I know in todays economy everyone is cutting back on spending, especially businesses by laying off employee's. However there are still print and television advertising still being purchased. I know what it takes to start a business, however I would like to know what it takes actually start a grassroots advertising agency? What does it intel? Creating creative ads for clients, being familiar with places and cost to advertise? What would I need to do? Any information would be helpful.

The two major considerations are:
1) what are you going to offer (Do you have the skills or can you get them)
2) Do you have the business knowledge to operate a business?

For the first item – you should put together a portfolio of what you can do for a client – whatever you make for people to see will say a lot about whether they hire you. Looks are important.

For the second item – marketing, management, finance – while a small business – you still need to do these things and you won't have help by hiring someone – so you'r best bet is to go directly to your local SBDC (Small Business Development Center) and ask for help in preparing for your business -it is free and you can really use their help no matter how much you already know.