If you were to think of creating a marketing agency 20 years ago, the barrier to was colossal. At that time the landscape of digital was very primitive and the overhead of creating such an entity was a daunting task and it wouldn’t have been possible without any initial investment. And on top of that, the startup costs were very high.
But the times have changed since then and nowadays it is not impossible for a skilled person to think or create a digital marketing agency within a few months. And of course, it would take little time and help from your peers or colleagues. And with the right mindset and right approach you could build a fully-fledged marketing agency within months.
Many companies are spending the top dollars to market their products or services online. And here are some steps you can follow to build your own digital marketing agency.
First, develop the skills
You cannot become Neil Patel right away, first, you have to hone your skills and better your vision. You can be as creative and intelligent but you may not be ready or experienced enough to deal with all the nuances of a digital marketing agency.
It takes years to develop the right skills, so you need to do a real job before your founding venture to hone in your skills and have enough experience and exposure to venture out.
Become a contractor before turning into the founder
Founding a business comes with a lot of risks and I would suggest you do some contracting work before venturing out to found your own business.
It is advised while you are working a full-time job you start taking some contracting work on the side for a period of time for many reasons. It allows you to go deep into the projects without risking your career. You’ll a taste of entrepreneurial life and it will also let you build relationships that will help in your marketing agency.
There are a lot of different ways to set up a marketing agency which include the service you provide and how you bill them for the work or how you’ll manage their work efficiently.
There are many business models available and you choose from one of them.
- Flat retainer
- Percentage of Spend
- Commission based
All these business models are used in digital marketing space but the commission based model is widely used for various reasons. This model gives them a competitive edge over others.
Choose your Niche
When you start out to create a business you’d probably want to work with anybody. But you and your team have to find the niche you’re all comfortable with. Find your specialty and use it.
Once you’re set with the niche it makes taking clients very easy and it also strengthens your skill set exponentially. Which gives you a competitive advantage over other players in the same space.