A proposed business plan for an out-of-home media platform business in Gauteng

Abstract

The ever-changing business environment poses both opportunities and threats for new entrepreneurs, but it is essential to know when to pursue an opportunity. A new business can be very challenging, so it is crucial to conduct the necessary research and consider every possible scenario, to improve the prospects of success for the new start-up. The objective of this research project was to conduct an in-depth analysis of the out-of-home (OOH) billboard industry in South Africa, for a new start-up billboard owner situated in Gauteng. It was essential to determine how big the OOH billboard industry is in Gauteng, and how much growth opportunities it presents in the near future. The research began with a literature study on the origins and importance of a business plan, the difference between marketing and advertising, and the influence these two concepts have on the industry. The four central departments of a business were discussed as a strategic overview of the business environment, including operational management, human resource management, financial management, and marketing management. This holistic overview of the internal business environment gives the reader a chance not only to read the proposed business plan but understand where the strategies originated and why they are essential. Consumers spend a significant amount of time travelling between their work and their homes, over the past century, out-of-home advertising media have continued to evolve together with the transport systems in South Africa. The average South African spends more than an hour commuting each day; the increasing amount of time spent outside presents an opportunity for outdoor advertising media owners.