If you’re a marketer, the thought of opening your start an agency has certainly crossed your mind. You’re not the only one. Before they became successful, many established agencies where only dreams, just like your own. So, what’s stopping you?
With the advertising market constantly on the rise, and new agencies popping up every day, opening your own agency might be a decision worth exploring. Competition may be tough, but if you don’t try it you’ll never know how successful yours might become. So, to help you, here’s how you might go about starting an agency set for success.
Launch Your Business (Right Away)
Too many marketers fear they will fail before they even launch. It’s the reason why very few actually face their fears, accept the risks and open their business.
That’s why it’s important to launch your business as soon as possible. Completing a company registration can be done online and takes just 10-15 minutes.
Afterward, you can start thinking about all the technicalities and details. Since you probably already ran multiple scenarios in your head already, you know what to do.
Start small by hiring a designer to create your logo and find a suitable domain for your site. Then move on to bigger challenges like market research and creating a comprehensive business plan.
Plus, you don’t need to make it public just yet. Announce it to a select few people, like your friends and family, who will support your endeavor (and maybe even be your investors, clients or employees).
The key takeaway is to make that first step. Once you do, you’re bound to put all your efforts into making your agency succeed.
Choose Your Area of Expertise
As a marketer, you already know there are many different types of digital marketing. To succeed, you’ll have to pick one. Remember, there is a lot to choose from:
- Email Marketing
- SEO (Search Engine Optimization)
- Content Marketing
- PPC (Pay-Per-Click)
- Social Media Marketing
There are a lot of small to medium marketing agencies offering every last marketing solution to clients, with experience only in two or three fields. So, it’s important to specialize in one field where you feel confident about your expertise.
By accepting your limitations and sticking to your strengths you can give clients exactly what they want from you – real, actionable results.
Create a Pricing Strategy for Your Services
Defining a clear pricing strategy is important because it will allow you to charge clients and gain the cash necessary to run your business. To do this, you have to choose a pricing model for your agency based on:
- Hourly rates. An efficient pricing model with wide applications in marketing. You give clients a work estimate depending on the type of project. Then you charged them by the hour for the work you do.
- Flat rates. By far the simplest way to sell your marketing services. You offer a single service to your client, for a single scope of work, and a single price. You charge them once you complete the project, reach a milestone, or achieve the agreed-upon results.
Additionally, you could employ a favorite practice in SaaS content marketing – the tiered pricing strategy. It allows you to offer multiple service packages (three to five) designed around different features, at different prices.
So, for example: if your agency does marketing on social media, your basic package might offer advertising services on Facebook for the lowest price; the premium package will offer Facebook, LinkedIn, and Instagram for a middle price; while your VIP package includes marketing on all social media platform for the highest price.
Focus on Marketing and Sales
Clients drive business. But clients won’t know your agency exists if you don’t get your brand name out there. Similarly, there is no point of marketing your agency, if you don’t sell your services.
When thinking about the solution, you might consider hiring a salesperson to manage sales for you. This is only a short-term solution. One you should avoid for the time being.
You will need to market and sell your services yourself. Get used to the idea, because it’s the only way to create a successful agency. Learn how to align marketing with sales, and go through the process of cold-calling and pitching offers to clients. When you start landing big accounts, it will give you a cash flow you can invest in the growth of your agency.
After all, the main point of marketing is to drive sales for others, so it makes perfect sense to do it for yourself.
Yes, starting an agency intimidating. It is also a very rewarding business. Especially, if you spent years mastering your craft for other agencies. There is every chance you picked up useful skills along the way, which you can now turn into profit. Perhaps your agency is set for the dizzying heights of success, and now you know how to start that journey.