While on campus, I had a friend called Whitney. Whitney was known for her charisma and ability to get along with almost everyone. She had quite an aura. As a Business Management student, Whitney was always passionate about business, particularly Agency Business, and believed it held a great place in the future of the business world. She had a thing for it! As you would expect, she dedicated her time to understanding what agency business entailed. Whitney would spend most of her free time in the library researching the various agency businesses and understanding why most of those businesses never live to reach their peak. A study reported that more than half (50%) of agency businesses fail in their first year.
So, after completing school, Whitney and I went separate ways and didn’t stay in touch until recently. I learned that Whitney was in a very successful agency business in Kenya, I got in touch. She had played a significant role in making it one of the fastest-growing businesses in the country. I was impressed. She was generous enough to share with me some helpful tips. I knew passion had played a role in her successful endeavor, but what exactly made her rise so quickly? What made her agency business so successful? Follow through as I share with you some of the tips from the horse’s mouth.
Determine your niche
Agency business is a broad spectrum and comprises of various types. Therefore, you will need to pick the most familiar niche and have the required expertise. For example, if you are a social media influencer, you might consider venturing into a social media Agency. Moreover, if you are comfortable with marketing and what it entails, you might want to try your luck in Promotional Agency. Whitney was a research-oriented person, and she ventured into Advertising Agency, and as you have seen, she is reaping the fruits. Therefore, choosing a suitable niche is probably the essential part of your Agency business journey.
Keep your best clients happy.
Here is a good rule of thumb; a happy client turns into a loyal client, which can increase your agency’s cash flow. Making your clients happy doesn’t just happen without some sweat. It comes at a cost. You will need to sacrifice your time, resources, and effort. However, on the flip side of the coin, happy clients turn out to be rewarding. One of the most effective ways of building a good reputation is by ensuring that your clients enjoy your services. Reputation, in my opinion, is the most critical non-tangible asset of any business. Now you know the value of building a solid relationship with your clients.
Get a physical location.
To be taken seriously by clients, you will have to show them that you are a legitimate firm and not a fly-by-night operation running out of your basement. Like it or not, inviting a prospective client to your office impresses them. It creates trust. They need to know where they can find you when they need to.
Don’t micromanage; make your people the stars.
One of the hardest things to do as an agency owner is to step out of the spotlight. The question to ask is, “Is this really in the best interest of our clients, or is it in the best interest of my ego?”. Putting your ego aside requires one to have a powerful will. Therefore, running a successful Agency Business will need you to invest a lot in your mental health. Build your confidence. Doing this will undoubtedly help you deal with the challenges that Agency Businesses keep throwing at you. Thus, building a positive mentality will come in handy.
Don’t burn people out.
Generally, when you ask a client about the deadline, you will get one of the two answers; yesterday or ASAP, sometimes both. Therefore, it is vital to have a working plan. A schedule ensures you don’t run out of time. As you already know, working under pressure is one of the most dreaded experiences Agency owners go through. Having a suitable plan ensures you and your team don’t burn out from the stress of beating deadlines.
In conclusion, Agency Business is a road less traveled, and it’s bloody hard! You will fail a few times but don’t despair. Take every failure as an opportunity to do better. Remember, a journey of a thousand miles begins with a step, and every established business you see today was once an idea. Good luck!
