How to Start a Yard Sign Business and Set It Up For Success

The COVID-19 pandemic has wrecked economies around the world. Now that the worst seems to be behind us, small and local businesses are among the first to try to get back on their feet. With limitations of budget for advertising, yard signs often work out the most economical but effective advertising method for local businesses. It also means that a yard sign business has enormous potential and represents an excellent business opportunity for entrepreneurs. Some tips on establishing a yard sign business:

Choose How to Start

Starting your own yard sign company from scratch is an obvious thing to do. Even though it can take more money and effort, you can be in control over all the aspects and not have to part with a share of the profits with anyone else. Alternatively, you can buy an existing yard sign business from someone who wants to quit the business. You will benefit by buying over a running business, however, you need to conduct thorough due diligence of its operations, cash flows, and debts. Also, you may require a larger amount of cash because of the business being a going concern. Another way of getting into this business is becoming a franchisee of a well-established brand.

Some Essential Steps in Setting up Your Yard Sign Business

Form your business:

You can do business only after setting up your business formally. Also, you can get an EIN (Employer Identification Number) from the IRS by applying online and registering your business in your state with the Secretary of State. You need to choose a name for the business and decide on a business structure. The common ones are sole proprietorship, limited liability company (LLC), Corporation, etc. Each of them has its pros and cons, and ideally, you should consult an attorney to make the best choice. You will also need to obtain the various business licenses applicable, the information of which is available on the local Secretary of State website. Open a business checking account at a local bank using your EIN. While you can manage to keep the accounts using a spreadsheet in the initial days, it is always better to use an accounting software program.

Get insurance cover:

You need to get adequate business insurance cover to cover exigencies like accidents, fire, theft, etc. General liability insurance will protect your business from claims against your business by customers or for misleading advertising. Commercial property insurance will safeguard you from damage or theft of business inventory and equipment, while workmen’s compensation insurance will cover you against injuries sustained by your employees while working.

Build a yard card inventory:

One of the biggest costs of setting up a yard sign business is putting together an inventory of typical yard sign cards that will demonstrate your commitment to quality and which you can use to meet customer orders quickly. Depending on the number of different items and the stock, you can plan to invest around $4,000 -10,000 on building up inventory. The figure can be more if you are planning to deal in wholesale yard signs. However, you must make sure that you take photos of each type and note the dimensions for use on your website, mailers, and other marketing collateral.

You will also want to invest in stocking different types of lettering and backgrounds. That will enable you to offer many different customizable options to your customers. You will also need a stock of yard sign stakes in various lengths and sizes. Of course, you must have a pickup truck to deliver the signs to the customer or to take them to the various places for erection. It can help to offer yard sign erection services to your customers. Since many small business owners are liable to be too busy to do it by themselves.

Marketing Your Yard Sign Business

Now that you have set up your yard sign business, you will need to find customers. One low-cost way of advertising your business. It is to use yard signs strategically located in places that have a high volume of traffic, according to Forbes. You can even ask your friends and neighbors to refer potential customers. You can also design and print flyers. That you can distribute liberally to the small businesses in the areas you are covering. Participating in local trade shows, conventions. And events can also be an effective way of announcing your business presence to your target audiences. If community events are being organized, offer to support them with free advertising using your yard signs. You can also think of incentivizing customers to give you referrals. Make it a point to keep your website updated with the latest designs. Photos of customers using your signs, and special offers.

Conclusion 

When small businesses are looking to rebound after the pandemic. A yard sign business that offers competitive rates. And customized services is likely to receive good support from the local business community. By researching the needs of potential customers, you will be able to target them more effectively.