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Business planning: How to plan and set up a new digital marketing agency

Any business that starts today is not complete without an online presence. There are billions of people surfing the internet every day, and for any business, this would prove to be a gold mine if they conduct their digital marketing correctly.

Big brands that once dominated the high streets have slowly started closing their high street shops and setting up shop online. As a result, the experience we once had of high streets is no longer the same. Most of the time, you will find shops with a very small range of items, while their online stores would be fully stocked.

This trend is not only seen in the clothing industry, but in any industry, you can think of. For some service industries, you may need to be physically present, for example, a car wash, a barbershop, a beauty salon, or a cobbler. However, without them having some sort of presence online, there is a high probability that they will struggle. A business will go over to their competition who are present online and invests actively in their digital marketing.

What you will find in this post

 

Digital marketing has become part and parcel of any business. From the day they set up to the day they close, they will invest in digital marketing throughout their business life span. For this reason, if you have any interest in setting up your own digital marketing agency, there is one thing for sure, you won’t be out of work if set up the right way.

 

Like any other business, this is not a get-rich-quick scheme. It requires a lot of hard work, passion, and faith. If you are not driven enough, you will struggle, as it is a slow process. However, once you get going, it will support you for years to come.

 

We have written this article to get you to start thinking in the right direction. You may want to print this out as part of your research, as we will share with you some really interesting insights on how to get started and what things to consider when starting your new digital marketing agency.

 

Naming your Digital Agency 

 

This is probably the most exciting moment and the most crucial. You need to make sure you choose your name wisely, as it becomes extremely difficult to change it after. You would have invested a lot of money and time in promoting your brand, and so changing your name would mean pretty much starting from scratch again.

 

When choosing your name, you need to know which target market you will be providing your services for. This would mean you need to be aware of the type of industries, the demographics, growth businesses or startups, etc.

 

After you have some idea of who you will be targeting, think of what solutions you will be providing. Will you be specialising in website designs, google AdWords, SEO, or a general practice doing a bit of everything.

 

Once you have these things listed down, then you can start brainstorming. There is a really helpful tool by the name of Bust a name, which will help you come up with a list of names, from which you can then narrow down and pick the one that resonates with your target market the most.

 

Make it official 

 

Now that you have chosen your name, it’s time to make it official. You want to make sure, first of all, that the name you have chosen has not already been taken. There are two places you must look. First, companies House website to check if any company exists by the name you have chosen, and godaddy to check if the domain exists.

 

Once you are in the clear, you need to decide which business structure to choose for yourself.

 

There are quite a few structures, but the most popular ones are a Limited company or a self-employed.

 

Both have pros and cons for which you can find in our articles on the advantages of becoming a limited company here and why it’s good to be self-employed here; however, if you are starting solo, perhaps taking a self-employed structure would be the most beneficial, at least for the first few years. Once your business starts to expand, then you can start thinking of registering yourself as a ltd company.

 

Virtual Business Address

 

Once you have registered your business structure, it’s always good to have a business address. Since you will be working from home to start with, you don’t want the public to know where you live. Plus, it does not look professional.

 

There are loads of virtual address providers out there; a simple google search will bring you hundreds. In addition, they have lots of other services, such as call answering, scan and email post, etc, which you would need as you start to grow.

 

We recommend Moneypenny; they are the best in the market.

 

Business Bank Account 

 

This is extremely important not only for yourself to budget but also to have a separate account for all your business transactions, which will help you with your tax returns at the end of the year, and if a registered Ltd company with your bookkeeping, final accounts, and corporation tax.

 

Make sure you open an account from the very start. Opening a business account is not like before; now, you can open one within a few hours.

 

We recommend tide as it is the most efficient and quickest one out there. It will connect your business account with any accounting software that you use and help you keep track of your transactions by giving you a helpful analysis of your monthly spending.

 

Click here to visit tide’s website and type “EVOTAX” once prompted to claim your £50, exclusive only to EvoTax readers and clients.

 

Write a Business Plan 

 

Without a destination, you will find yourself driving aimlessly.

 

It is important to have a plan before you start ploughing through. You need to know where you are headed to develop strategies that will help you get to your destination. Every business has different targets and goals. You need to make a list of why you want to start a business and what you want to achieve from it. It may be that you want to reach six figures, or you want more time, and therefore delegating work, or you want to help create employment. Whatever your reason, make sure it’s written in black and white.

 

If you are clueless about where to start, we have a very helpful article on how to start setting up a business that will help you start thinking in the right direction.

 

Creating your Online Shop

 

This goes without saying you need a ‘Website’. You need to be able to showcase what you can do, and therefore having a website will help you do exactly that. There are plenty of options out there. Since you are starting, you would want to keep it as low cost as possible.

 

If you already understand how to build a website through HTML coding, then all the better. If not, you might want to ask someone to build you a WordPress website for you. You can use websites like Fiverr initially. If this is even out of your budget, perhaps look into some drag and drop type websites like Wix and Square space.

 

Make sure to research your competition and see how you can come up with something better and in accordance with your target market.

 

Know your stuff

 

You may have chosen to get into digital marketing because you have been an expert at it or like the business idea and want to learn as you go along. Both are fine and work well. You will find clients regardless of what stage you are in your business journey.

 

No one can know it all, so it’s always worth enrolling in some courses, which will help you brush up some of your knowledge, or perhaps you can learn something new and add to your existing services.

 

You can find a lot of affordable courses on Udemy.

 

A checklist of things you may want to make sure you are comfortable with are:

 

– Social Media Marketing (Facebook, Instagram, Twitter, Youtube, Pinterest, Linked in, etc.)

– Search Engine Optimisation (Semrush, Ubbersuggest, Moz, Google my business)

– Copywriting (Grammarly)

– Viral Marketing

– Public Relations

– Content Marketing (Canva can help create graphics)

– Guerrilla Marketing

 

 

 

 

Get those all-important clients 

 

If selling is not your forte, then I would recommend either learn how to sell or higher a business developer. Without being able to sell, you won’t survive, and this goes for any business.

 

Selling is all about confidence; if you think you lack it, you need to ask yourself what is causing the lack of confidence. Then, make a list of things you need to work on and nail them once you have them in your bag, it’s time for you to approach prospects.

 

Pricing Strategy 

 

As you are new to the business, it would be advisable to start small. First, get the bread and butter in to cover your expenses. Once you have them in control, now start to target slightly bigger clients. This will take time, but with consistent work, you will start getting traction.

 

It’s always good to have a few packages pre-prepared. This will make sure that you have something for everyone.

 

Certain businesses don’t like to put their prices on their website and would much rather win them by some polished sales pitch in person. Whatever you decide, make sure you find out your needs and wants for your target market and that you are catering to them correctly. Like everything, you will learn from your mistakes, and over time will come up with the most polished pricing strategy that works for your targeted market.

 

Conclusion 

 

Even though there is lots of demand for digital marketing, it takes time to build your business from scratch. The key is to stay persistent with your marketing efforts in spreading awareness, and soon you will reap your rewards. After all, once your business is a success, you can sell this as a marketing tool to further sell your digital marketing services.

 

Make a schedule/to-do list for each week, and make sure you keep doing those consistently. These can be from writing blogs, YouTube videos, Facebook ads, Google Ads, etc. Whatever you do, stick it in there, and you will soon have enough clients that it would become hard to manage.

 

If setting up a marketing agency is of interest to you, and you want to discuss more in detail, give us a call; we will discuss this with you and help you develop a business plan and secure business funding. Once your business is established, we can also help you with your bookkeeping, tax returns, management accounts, etc.

 

About the Author

Bilal Khalid

CEO, Accountant

Bilal Khalid EvoTax accountant

Successfully running my own small business for years has taught me a great deal about the complexities of taxation and I understand all the pain points that every entrepreneur has to go through. I often found myself paralysed with fear of making a mistake and getting fined and eventually decided to take up accounting and finances myself. Today, I help other small businesses suffering through similar mistakes and I am happy to share my knowledge, jargon free!

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