Are you interested in managing a team of talented models? Are you looking for kick-ass business ideas to guide you on how to start your own modeling agency from home with no experience? Do you need a sample modeling agency business plan template?
If your answer to any of the questions above is YES, then I advice you read on.
Modeling agents are people who serve as middlemen between models and contractors. They help to scout for models, brush them up, train them and repackage them to be hired by companies for modeling jobs. They also help models find jobs and also negotiate contracts on their behalf.
4 Types of Modeling Agencies
There are different types of modeling agencies based on the categories of models they work with-:
a. Runway Modeling Agency-: These agencies represent runway or catwalk models. Runway models are used to display dresses and shoe designs at fashion shows.
b. Commercial Modeling Agency-: These modeling agencies handle television or magazine modeling jobs.
c. Promotional Modeling Agency
Promotional modeling agencies deal with advertising new products. The models that work for these agencies are not necessarily fashion models but people who can project the image of certain products or companies perfectly.
d. Body Parts Modeling Agency
Some models may not possess the standard features of a regular model but may have some unique body features like pretty legs or a pretty face. Such models may be needed to promote certain products like maybe a hand wash or hair products. Agencies that specialize in working with this category of models are known as body parts modeling agencies.
Why is a Modeling Agency Relevant?
There are lots of models in the world today, both qualified and unqualified and if a fashion designer for instance decides that he wants three models to do a job for him, and then he goes ahead to place the advert himself, he’s sure to receive well over 500 applications and then he has to begin to screen each applicant to decide which is best for the job.
This is not something most employers would like to do considering the time, energy and expertise required.
So instead, they talk to a professional modeling agent who does all the screening and selection and sends the best qualified candidate to the employer. Modeling agents also train the models for the job to be done and help to negotiate a contract between the model and the employer.
Who will your clients be?
As a modeling agent, your clients will range from fashion houses to advertising agencies, professional artists, television stations and some other companies that deal with branding, advertisement and promotions.
How much money will you make as a modeling agent?
Your earnings as a modeling agent depend on how good your models are and how well you train them. When you train your models well, they will become excellent at the job and as such, would create a higher demand for their services.
The higher the demand for your models, the more money you stand to make in the business. Your income would also depend on industry rates and your negotiating power. However, you stand to earn a commission of between 10% and 30% of whatever your models are paid by their employers.
Is starting a modeling agency a profitable venture?
Starting a modeling agency is a very profitable business depending on how hard you can work and how fast you can network and make useful contacts for yourself in the industry.
Starting a Modeling Agency from Home – Sample Business Plan Template
1. You Need Experience
The most important thing is to gather some years of experience and learn as much as you can about the industry. You need to understand the nitty-gritty of the business and know how things are being done in the industry before setting up your own modeling agency. The more you know about the business, the better prepared you are to handle any challenges that you may face in the business.
You should decide on the type of modeling agency you would like to start. Would you prefer to work with runway models or would rather focus on commercial modeling? Or would you prefer to have a very big modeling agency with different departments? All these are factors you have to put into consideration in planning your modeling agency.
3. Search for clients
While working and gaining experience in the industry, you must have made a few contacts and known a few people who could help to facilitate your new business. However, you must make sure you contact such people and inform them of your intention to set up a modeling agency. You should also contact advertising agencies, photographers and designers for job opportunities.
4. Scout for models
The most important thing in this business is the quality of models you work with.
So you should search for good models to represent. You can start by placing advertisements in the newspapers stating the types of models you want and the required vital statistics.
When you receive applications, you can now shortlist the applicants and invite them for physical screening. You can now select those who meet your requirements.
5. Train your models
Of course, you will have to train your models to meet your standards and goals. There are professional trainers who you can hire to be a part of your team on full time or part-time basis.
6. The legal aspect
You would also need to hire an attorney to draft a legal agreement between you and your models and also between your models and clients whenever you get contracts for them. This would help to protect you as well as your business.
7. Set up your office
Conclusively, you will need to set up an office in a very good location where you can access to the companies you will need to work with. However, you must make sure your office is in a large city where you can easily make new contacts in the entertainment and advertising industry.