Embarking on a new business is exciting and challenging at the same time. Starting your own creative agency is not easy. Be ready to step up from your previous corporate or freelance creative work. Launching your creative agency has its benefits, like having a freehand for major decisions, more creative freedom, and an opportunity to earn more.
However, it also has its challenges. According to a recent survey, the most significant challenges your agency will encounter are finding new clients and managing time. Starting a creative agency can bring many opportunities, as well as a few hurdles. There are several steps you can take to have a successful creative agency launch.
1. Figure Out Your Brand
Branding is essential in your business because it will define how your clients perceive your company and increase the value of your brand. Branding should translate into a visual identity such as a logo, company name, color, and design. Think of a very catchy tagline that clients will remember and connect to your agency.
Advertise so that clients know your business even before opening day. Create an engaging brand story that talks about your agency and what it represents. You can also showcase your previous work and clients, so customers know your background and expertise. Maximize your visibility by using the power of social media.
2. Stay Realistic
You cannot build your agency overnight; it will take time. It is essential to remain consistent and deliver the best possible service to clients. Set realistic business goals that are achievable and that reinforce your company’s mission statement. You can use these goals to evaluate your agency’s performance and make necessary adjustments.
For example, improving customer service may be one of your goals. The only way to measure customer satisfaction is to ask for feedback to determine how satisfied or dissatisfied your customers are with your agency’s services. You can use the data to improve customer satisfaction.
It would be wise to start small, so you don’t burn out your team. Around 20 percent of new businesses fail during their first two years of operation. Make sure you have realistic plans, enough funding, and flexibility before embarking on your business journey.
3. Solidify Processes
Business processes are steps done to complete and deliver a service or product. These steps should be defined and simplified for optimal efficiency. Remember that your employees will implement these processes, so make sure every member of the organization understands them and abides.
Before implementing, solidify processes by asking for input from your supervisors and employees to make the process more practical and straightforward. Have real-life simulations to see what areas you should improve before implementing. Streamline the process as much as possible and make adjustments along the way.
4. Get Insured
There is always risk involved when you engage in business, and having insurance is an excellent way to protect your agency against potential legal and financial struggles. It is essential that you secure insurance before opening your creative agency. Insurance reduces uncertainties and assures the continuation of business if something untoward happens.
Do you need professional liability insurance? Professional liability insurance is geared towards businesses that provide professional services for clients. This protects professionals like lawyers, accountants, physicians, and other service providers from unsatisfied clients.
For example, if you miss an important project deadline or made mistakes, your client may sue your agency. Mistakes happen, but if it financially affects your client, they may have no choice but to file a lawsuit. If you have liability insurance, it will cover legal defense, judgments, and settlements.
A network is essential in business. Aside from sharing business information, it also provides an opportunity to create mutually beneficial long-term business relationships. To succeed in your business, establish a solid network to exchange ideas, offer new opportunities, and improve creativity. Take note of your top professional contacts, such as customers, suppliers, mentors, employees, and colleagues, and have a continuous professional connection with them.
Networking with clients or other creative professionals can develop long-lasting relationships. Offer your network free professional advice if necessary. Making the relationship mutually beneficial can create stronger connections with clients, suppliers, and other creative professionals. These relationships can make your business stronger.
Enjoy the Process
Launching your creative agency can be both exhilarating and stressful at times. With the proper mindset and a lot of planning, it can become a worthwhile undertaking. Applying these precautions is a good step towards a successful creative agency business.