Launching a new business is never easy. There are pull and push factors behind why people give it a go. A new report highlights the launch of 50 new PR agencies since January 2020.
The PR market is a crowded place. The report says that the UK is home to more than 4500 PR agencies.
It isn’t easy for entrepreneurs who are taking the plunge – especially when it comes to raising capital as a new firm.
“The majority have funded their new businesses from savings or lifestyle changes. The payoff is acknowledged as the opportunity to make personal choices and align work with life,” the report says.
It also points to an interesting phenomenon that has occurred post pandemic. A video call is a great leveller. “Everyone looks the same when they turn up on video call.”
Another interesting but unsurprising aspect of the report is the dominance of London as the city of choice for most new agencies.
The report put together by Stephen Waddington of Wadds Inc, is a really well researched and compiled journey into the life and times of PR agencies circa 2021. A must read.