Top 10 Stupid Things Agency Owners Do in Year 1
Ok folks, it’s time to get real; you decided to start your own Digital Marketing Agency business, which has been your dream. But now you realize it’s not as easy as it sounds. Here are the top ten stupid things agency owners do in year 1.
We have come up with these ten, so you don’t fall into the trap. Marketers from experience weigh in so that your agency can fly. So let’s begin.
Number 1. Not Setting and Agreeing to Expectations
To be a successful marketing agency, you have to have the word retention in mind. This means that you need to set and agree to realistic expectations for your clients. It is essential to create long and healthy relationships by ensuring your expectations are aligned.
Don’t promise something that you can’t deliver, be honest, be straightforward and show what you said you would. Set and agree to the right expectations. Make sure clients are happy with their expectations.
Number 2. Going into Debt
What is the quickest way to fail? Going into debt. Let’s face it; there will be good times and challenging times. For those tough times, you have to make sure you have a small budget. This means that you have to have a plan for your cash flow. As a business owner, you have to be clear about planning your money.
Let’s get smart about this. Start your financial outline and budget your expenses. You must know where your money is going. Avoid debt as much as possible. How tight can you get and still roll with your business? Know your expenses. You must know what your money can do. Worst comes to worst what is the smallest budget your company can get into. Prepare for the rainy days.
Number 3. Don’t Follow the Cliche; Work Smarter Not Harder
Yes, we get it, you want to work 2 hours and spend the rest of your time at the beach. But that’s not an excuse to be lazy. For any start-up business, this is just not reasonable. You set the tone for everybody else in your company, so fight for what matters.
Get clear about what you’re working for. Is it for your retirement, for your kids’ education? Let’s get motivated and do some hard work because let’s face it, that’s where you draw the line between good businesses and great businesses. Know your potential and work hard for your business.
Number 4. Bring in Partners
Each and everyone in the world has expertise in something. If you are not eloquent in a specific topic, bring in partners who can help you with the details. Don’t expect to do it all.
Number 5. Not Having Closer Patience
Not having closer patience is a pitfall for new start-ups. Remember to be patient during this process and focus on high-quality leads and understand closer abilities. Telemarketers may call 150 clients and probably close 1 appointment. It takes time, so be patient. Understand the closing skills of your clients to make sure they are benefitting from the products you provide.
Number 6. Signing Long Term Contracts with Service Providers
In the beginning, you don’t know if you will have a successful business. Having long-term contracts can be another pitfall if you encounter challenging terrain in the future. This means you should negotiate short-term contracts by service providers, be it month by month or within 3 months. This will give you peace of mind, believe it. Be careful with your money.
Number 7. To Outsource or Not to Outsource?
As a business owner and the most committed person in your business, you must figure things out before outsourcing. If you can’t secure 40 appointments a month, how would you expect outsourcing can do it? Either you hire a true expert or start by figuring things out first.
Number 8. Underestimating the Difficulty
A marketing agency is a complicated business. So remember that you are in this to fight the most challenging fight of your life. So be prepared, put on your boxing gloves, and go into the arena. Go in thinking that this is what you need to fight for so that your family won’t go into college debt. Get motivated and fight.
Number 9. Overcharging your Clients in the Beginning.
Please don’t make this mistake when you secure your first clients. If you do this, they will have high expectations for their return on their investments. Remember, it’s best to have a long-term retention plan than make a quick buck in a short amount of time. Sound advice dictates to charge a fair price and grow your retention plan. The higher you charge, the better you need to perform to break even. The key to rising to have a sustainable agency is retention. Don’t overcharge.
Number 10. Surround Yourself with Coaches
Hire coaches, but do a background check. Surround yourself with coaches that have substantial experience. Look for coaches that have coached thousands of people that have generated success. Do your research and know your coach.
Digital Agency Hacker
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