After you have mastered the art of attracting clients for digital marketing projects, you may want to start a small business. It is possible now. Digitalization has made it easy to create your organization with minimal investment required. Now, it is the right time to grow, with a team, of course. If you are not planning to allow them to work remotely, you will need a small office. Apart from that, you need to get computers with the right configuration. Recruiting the manpower is important as well.
Here you will learn about the various facets of starting and managing a smart digital marketing business.
Get an Office Space
You should get in touch with a real estate agent to secure a small office. You can purchase it as an asset or get it on lease. It depends on your capital investment power. Work out the commercials keeping in mind how big a team you will be working with. You have to think about the prevailing taxes in the area as well. The decor will also set you back by a few dollars. Therefore, you need to consider all of these when starting a digital business from a physical space.
Personal taxes are always cheaper than commercial taxes. So, when you are setting shop as a full-time business owner of a digital marketing agency, you need to think about these expenses. The government will also offer you certain concessions on the expenses you incur on the capital start-up costs. It will include the system and other digital support devices.
You should find out all the intricacies to claim capital allowance and tax relief from an eminent lawyer. It is available to those who have incurred expenses in fit-outs or the procurement of property and equipment. One factor that governs such levies and claims is ownership. You ought to be the owner on paper.
Determine the Model and Services
You need to decide the services that you are going to offer. Moreover, which industry or sector you will serve also assumes importance. You can start with similar services that you provided as a freelancer. There is a reason behind that, of course. You already hold a set of clients who trust you. Now that you have an office, you can invite them over. This way, you can pave the way for more work. Your clients will see you working with a team and will have confidence with bulk work.
Moreover, you need to keep in mind that providing a whole package of services is not a mandate. You can choose to offer a few of them. However, you have to maintain the quality and ROI for your clients. You can partner with agencies that offer other services. It will help both of you cash in on each other.
Recruiting Team Members
You have many options here. Either go for full-time employees or remote employees. A 50-50 ratio will be a good decision to start with. If you are planning to start a full-service agency, it makes sense to hire a diverse team. This field has various specialties, such as SEO, PPC, advertising, design, marketing, etc. You need to recruit multi-taskers. If you hire a full-time employee, you are in a good position. You can pay attention to strategic and operational issues. However, do keep in mind that you are responsible for his salary, whether you are making profits or not.
If you hire freelancers, you already know about the associated advantages. If you are starting as a new entrepreneur, this is what you need to do. You will be paying for the work assigned. So, you will be in a more advantageous position. However, there is a disadvantage associated with freelancers. If they find high-pay elsewhere, they will switch with minimum notice. So, if you are looking for a longtime commitment, it will be a good idea to go for a full-timer.
Establishing a Rate Structure
Establishing a rate structure is also important before you start pitching to and getting clients. There are various models you could depend on. For instance, you can strike a deal through the retainer model. They can get you a secure workflow as well as fund flow. So, you are not out of work for at least the period of contract. You can focus on diverse clients through the retainer model. It is very lucrative. However, do not keep all your eggs in one basket.
No matter how good your client is, always keep looking for new opportunities. You can get a diverse range of clients. Additionally, you can also take work on-call. The fee is higher for this model. So, it will help you meet all short-term expenses.
These are the steps through which you can set up your smart digital marketing firm. Think out of the box, and strike deals. Grow your business.