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June 28, 2021 Content Chat Recap: So You Want To Start A Marketing Agency

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Have you considered creating your own marketing agency? It can be enticing to cut ties with an employer to pursue your own business interests, but there is also a considerable risk involved with starting an agency. However, by conducting the right research and thoroughly planning your new agency, you can be better prepared to weather the initial hurdles of business operations and chart a path for sustained success.

In this #ContentChat, we’re joined by John Cloonan (@JohnCloonan), longtime #ContentChat community member and co-founder of Audacity Marketing, to discuss what it takes to build a marketing agency. Read the full recap below, where our community of marketers and agency founders explains why they launched their own marketing agencies, how to find the ideal business partner for your marketing agency, operational hurdles to address in the early months, and general tips for creating a new agency.

Q1: If you have launched your own marketing agency, what was your main reason for doing so? Why did you feel like it was the right move to make?

John shares his journey below. Much like John, many marketers explore a mix of in-house and freelance working arrangements before officially launching an agency.

There are many benefits to launching an agency. Our community says that it can give you complete (and potentially much-needed) freedom to conduct your work, enables you to explore new passions or interests as possible, and your agency brand can elevate your personal profile (and vice-versa).

Q2: What research do you recommend someone conduct before starting to plan their new marketing agency? How do you know if this is the right career path for yourself?

It is best to gain at least a few years (if not decades) of marketing experience working in-house and/or in an agency environment. This first-hand knowledge is invaluable for understanding how businesses operate and to understand your personal working preferences.

There are a lot of marketing agencies. Determine your strongest differentiator and unique service offering and review any overlap or shortcomings with your potential competition.

How do you know if launching an agency is the right choice for you? We recommend the following qualities for agency founders: comfortable with risk, flexible, have a financial buffer, and eagerness to learn.

Q3: What makes for an ideal agency co-founder or business partner? What red flags do you look for in the search?

John started with four partners, but two left during the launch process. It is best to identify any potential misalignments early on to ensure the company is best positioned for success.

John shares this advice he received: To be successful more quickly, take on debt over partners.

Find an agency co-founder or business partner who is honest…

Complements your skillset and addresses your skill gap…

Builds on your network…

Understands/agrees with how you define success or shares similar goals…

You can have a respectful disagreement with…

And you can admire and want to emulate.

Q4: Where should a prospective marketing agency founder start in terms of planning their new agency? What are the main buckets to address?

Per John, start with the four P’s of marketing when planning your agency: Price, product, promotion, place.

Erika recommends starting with your why and differentiators. Who are you the perfect agency to serve?

Maureen and Chris built NeoLuxe Marketing by defining its ideal client roster and building on their most successful past client relationships.

And Sherry recommends you address other items like naming, financing, and legal, and conduct a SWOT analysis.

Q5: How do you decide which marketing service(s) to offer?

John shares his team’s product decision matrix below.

Per the rest of the community: start with what has worked well for past clients (as long as you wish to continue those services). Expand that list by introducing complementary services that your team is interested in and can learn.

Avoid services that typically involve an unmanageable amount of busy work or services that typically are a “race to the bottom” for pricing.

Your agency does not need to provide every service. Stick to the value you are certain you can provide for clients. Partner with other agencies or solopreneurs to help fill service gaps for your clients.

Q6: How did you create your agency website, and what tips do you have for someone first launching their agency website?

Before you start building a webpage, document your entire brand identity. This includes your values, statement, personality/voice, visual brand, etc.

WordPress has countless plug-and-play themes that can expedite your site creation.

Your website will evolve with your brand. Get your site to be as-done-as-possible for launch, but remember that you will never truly be finished.

Start big with your website plan, and stay focused on attracting your ideal customer.

And customize your site to express your unique brand identity.

Q7: What operational hurdles should marketers expect to face when launching a new agency?

One of the biggest hurdles is learning how to navigate the various paperwork and filings needed to register your business.

Finances are a significant hurdle unless you’re significantly funded.

Determine if you want to work with contractors or employees (or a mix of both).

And stay flexible with your project timelines.

Q8: What general tips or advice do you have for someone hoping to create a new marketing agency?

If you think you can handle launching your own agency, then do it! It will be a difficult process, but you’ll never know what you can build unless you try.

Get reliable money, and be prepared for the financial uncertainty of starting a business.

Understand your workspace motivation. If you need in-person conversation and collaboration, budget for an office or coworking space.

Stay patient, and leverage your trusted colleagues and happy customers to recommend your business.

And don’t underestimate the value of physical business cards.

About Alek Irvin

Alek Irvin is a content marketing professional with a rich history in social media management, executive thought leadership development, and media relations. As a consultant at Erika Heald Marketing Consulting, he creates human-focused content and thought leadership platforms that help brand leaders connect and engage with their communities. Alek has worked with a range of startups and Fortune 500 companies across the B2B technology and consumer spaces, including IBM, Dell Technologies, Hitch Works, Emtrain, Integrate, and Frameable. Connect with him on Twitter @AlekIrvin.

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