“Create a Life You Want to Live.”
Because no one else is going to do it for you. Most of us keep dreaming about quitting our current job and being our own boss. You also may be one of those who had probably thought of being an entrepreneur at some point in time. Since the booming industry is digital marketing field, people with requisite knowledge and experience keep thinking about starting a digital marketing agency.
If you think of this idea some 25 years back, the barrier was huge. With very limited scope in technology base, it was quite impossible to start the one.
Time has changed!
It is not impossible to think that one a skilled individual or a team of few members could create such agency from scratch within some time.
If you have not started working on your dreams thinking that the market is too saturated or it is too late, honestly, cut the crap!
Agreed that running a profitable digital marketing agency is a challenge, but it is rewarding as well. To motivate you further, let’s look at the top reasons why it is a great idea to start your own digital marketing agency.
Pros of the service industry
Starting a service-based business is much easier. Unlike product-based companies, you don’t need to worry about manufacturing the product, storing the stock, stocks going dead, people moving on to a new product and more. On a daily basis, there are multiple services required by markets. To provide assistance, a lot of human effort is needed, so no one company can capture the whole market.
Even though digital marketing is a decade old in the market and there are a lot of big and small players, there is still a significant opportunity starting a digital marketing agency. And you need not be thinking big from the very start, as the industry is so that agencies of all sizes can co-exist.
All you have to do is be focused on a single niche. Don’t be a jack of all and master of none. Keep your focus on one particular service or select an industry you want to cater to.
Create Consistent and Recurring Income
Digital marketing agencies usually charge their clients on a retainer basis, which means the business will have a consistent monthly income. Since every business has some fixed expenses, having a stable income month on month, makes such an agency a great business model.
Initially, it takes time to create a professional network, build a brand and start getting clients for the agency. However, with the time you’ll realize the value of stable income. With the stability of the revenue, you can predict better and make plans for expansions with lower risk.
Once you have the right team in place, you’ll be able to see the consistency in which the entire system operates. With a well trained and experienced team, your clients will be served better, and your involvement in the mundane task will keep reducing with time.
Create a Safety Net for Income
If you are earning a good salary as a digital marketer, your job is at risk. During a recession, the first thing businesses do is reduce the marketing budget, and this includes your salary as well.
If you run your own agency, you must have been getting a monthly payment from 10 different clients. Even in the worst case possible, not all your ten clients will leave you in a single month. So, the chances of business crashing are never over-night.
That makes a digital marketing agency a reliable and consistent source of income. Even if there is going to be a crisis, you will have time to prepare yourself and take the necessary actions. So, if you have the skills, network, connections, and confidence, start your own digital marketing agency instead of working as a digital marketer.
You Build an Asset
Your personal brand has a monetary value. However, if you are a consultant or an employee, your personal brand is not for sale, so nobody is going to buy you out.
If you start a digital marketing agency, with time the company will have a valuation. You are actually building an asset in the form of your company, which can be sold whenever required.
You can have the following assets as an owner of a digital marketing agency:
- Processes and systems for execution
- A well-trained team for performance
- Clients who will continue the relationship because of the trust in the brand
- The prospects list and understanding of the market
- The brand name that is out in the market
And these cannot be built over-night. So, people who have the skill and money would prefer buying your brand, rather than starting from scratch.
So, you are not just building a digital marketing agency, and you are creating an asset that can be sold in the future if required or the deal is right.
Create a Product in the Long Term
Starting a product-based company involves a high risk because of over-estimating the target market size, the demand for the product in the market. And all these happen because it is difficult to understand the needs of their customers.
However, being an owner of a digital marketing agency, you get paid to understand people’s problems. In the long-term, you can invest your savings in creating a product that will help your clients and automate your work. The upside is that before developing a product you have a complete understanding of your target market.
We hope the article has given you solid enough reasons to start a digital marketing agency of your own. However, there are a few things you have to remember before estimating your success in the journey:
- Initial few years are extremely difficult
- Every client is technically your boss
- It is going to be much more challenging than it was working as a digital marketer
- Initially, you may have to be a one-man army to build the base
- Nothing works without putting time and hard work
So, all the best for embarking a new journey on your career path.
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