you’re good to go.
A modeling agency is simply an entity that represents fashion models in the fashion industry. Apart from working with models, they also work directly with advertisement companies for advert projects. The relationship between an advertising agency and a modeling agency is like that of a groom and bride. Their relationship is indisputable.
How do Modelling Agencies Make Money?
Modeling agencies earn money from various means, but the primary source is working directly with fashion models and advertising companies whenever a contract hit. When there’s a contract, it is the job of the agency to train, groom and build the portfolios of their models.
When the agency finds a work for the model, they take up to 20 – 40 percentage commission. This varies and is influenced by a lot of factors like negotiation, national laws, taxes etc.
Know this if you want Success In Modelling Agency
1. You Need The Right Team
The right team is just what you need to make it in this Modeling agency business. You need folks who understands the business’s mission and are willing to be flexible to make sure the aim is achieved. You need the right skill in the right position.
It doesn’t matter if you have experience in the business or not, but it matters a lot for your team to have experience. That way, they cover up for you lost.
2. Communication Is Vital
You and your team needs to communicate flawlessly without any issue. That way, the objectives and goals are effectively communicated. Through communication, relationship is built and with such, the success of the business becomes evident.
3. Be Ready To Travel
In modeling agency business, travelling a lot is a norm. You and your team must be prepared to travel far and wide. Either to look for clients, for a photo shoot or fashion event. Actually, this is the most interesting part in this business, to be able to fly around the country to see places you have never seen before.
Modeling agency is a goldmine when you have popular models in your agency. But as a new startup, you might not have the resources or fund to afford one so, you need to start with unpopular models who you believe have potentials to grow
How to Begin A Modeling Agency Business
1. Business Plan
You will need a modeling agency business plan that guides you on the path to take in this business. Delving into this business without any plan is suicide and shouldn’t never be done by any entrepreneur. If you don’t know how to prepare a business plan, hire someone who can. The truth is; you need it.
A wise man once said that a business plan is like a compass that the sailor uses to navigate the seas. I couldn’t agree more. The importance of a business plan to a startup entrepreneur cannot be overemphasized.
2. Business name and Brand
Getting a business name might seem like an easy activity, but when you engage in the act, you discover that it can be mentally exhausting. Well, take your time and get a name that befits the agency. A good and memorable business name is the first step to creating a brand. Please, make sure you get tons of ideas before you settle for anyone.
Branding on the other hand is very crucial as long as modeling agency business is concerned. You can’t do without it. It is your selling edge in this business. Get a good logo designer to design something neat, simple and classic.
3. Business Name and Registration
Before you begin operation in this business, make sure to register your business name. Apart from being recognized as an entity, registering your business name prevents someone else from having that same business name in Nigeria or anywhere in the world.
A modeling agency business cannot operate without first making sure that the business is registered with the corporate affairs commission. If you’re outside Nigeria, look for business name registration bodies and have your business registered.
4. Get an Office and A Studio
To create good impression, you need an amazing office space in any developed area. This is your contact address where you meet with models, clients and potential business partners. Make sure that this office is well furnished, with air conditioners, fridge, good lightening, chairs and tables etc.
Having a studio where all the photography works are done is an added advantage. Believe me, this will save you a lot of money. Setting up a studio isn’t cheap, but it is worth it on the long run and will even become a major source of income if done well.
5. Niches to Specialize in
If you are starting a modeling agency business, there are a couple of niches within the business that you can choose from as an entrepreneur. Some of these niches fetch you more money than others. Here are some niches / areas that a modeling agency can be specialized in;
- Fashion modeling
- Runway/ catwalk modeling
- Fashion print modeling
- Show room modeling
- Fashion fit modeling
- Commercial modeling
- Glamour modeling
Marketing Strategies For A Modeling Agency
Starting a modeling agency isn’t all about sitting in an office and waiting for potential clients and models to knock. You must have a marketing plan if you must start seeing results immediately. Below are some of the marketing strategies you can adopt in other to create awareness and attract clients and talented models.
- Development of model portfolios
- Creating of a composite card with a compilation of your best models
- Holding open calls by placing classified ads in online local talent publications
- Scouting for models
- Advertising for models on the company website or through magazine ads
- Through updates on social media when your models successfully finish an assignment to show your clients that you mean business.
- By informing local media to put word out about your modeling agency
- Creating a company brochure to show potential clients
- List your modeling agency on local directories/ yellow pages
- Advertise on TV and radio stations.
How Modeling Agencies Make Money
Over the radio, television, your favorite blogs, forums and YouTube channels, adverts seem to be everywhere. It should be your goal as a modeling agency to help businesses with their advert needs. This is where working hand in hand with advertisement companies comes to mind.
You employ your model and the advertisement agency use them for advert. If you have your own studio, I doubt if you will need an advertisement agency provided you have a team that is experienced in that field.
In modeling, there are numerous beauty, pageantry, runway shows that requires models to come around and compete. If any of your models can emerge first, imagine the deals and exposure it will give to the agency.
Starting a modeling agency business here in Nigeria is a very good choice, especially in this era where there are a lot of beautiful and talented models and business in need of your services.
With a business plan, the right team and finance, you will become not just a respected brand in the entertainment industry, you will become an authority.
That’s the much we can take on the topic “Starting A Modelling Agency Business Plan (PDF) 2019/2020”.
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