By Getrude Matayo
Starting a new business comes with unique challenges and those first years are essential to your long-term success and growth. If you are starting a digital marketing agency, you will run into specific challenges and may make some of these common mistakes
Debt can be often representing a problem of your business because of the unknows of a new endeavor. In a moment of crisis or in the event that you need to downsize your expenses, having that fixed payment can take a toll on your business. Remaining debt-free as much as possible will be a huge asset for you as you start out.
Like in any other business, setting the right expectations for your clients is a must. Don’t overpromise especially when you are not sure if you will deliver those results. It is better to let go of a lead with unrealistic expectations rather than closing the sale and having to deal with an upset client along the way.
Digital marketing agency owners are often attracted to the digital aspect of the job because they are looking for a job they can do from anywhere. The freedom of being your own boss is appealing but you will have to work hard for a few years to achieve it.
Having a budget is essential for handling the ups and downs of a new business. You need to know precisely what you are doing with your money, what expenses and profits ate and where you are heading
Whether you an expert are or not, get help. This may mean a team, a learning platform, new processes or a mentor. Focus on growing and managing your business. Try to delegate everything else.
When you are starting an agency, your recurring income is often low and your churn is often high. Don’t commit to long-term contracts with your service providers. Instead, choose to pay month-by-month even if the cost is higher.
Outsourcing can be the key to your agency’s growth but only if you understand and know how to measure performance. Agree with your outsourcing partner and set your expectations correctly.
Staring and growing a business and wanting the income is not enough to motivate you in difficult times. Committing to something bigger than money and bigger than yourself will keep you focused on the right things.
Don’t overcharge. This doesn’t mean you will work for free, just that you will charge a fair price. Your price should be enough to make a profit with room to work and get good results for your client. Later on, when the client sees the values of your work, you can think about increasing prices.