Marketing industry is a fascinating world. Starting a marketing agency or marketing business is a full-time business venture. It would take up all the energy with hectic schedules when you must give your full attention to start up idea. As marketing industry specialist business accountants, we work with our clients and have transformed their business by advising them on their KPI, finance and business plans. We will list the basic instructions how to open your own marketing company.
Finding Niche in Marketing World
Marketing is a very competitive and specialist industry. You would need to think over the niche your business will specialise in and your unique approach which will let you stand out in the crowd. Marketing agencies offer different services, from print media to digital media.
You would also need to decide which type of marketing your agency will focus on. It can be B2B or B2C. Most of the Marketing companies now a days prefer digital marketing. In digital marketing you must choose your specialist subject out of following.
- Pay per click advertising (PPC)
- Search Engine Optimisation (SEO)
- Content Marketing
- Event Marketing
- Guest Blogging
- Email marketing
Holy Grail Rules
Following tips can be handy for starting a marketing agency:
- Always try to keep overheads low – don’t over stretch yourself
- Try to advertise only what you’re good at.
- Learn to be measurable and report you do everything and learn from it.
- Don’t work for free. Always have a defined timeline for invoicing with at least 50% upfront.
- Get your own business into shape and advertise what you have done for yourself.
Your Target Market
This is the most important part and you should be specific about it. Every industry has its own clientele and your job is to attract new customers and maintain their brand name. Analyse the market, looks for gaps. Think about your own brand what it communicates to your clients. Try to get the opportunity in underserved sector or area.
You only advertise and market what you can deliver. Do not make any false promises or temp to do overpromise to secure clients. Be confident what you can deliver and confident what you can achieve while it may take long to build a solid clients base.
Your Business Plan
Before you even start, you should work on your business plan. It may take quite some time to put all pieces of jigsaw puzzle together, but it will be your bible through out your business life. We always advice clients to brainstorm their business plan and try to forecast it for five to ten years and keep it updated every year. This would enable you to measure your performance in real time. Your Business plan should include
- Business Goals
- Marketing Plan
- SWOT Analysis
- Operational Plan
- Pricing Plan
- Project Management
- Financial Forecast
As Accountants for Digital Marketing Companies, we would advise you to leave the specialist part to us. Talk to us about your business plan and about your niche and let us give you a straightforward plan of your success.
As a marketer, you would know where to find your target clients. You can advertise following tips in order to attract your new clients and broadcast your brand.
Start Networking : You can attend different fairs and industry events. You can also advertise on LinkedIn, post your blogs on business forms and social media. Reach out your contacts and ask them to send messages to their contacts.
Free Trials: You can also advertise free trials, but this does not mean you should give away everything you have in plan. Free trails may not have instant effect in terms of return on investment, but you should explain your client the advantage of advertising and maintaining brand among their competitors.
Referrals: Once you have few clients, you should ask them for referral in return for a free service which you can do in a limited time. This would make the world aware that you are popular among your competition. You may not get instant response, but referrals can work in some amazing ways.
Your Business Lifecycle
Once you are established you must plan for the following in order to run business successfully.
- Retain your existing clients
- Promote your Business
- Gain Skills and Hire Staff
If you do not keep yourself prepared and updated with the changing world, your clients will move to other providers. It will be too late before you come to know about your own shortcomings. It is imperatively vital that you should be aware of changing technology and advancement of marketing around you.
Business promotion is a constant exercise. You should not break this cycle and keep your self present on social media and blogging websites. You staff is your asset as you will train them in specific way. Keep them updated with the skills they need along with developing your own.
To start with you can be self-employed. But its always advisable that you should open a limited company if you are planning to develop it in a successful business. If you have partners, they can be share holders or there is also an option of forming Limited Liability partnership.
As Accountants for Digital Marketing, we can advise you on the best business structure and plan for your taxes ahead. You will never have to look after your accounts or tax matters if you become our client. Our Fees are Fixed, and we care for our clients.
Business Accounts and Tax Compliance
You can do accounts on your own, but you may miss out certain reliefs. You will need help of an account to setup for Making tax Digital and to file your company accounts to companies house and HMRC online. We as specialist business accountants, can do all this work for you and will keep you updated of any changes in law and tax rates. Besides as our client, we will give your free advice and you are open to discuss your business operational matters with us.