Should You Start a Digital Agency in 2020?

Start a Digital Agency

Have you ever wondered about starting your own digital agency?

Maybe the idea of sharing your skills with the world is exciting, but you're not sure whether you can make a consistent income from an online business. Perhaps you have a lot of knowledge, but you're concerned about the time and effort that comes with finding new clients.

There are a lot of positives and negatives to consider when starting a digital venture at any time. However, in 2020, when the economy has been increasingly uncertain, many people are feeling more on the fence than ever before.

The good news? Social distancing, quarantines, and global disasters have brought people together worldwide within the virtual world.

Now could be the ideal time to build a name for yourself online; you just need the right strategy.

Do You Have the Right Knowledge?

The first step in deciding whether now is the right time to create a digital agency is to ask yourself whether you have the right knowledge.

How much do you know about your chosen industry, and what is it about the skills that set you apart from your competitors?

Remember, if you're planning on running a marketing agency, you need to know about a lot more than just marketing. You also need the right knowledge to run a business, manage your virtual brand, and handle your staff members.

It's also important to make sure that you're willing to continue expanding your knowledge over time. Most digital industries evolve at an incredible rate, which means that you're constantly updating what you know to stay ahead of the curve.

If you're not ready to continue learning and growing, this might not be the right career for you.

Do People Really Need Your Services?

A crucial part of starting any business is making sure that your idea is lucrative. If you approach any investor and ask them to get involved with your new company, they'll ask you what evidence you have that your idea is going to be successful.

Before you spend too much time or money on your new ideas, get out there, and do your research. Find out what people actually need in your industry, and what they're willing to pay for. Are there already companies like yours that are doing well right now? If so, how much competition will you have? Are there too many similar options like you out there already?

If you think that there's enough room for you to make an impact in your niche still, you'll also need to think about why your customers will choose you over your competitors. What are you going to do to set yourself apart from the crowd?

Do You Have a Compelling Differentiator?

That leads us to the third question you need to ask yourself when you're thinking of launching a digital agency. How can you make sure that there's something about your business that makes it stand out from the crowd?

Establishing demand for your agency's services is important, but you also need to figure out why your audience will choose you over your competition.

For instance, if you're starting an SEO agency, then offering the same services as your competition will put you in the same league as them, but it won't give you any opportunities to lure in new customers.

You need something that's going to make you the most compelling option for your customers. This could mean:

  • Setting your prices lower than your competition or offering more value for the same price.

  • Focusing on a slightly different niche or an under-served portion of your audience.

  • Offering services that your competitors usually overlook.

  • Providing a better quality of service that's tailor-made to your audience.

  • Delivering something unique that no-one else has.

For instance, while tons of other agencies might offer SEO services, you might be the only one in your area that focuses on both local and global SEO for your clients at the same time.

Do You Know How to Find Clients?

Finding customers is one of the most challenging tasks that any business owner will face.

It doesn't matter whether you're running an agency or a standard retail business; finding clients consistently is the only way that you'll keep your agency running smoothly.

Start by asking yourself how you're going to find your audience. One option could be to use SEO on your website with regular blog posts that showcase your thought leadership and enhance your ranking potential.

Alternatively, you could consider launching a social media channel or two where you can interact with your customers and generate word of mouth.

If you're the kind of company that attracts more people in-person, you could consider looking into things like speaking sessions at local events.

On the other hand, why not create a free lead magnet, like an eBook or download and ask for customer email addresses in exchange.

Do You Have the Patience to Run an Agency?

You need a lot of things to run a successful agency, even in today's digital landscape. Like any business, an online agency requires a good idea, plenty of time, and lots of commitment. You also need to ensure that you have the right attitude going in.

Unfortunately, there's a good chance that your small business won't make a lot of money overnight.

The good news is that if you plan your agency properly and go in with the right strategy in mind, you can accomplish incredible things. Go in with the right mindset and be ready to learn as you go.

You might not become a success in a matter of hours, but you will achieve your goals if you're dedicated and strategic.

Good Luck with Your New Agency

Remember, whenever you try a new strategy for bringing your agency more opportunities, keep track, and measure your success.

Properly tracking your campaigns will make it easier to see where you should spend your money in the future. Consider the points mentioned above, and if you can answer yes to most of these questions, go ahead and make your dreams come true.

Guest Author

Heather Redding

Heather Reddings is a part-time assistant manager, and writer based in Aurora, Illinois. She is also an avid reader and a tech enthusiast. When Heather is not working or writing, she enjoys her Kindle library and a hot coffee. Reach out to her on Twitter.