Friday, May 13, 2022
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Business Guide

Starting an Agency

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This is the best time to launch a business of your own. The entire world being interconnected means that your clientele can be from literally anywhere in the world. And where in the past, the pool of clients you had access to was limited by your geography, the connections that you can foster now are limited only by your will and imagination. If you want to start an agency, be it for the burgeoning markets of digital marketing, advertising, content creation, media, the time is definitely now. Be warned the journey is still not easy but it is a whole lot more manageable, and we’re going to be telling you just how you can go about it.

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So, what is an agency? An agency is basically a company that offers a variety of services to other businesses. These services include but are not limited to, content writing and SEO, illustration and design, web development, social media management, media buying, as well as ad word management. All of these are extremely valuable services for the sales funnel of a company which is why good creative agencies will never go out of demand.

Now, what is the first step of starting an agency? The first step is to understand and identify your niche. What does this mean? It means that you need to know what industry you’re working in, what kind of clients you need to have, and what kind of work you do. For example, if you’re a great social media manager, you should build a social media marketing agency. And maybe not dive headfirst into trying to storyboard and film entire full budget television commercials. Start with what you know, and you will have an easier time finding clients due to your expertise.

Then you will need to decide if you’re going to be working remotely or not. There are advantages and disadvantages to both. By going remote you will need to incur fewer costs because office overheads will not be an issue, and you will be able to hire global employees and freelancers. Remote teams are great for startups because you can get the work done cheaply, however, there are times when you will need physical office space, depending on how your team works.

You will then need to decide on whether you will charge a flat rate or a commission per project. A flat rate should be used when you have a steady stream of work coming in from a client and it is just quicker to bill it all together. This way the accounting is easier, and both the client and the agency will be comfortable. Of course, there will always be some projects that fall outside of the realm of the contract and those will have to be charged separately. Alternatively, commissions can be used, if sales can be tracked, and the agency can also request to be paid on a per hour basis.

Loren Jenkins
the authorLoren Jenkins