As someone who is starting a new advertising agency, you want everything to be perfect. From Branding, to your logo, website, who you work with. However, there are some things in the beginning phase of your business that you should avoid if possible:
Accepting Too Many Projects Without Having Fulfillment Teams in Place
Startup agencies typically find it hard to say no. They agree to do everything that comes their way. Sometimes that means even getting paid less than you are worth taking on projects with low budgets
But, rather than taking on as many projects as possible, you should focus on the right projects that pay you what you are worth. This will help you build the right structure and mindset from day one. Plus having a fulfillment team in place will help you after you close a deal to know you can hand it off to an expert to get the job done. This will allow you to focus on the the most important parts of your business which is leads and sales. However, if you’re new and trying to build client relationships, it doesn’t hurt to be available when they need you.
Not Being True to Your Brand AKA YOU
When creating a new advertising company, you need to stay on brand. This is one of the biggest mistakes you can make in the early stages of building your agency. All advertisements, organic methods, blogs, should be an extension of your brand. It represents you.
If you choose a niche and services and become a problem solver you should build your brand around the problems you solve and who you solve them for.
Failing to Network
Some people think they’ve “arrived” once they become an agency owner. They think they no longer need to network. That couldn’t be further from the truth. While you can’t be an active member of every organization and group you come across, you should try to network with a select few. They can open doors that you can’t open for yourself.
A perfect example would be your personal connections. Have you let others know what you’re offering? Have you updated your social media to say you own an agency. Are you living in what you are selling so others think of you when someone asks them about services? Think about that. You could already have your first 5-10 clients right in front of you.
Doing Work Without a Contract
Many new agencies fail because they don’t have binding contracts with clients. They do work without a contract because they think it will build trust. If a client requires a contract, trust that they have something that they want you to do. It may not be a big project, but either way, you can’t commit without a contract. Not to mention contracts will always make you seem like a bigger operation than you are. When you are new you should have these things in place and stick to it. Enforcing a contract may be another story, but getting a client to commit to you and your team is the first step they need to take.
Lacking Passion
One of the biggest mistakes in a startup agency is not having the energy and passion for getting it moving. If you feel like your passion is dwindling, you can always take a break. Just make sure that when you return to your agency, you’re ready to bring it all in and build a great foundation for it. That passion will fuel it through the years.
The Keys To a Successful Ad Agency
As you can see, you can make many mistakes when you’re starting a new ad agency, but knowing about them can save you from making them in the first place. From poor decision-making to lack of focus, there is a lot of room for error. But, the key here is to avoid them from the start.
SobeViral can help you on how to start an advertising agency. We specialize in helping agencies scale their revenue with the DFY Agency Program. Apply Today!
