How To Start A Media Agency
How To Start A Media Agency
Let’s assume you already know how to book TV & Radio ads or at least have Social & Digital Media marketing down pat. What now? A lot.
Contacts. You could be prepared with the best team, the most valuable, up-to-date skills in your whole city and still get no bites. It’s still who you know, not what you know when starting out. Without client reviews, case studies and work examples under your belt it will obviously be difficult to pitch yourself to potential clients even if they want to give you a chance.
This is especially important in the marketing industry as there is no widely recognised media agency accreditation so client and consumers rely on your portfolio to determine your worth.
Hopefully you’ve been 9-5ing before this venture so if possible, bring your clients with you otherwise you’ll have a long, uphill battle in front of you that may involve working for free, at least for a little while.
Business model. There are infinite ways to structure media agencies. What kind of services do you offer and for how much? Hourly, flat-rate or commission based? Working alone or building a team? There are many online administration systems designed for agencies of all sizes and budgets, so shop around, organisation is key. These building blocks need to be set in stone before your business is off the ground if you want to run a smooth ship.
Get your affairs in order in the first place. Invest in a good tax agent, get your ABN for GST claims, business name & logo registered with ASIC and organise your bookkeeping with user friendly software systems like Quickbooks.
State your specialty. Don’t fall into the trap of accepting any and all of the work that comes your way. It pays to have a specific service you’re renowned for or even a specific industry you specialise in. Companies respect the hustle it takes to become a professional in your field and will reward you for it. Think back to your student days, USP ring a bell?
Scale it down. You don’t need to rent a 10th floor office and hire 15 staff when starting your own agency, especially not in these murky times. The ability to run a successful, thriving business whilst keeping your personal life in order is paramount but challenging. You can’t have one without the other and having a plan B is advised. Going at it alone temporarily will allow you to narrow down the skills and services your clients need, helping you define & recruit the right talent and skillset needed to thrive.
You’re reading this because you’re either seriously considering branching off alone or you’re just curious about start-ups.
Before you throw yourself in the deep end, consider putting your eggs in multiple baskets by either working as a contractor or working for an agency that rewards entrepreneurship.
Here at MK Media, most of our employees have a side hustle that we support and even provide guidance on. Bring your passion and drive to the table, we’ll do the rest.