Starting your own marketing company can be one of the most exciting ventures you could embark on. Not only do you get to help promote businesses that you’re passionate about, but potentially help increase their bottom line. And if this is something you’ve been interested in pursuing, then I’ve provided a few helpful tips on how to get started. Check them out below:
Establish Your Model
If you’re going to be starting a marketing agency, then one of the first things you need to look at is the model you’re trying to form, including what benefit you showcase to others. And while this might sound simple, it actually requires quite a bit of self-reflection and thought, especially when considering the immense amount of competition out there that you’re up against as an entrepreneur. However, with the right planning regarding what your services are going to be, this can be much more simple than you might imagine.
Start out by looking at where your strongest points lie regarding marketing. This includes things like if you’re more of a digital marketer, street level, or anything in between. While this doesn’t need to be the most accurate off the bat, it does have to give a rough approximation of what you do. Additionally, your model will also help determine the cost of your upstart, which as noted by the SBA can range anywhere from $1,000 to $5000 for an average business. While that’s a pretty significant figure, it’s also one that once you’ve laid the foundation for, so it will be smooth sailing from there.
Have A Solid Amount of Tools At Your Disposal
Another important aspect of having a marketing company is filling in the gaps when you need to. This includes being able to deliver your clients with the best services for anything, no matter how big or small. And whether that means using a company name generator or having a designer on deck who you can rely on strictly for social and email, it’s imperative you get this part of your process right.
Come up with a list of services that you might be able to offer others, including some foundational items that you can package together. Additionally, make sure you use examples to back up your pricing mechanisms. For instances, reminding someone in your branding package that according to LucidPress, color increases brand recognition by 80 percent, which factors into your design costs. All-in-all, work out a few different packages from the tools you’re able to offer, as it will only make it that much easier to push your marketing business further.
Know How To Price Freelancers
As your new firm will most likely be working with freelancers quite a bit, it’s crucial you know how to price their different skill sets, as well as how they can be used within your business. For example, bringing on a photographer that can help shoot for social media and email campaigns, as well as what their price point is. In fact, as noted by the Bureau of Labor and Statistics, with your average photographer coming in at around $16.38, adding that into your budget could be relatively easy. However, despite that being the average, the actual cost of a photographer just might be a little steeper.
Make a list of your freelance contacts, including what their specialty is within their skill set. This will help you not only gauge price but what the best fit for your client could be. Additionally, don’t be afraid to try to supplement some materials yourself, for example, by taking on a photography course. All-in-all, the goal here is to make your pricing mechanisms, and freelancers work within the pricing you compile, so take your time in compiling the right fit.
Keep Up With The Latest And Greatest
Finally, as it’s true with most companies you start, keeping up with the latest and greatest is a must to thrive. Not only will you be able to serve your customers better, but additionally give you more of a competitive edge. And as something of a habit, this should excite you to do more.
Try doing some research into publications that you find thoughtful regarding research strategy. This includes compiling a mix between the different services you’re looking to offer; for example, as noted by Search Engine Journal, 93 percent of online experiences begin with a search, which is why keeping SEO in the mix is crucial. Overall, this is the industry you’re starting a company in, so embrace the opportunity to be up on what’s trending.
What are you most excited about in starting a marketing company? Comment with your answers below!