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LEADING QUESTIONS: Startup a study in quick growth

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Leading Questions

Welcome to the latest installment of “Leading Questions: Wisdom from the Corner Office,” in which IBJ sits down with central Indiana’s top bosses to talk shop about the latest developments in their industries and the habits that lead to success.

This week, longtime local public relations professional Vicki Bohlsen provides an example of a startup firm that braved the weak economy and experienced strong growth.

With $25,000 in seed money loaned from her in-laws, Bohlsen founded the eponymous public relations firm BohlsenPR on Feb. 12, 2010, with herself as the sole staff member and plans to hire a couple independent contractors for support. Today, the firm counts 13 full-time employees (including Bohlsen, who draws a salary), one part-timer, and three interns. In its first full year of operation, the company posted about $780,000 in revenue, Bohlsen said.



“It’s been a really crazy year,” said Bohlsen, 45. “I had a business plan, but I really took it day by day, and it just took off.”

BohlsenPR was able to vault out of the gate with a considerable spring in its step. Bohlsen brought with her a stable of clients from TrendyMinds PR, a firm she co-founded in 2008 with Trevor Yager, CEO and founder of the separate marketing firm TrendyMinds. Yager left the PR firm in early 2010 (TrendyMinds went on to develop its own PR services), and Bohlsen renamed it BohlsenPR as she essentially was starting over.

“Some of those existing client relationships grew, and there was more work, and of course I took it,” Bohlsen said. “That meant I had to react to that and hire more people. …  It just morphed.”

In May, the three-person firm moved into 2,000 square feet of office space on the fourth floor of the Morrison Opera Place building at 47 S. Meridian St., setting up card tables as desks.  The seed money from Bohlsen’s in-laws helped the firm cover initial costs. As revenue began rolling in, Bohlsen started fleshing out the staff and refurbishing the space (which eventually grew to 4,000 square feet).

Taking stock of the major startup costs from the first year, Bohlsen listed $30,000 for computers, $35,000 for software and $35,000 for a custom buildout that finally wrapped up in January. Other pricey items included $18,500 for development of the company’s website. Bohlsen estimated total startup-related costs (excluding ongoing expenses) since February 2010 at $172,000.

“Personally, it’s just a great feeling to know that other than the small investment from my in-laws, everything is paid for,” Bohlsen said.

In the video at top, Bohlsen provides a peek inside the firm’s rapid evolution and discusses issues such as avoiding debt, outsourcing some vital functions, and initially embracing the firm’s card-table aesthetic as a kind of corporate identity.
 

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  • Exectuive Chef
    My "start up" catering given was given the opportunity to assist with their anniversary party a few weeks ago. Everyone involved with the company was gracious and obviously thrilled at their the success. We wish them the best and look forward to cooking for them in the future!
  • Start Up Requirements
    While you might debate that a true start up does not have clients on hand at launch, I counsel clients not to quit their day job and start out until they either have clients or are close enough they can truly count on the money. Way too many businesses start up with way too little cash and no source of quick clients, and the result is a disaster. Good job Vicki for having the right foresight.
  • Congrats
    Awesome story. I want to start my own firm one day. Your store gives me encouragement and some direction to follow.
  • Excellent!
    Congrats on the success, but this is not a true start up. Having clients in hand when you start is fantastic, but how many real start ups can count on having clients in waiting?

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  1. I'm a CPA who works with a wide range of companies (through my firm K.B.Parrish & Co.); however, we work with quite a few car dealerships, so I'm fairly interested in Fatwin (mentioned in the article). Does anyone have much information on that, or a link to such information? Thanks.

  2. Historically high long-term unemployment, unprecedented labor market slack and the loss of human capital should not be accepted as "the economy at work [and] what is supposed to happen" and is certainly not raising wages in Indiana. See Chicago Fed Reserve: goo.gl/IJ4JhQ Also, here's our research on Work Sharing and our support testimony at yesterday's hearing: goo.gl/NhC9W4

  3. I am always curious why teachers don't believe in accountability. It's the only profession in the world that things they are better than everyone else. It's really a shame.

  4. It's not often in Indiana that people from both major political parties and from both labor and business groups come together to endorse a proposal. I really think this is going to help create a more flexible labor force, which is what businesses claim to need, while also reducing outright layoffs, and mitigating the impact of salary/wage reductions, both of which have been highlighted as important issues affecting Hoosier workers. Like many other public policies, I'm sure that this one will, over time, be tweaked and changed as needed to meet Indiana's needs. But when you have such broad agreement, why not give this a try?

  5. I could not agree more with Ben's statement. Every time I look at my unemployment insurance rate, "irritated" hardly describes my sentiment. We are talking about a surplus of funds, and possibly refunding that, why, so we can say we did it and get a notch in our political belt? This is real money, to real companies, large and small. The impact is felt across the board; in the spending of the company, the hiring (or lack thereof due to higher insurance costs), as well as in the personal spending of the owners of a smaller company.

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