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Things To Consider When Opening A New Creative Agency

A lot of people who have a knack for creative things have probably considered multiple times to blast off a creative agency, however, they weren’t too sure if they have enough courage to take this step.

And this way of thinking completely makes sense, because, at the end of the day, that’s not a small step and something that a person does every day. However, that should stop you from giving it a try.

We know that this entire process can be overwhelming and stressful to some, but it just might be the best decision you’ve ever made. If you would like to embark on this journey but with the help of some useful tips, then take a look at ours below. They will most definitely be of huge help!

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How Are You Going To Finance This Endeavor?

If you haven’t managed to set aside a certain amount of cash for this venture, then you’ll have to find a way to raise money that’s going to help you launch it. In these instances, you can rely on these solutions:

  • Banks – Although this isn’t a bad choice, we would still like to remind you that it can be extremely time-consuming, due to the fact that banks are taking into account people only the ones who have a steady income, over 700 credit score, equity in their home, thorough business plan, and solid experience in the industry they’ll be working in.
  • Bootstrapping – What does this one represent? Namely, you’ll be practically utilizing your own money. You can either opt for your cash savings or 401K via rollover for a business startup scheme.
  • Crowdfunding – So what can be said about this one? Basically, it means that you’ll be raising funds for your company by receiving donations from a bigger group of people. There are several platforms where you can do this, and for the time being, the best ones are GoFundMe, Indiegogog, and Kickstarter.
  • SBA loans – There are two types of these loans. Micro-loans can give you up to $50,000, or community programs which go up to $250,000.
  • Angel Investors – These are normally very rich people who want to decide on a particular business, however, in exchange they usually demand ownership equity in the firm. There are two types of angel investors: cold market which represents the group of people you do not know, and warm market which are typically family members and friends. If you need a larger sum of money, then it’s better to opt for the cold market. On the other hand, if we’re talking about a relatively small amount, then a warm market is a better option.

What You’ll Be Focusing On?

Since you’ll be practically starting things from scratch, it would be recommendable to figure out what you’ll be offering to the world, in terms of your products and/or services. People who decide to establish a creative agency, usually either cover a number of different aspects or concentrate solely on one.

For example, you can be a social media marketing guru who knows how to take other businesses up a notch, or you are both an inventive and gifted web and graphic designer who is capable of developing out-of-this-world websites.

Whatever your talent and strength may be, the whole point is to ensure you accentuate all the qualities that are going to help you stand out from the rest and immediately be noticed by potential consumers and clients.

These are the things that you should be focusing on right now, and then, later on, you can concentrate on growing your business.

Let’s Discuss The Pricing

Developing the right pricing strategy is by far one of the most crucial aspects of this entire process. Why is that? Well, that’s because it directly influences your profits, as well as customer perception.

Although people are aware of how essential this step is, to some of them, it can be a pretty demanding thing to do. How come? It’s because you need to determine the most suitable pricing model for your company, and yet there are various ones, hence it’s hard to figure out which one is the best for your firm. In order to do this correctly, you need to consider several things first:

  • The cost of making your product, or the value of services you’ll be offering to your customers
  • How much money will it take for you to successfully run your business
  • The number of consumers you currently have
  • What expenses are you obligated to cover? This applies to the short-term ones.
  • The price your competitors set

Do You Plan On Partnering With Someone?

These sorts of endeavors can be perfectly executed alone, however, in some instances, people do not feel secure enough to do it all by themselves and it can be for numerous reasons. For instance, some need assistance in the form of financial help.

And then there are those who could use some additional expertise that their business partner can provide them with. Whatever the reason may be, it’s pivotal to pick a person you know, and most importantly, trust!

It also needs to be someone who shares the same values as you do and who is on the same creative level as you are, because, after all, you are planning on blasting off a creative agency, right?

Once you pick a business partner who suits you in every possible way, you’ll notice how various obstacles and hurdles are handled much more effectively, because you have the right person by your side.

Did You Select The Name For Your Creative Agency?

Now, we know that to some of you, this may seemingly look like an easy thing to come up with, but it’s actually not the case. It can oftentimes be challenging because you need to think of something that’s not only unique and authentic but a name that will easily grab someone’s attention and properly represent your brand and its essence.

If you run a sole proprietorship, then it would be advisable to operate under a business name that has nothing to do with yours. Once you decide to register the name, you should research your company by checking the following:

  1. Your state’s business records
  2. Social media platforms
  3. Federal and state trademark records
  4. Web domain availability 

You Must Prioritize Your Portfolio

It is widely known that in the business world, having a superb portfolio is one of the most vital things if you want to remain successful. That’s precisely why you mustn’t overlook it in any way. Namely, it’s of huge importance to show your clients and consumers why they should pick you over anybody else.

Therefore, it would be recommended that you start working on your portfolio as soon as you can. In it, you’re supposed to showcase all your best work, how this whole creative process looks, and how you tackle different problems that come your way.

Do You Have Employees?

There’s no need to remind you that there’s no successful company without employees. No matter how skilled, seasoned, and knowledgeable you are, if you do not have the right people on your team, then it’s highly unlikely you’re going to succeed.

In these types of situations, it would be smart to take into consideration people who are your total opposite. What do we mean by that? For example, if you are great at advertising things, but administration is not your biggest strength, then you should opt for individuals who are great at these sorts of things.

The point is to have workers who are skilled where you lack. This way you will complement each other perfectly. Bear in mind that every creative agency must have at least one individual in each of these sectors:

  1. Advertising
  2. Sales
  3. Finance
  4. Accounting
  5. Legal
  6. Product development
  7. Administration

Another thing that you mustn’t forget is to set a compensation model for all the people who will be part of your company. Are you looking to work with freelancers only, or maybe you would like to have someone who’ll work for you full-time?

If you decide you want to mostly collaborate with freelancers, then you should hunt them down on some of the most reputable platforms, like Torchlite, Cloudpeeps, Fiverr, and Upwork. These are places that are packed with talented people and that aspire to connect different companies with creative and hard-working talents.

You Must Be Visible

When we say this, we refer to social media platforms. These days, it’s safe to say that you are practically perceived as non-existent if you do not have a profile on most (if not all) social media platforms.

If you want to speed up the process of becoming successful, then this is something you simply must do. What’s generally amazing about these platforms is the fact that they are free of charge, yet an amazing way to spread the word about you and your company, so make use of them!

Being a business owner is far from smooth sailing. It takes a lot of courage, effort, dedication, and time to do it properly. However, if you want to streamline everything when it comes to this, then don’t forget to follow all these aforementioned tips.

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