Starting your own business can prove to be very challenging at times. There are countless reasons for going out on your own: creative differences with bosses, the desire to have more control over your work, some might even say financial freedom, and a fear of losing your job.
A couple of challenges of this life changing event can include no assurance of work or income, isolation and less human contact, increase of financial insecurity, increase in stress and huge workloads. All of these things can affect to your physical and emotional health, but the good news is that there are a number of already established agencies that can share their experience and the best tips with you. As a start up agency you are going to face dozens of problems and I’m going to go deeper into some of those below in my article:
1. Your past industry experience
Should you be a digital marketer before launching your own marketing agency?
Even though I believe in the saying “Everything is possible”, it would be good idea to do the necessary training and market research before you start your own marketing agency. You've got to know not only who and what you will be dealing with, but also how to handle certain situations. With zero knowledge of the latest industry trends, common practices and etc, do you really think that “anything can be possible" can work for you?
2. Finding employees, office rent, bank loans
The harsh reality of starting a business is that as soon as you take this step, your salary is no longer guaranteed.
Finances! Most of us hate this word, especially if you’re working for a boss and you know your salary barely covers your expenses. This scenario sort of doubles once you decide to take the step of starting your own business. Remember, you are no longer guaranteed of an income every month. Hard work has to be put in and I’d say a realistic goal would be to give yourself at least two years before you can start reaping the benefits of working for yourself.
3. Setting up case studies from your previous work
Case studies are success stories that can bring lots of exposure to your business if you can present a problem that is common among customers in your industry and you have solved it successfully. Since case studies count mainly on facts to back up your claims, most of your potential customers are gong to request them from you so it can help them solidify your stance as an expert in your industry.
4. Finding long term clients
Human beings by nature are comfortable with what they know and change is very scary, we will rather stick with what we know, in order to avoid change. One of the most important things you are going to have to do is make your clients feel comfortable and safe with you, in order for them to stick with you for a long period of time. This however goes hand in hand with my next point.
5. Getting people to trust in your vision
Most people don’t trust very easily as a result of past experiences. Trust is earned. As they say in business world: "Fake it, before you make it!'' At first you might have to create an illusion of what you want, in order for your client to trust in your vision. This illusion will however become a reality once you have proved yourself and your clients.
6. Staying competitive
You have to stay on the top of your game at all times! There will be times when things are going good, but there will also be times when things are going to be bad, this is when you have to stay on the top of everything. Make sure you do your research about your competitors and their services, but also make sure you stay informed with changes they make. Competition will always be there, without it you won’t grow!
Having said all this, there are two ways you can continue look at starting your own marketing agency – positive or negative. Did we miss any of your concerns, feel free to add it in the comments below!