The word “media” means many things to many people. Some hear the word and can’t help but to think about traditional media, such as newspaper and television. Others, however, are more inclined to focus on new media
Regardless of your definition of media, the industry lends itself well to entrepreneurs. If you have the desire to start a business in the media and/or communication space, here are several ideas to consider:
1. Public relations firm. Companies and individuals often hire a public relations firm when they want to build or protect their reputation through the media. You probably know that most famous celebrities have a PR firm looking out for them. But did you know that many companies hire the same type of help?
2. Newspaper or online news portal. Despite the fact that the newspaper industry has taken a hit over the past decade, there is still an opportunity to get involved (and make good money while you are at it). According to the Newspaper Association of America, there were 1,331 total daily newspapers in the United States in 2014. This is down from 1,427 in 2012.
In terms of revenue, things aren’t nearly as bad as many believe. Here is an excerpt from a Newspaper Association of America study:
“Circulation revenue for U.S. newspapers recorded a second consecutive year of growth, rising 3.7% to $10.87 billion in 2013.”
If you are still concerned about the overall well being of the newspaper industry, consider starting an online news portal. The Huffington Post, for example, has achieved great success since being founded by Arianna Huffington in 2005.
3. Video content creator. When it comes to new media, it is hard to ignore the power of online video content. There are many people making a good living creating video content and distributing it online, such as via YouTube. Here is a list of the top 10 highest paid stars on YouTube. Get this: the top earner is generating $7 million in annual earnings.
If you live and breathe the media industry, one of these small business ideas could be your path to a better future.