Everyone who has ever worked in marketing will go through periods of doubting whether they've entered the right industry. Being made to do tasks beyond the job description you signed up for, assigned to clients you have no interest in working with, and the overall stressful environment may have outweighed the enthusiasm you initially had entering this particular industry.
Sometimes, you may be looking for a certain culture at marketing agencies that you can’t seem to find, no matter how many firms you work for. When this happens, oftentimes, the best thing to do is to create that environment yourself and start your own firm.
While it may be intimidating to start your own business, being your own boss gives you more flexibility when it comes to decision making. Another big benefit of launching your own marketing business involves low startup costs and minimal ongoing expenses. This is because marketing businesses don't need to spend on building inventory or maintaining manufacturing facilities. If you’re good at organizing the business, working completely remotely is definitely possible, and one of the only major things you’ll have to invest in are online resources for communication and storing files.
However, there are a few things to take into account before starting your own marketing firm. Before you head out and register your business, ask yourself the following questions:
“Do I know enough about market research?”
This is the most important thing you have to ask yourself. After all, to enter the world of marketing, knowledge on market research will help guide you in implementing success campaigns. Understanding market research is so important as it helps you recognize business opportunities and know where to advertise. Take note, however, that knowing enough does not necessarily mean having to be an expert. You can learn the basics, and even the intermediate ideas to be sure, and then later on hire an expert to fill in the gaps.
“Do I have enough resources?”
While starting a marketing business won’t cost as much as a business in manufacturing for instance, you'll still need money to get it off the ground. Resources also include time, expertise, and energy. You must be prepared to invest a lot of time and energy in establishing and running your firm, particularly as the employees you hire will be looking to you for guidance. Expertise ties back to the previous question about market research, but this will also include knowing enough about your competitors to stand a chance against them despite being a new business.
“Who is my target audience?”
Many entrepreneurs fall into the trap of trying to offer too many services at the very start because it gives the illusion that they would be able attract more clients. However, the reality is that trying to provide clients everything would make literally every existing marketing agency a competitor. This could also lead to you stretching your team too thin. Having a target audience allows more potential for growth for your firm and help build brand loyalty from your customers. It gives you and your team something specific to focus on so you can perfect your ideas and execution. This will help you fare better than if you were to cover too many things at once without specializing in certain disciplines where you haven’t got specialized experts to execute campaigns.
“Will I need a co-founder?”
You don't have to have a co-founder, and there are companies out there whose bosses are lone wolves. However, maintaining a business is far from easy, and having a partner or partners you can discuss decisions with could make it more bearable, especially in the early stages. If you do opt to have a co-founder, find someone you can trust, and who is as passionate about the business you are planning to start as you are.
“Do I really want to start a marketing firm?”
After thinking everything through, this is the important final question. Why did you think of starting one in the first place? Are you really ready to put your all into this business? If you’re in it only for the money, you might not end up as happy as you originally thought you would be. Start a business because you’re passionate about it. Your passion will keep pushing you to do better, and the money will follow as you satisfy clients with your unending dedication.
