If you have any experience in the marketing industry, you might have considered starting your own marketing agency. That way, you would be able to utilize all your existing marketing skills and experiences while simultaneously taking control of your own operations. With your own marketing agency, you can choose your own clients, set your own hours, and effectively have unlimited income.
Most people are intimidated at the very thought of starting their own agency, but in many ways, it’s easier than you think. In fact, you can ostensibly start your own marketing agency with little more than a laptop with an internet connection.
The Prerequisites
Before you can start a marketing agency, you need some kind of expertise in marketing. Technically, you can start an agency without that expertise, but your chances of success are going to be slim if you do this. Instead, it’s much better to have at least a few years of marketing and advertising experience under your belt, and preferably, some existing credentials and results to show off. If you have experience owning and operating your own business, even better.
And, of course, you’ll also need a laptop, or at least some kind of device that can access the Internet and help you accomplish all the tasks necessary to get your agency up and running. You’ll be able to use this device to research, plan and organize, and even execute most of the work associated with your agency.
Writing a Good Business Plan
Even if you have a strong idea of how you want to create your business, it’s wise to draft a business plan from scratch. This process helps you understand the high-level nature of your organization as well as the key challenges that stand between you and success.
At the very least, your business plan should account for:
· The core idea. What is your marketing agency going to be? What kinds of services is it going to offer and are there any limits on those services? What packages and products will clients have to choose from and how is your brand going to be unique? Also, how are you, specifically going to run and support the marketing agency?
· Target market. Before you can be effective as a marketing agency, you need an identifiable target market. Who are your target clients going to be? What types of businesses are you going to serve? How large are they, and what industries are they in? The better you know your target audience, the more effective your messaging is going to be.
· Competitive research. Next, work on your competitive research. It’s important to understand the other agencies and consultants in your space so that you can differentiate yourself from them. How are you going to stand out in this crowded field?
· Pricing and financial analysis. Your pricing is going to have a big impact on your success. Price your services too high and no one will want to work with you. Price them too low and you won’t make a profit. You need to strike a careful balance for success.
· Marketing and sales. How are you going to promote your business? How are you going to land new clients? The more specific you are here, the better.
Landing Your First Client
One of the biggest obstacles to creating a marketing agency is landing your first client. After you serve one client well, you’ll have case studies and testimonials to show off – and you can likely start generating referrals.
So, how exactly do you land that first client with no agency experience and no reputation to speak of?
· Networking. Networking can be a route to achieving almost any professional goal, including landing your first client in a marketing consulting capacity. Expand your professional network as far as possible, getting in touch with people from many industries and backgrounds. Even if none of them need your agency services right away, they may need them in the future – or they may know someone who does need them now.
· Price cutting/specials. You can make your services more attractive by cutting your prices or advertising specials. People will be much more likely to work with a new marketing agency if the price is right.
· Traditional lead generation. You can also generate your first few clients through traditional lead generation. However, keep in mind that lead generation can be expensive and difficult to manage. If you do pursue lead generation, consider using multiple channels and tactics to broaden your reach.
Starting a marketing agency isn’t exactly easy, but it’s also not shockingly difficult. If you have a device that can access the internet, some marketing experience under your belt, and a business plan that makes logical sense, you should have everything you need to get started.