Why Launching Your Own Marketing Agency is Like Walking a Tightrope

Let’s face it. All of us at one point or another have dreamed of having our own firm. We’ve built careers working for large – or small – companies, learned the ropes (pun intended), developed our skill sets and leadership capabilities, discovered and leveraged our strengths, and worked our butts off driving value for our companies and their clients.

For some of us, that is enough. We like our jobs. We prefer stability - the paycheck every two weeks, the annual bonuses and benefits. We don’t need to take the leap. For others, we feel like something is missing. Every time we hear an entrepreneur passionately describing his or her path to success, we feel a tinge of regret – and think, “that could have been me”.

Seven years ago, I was at a crossroads in my career. My job had been eliminated due to a merger, and I had to figure out what’s next. I looked at various job opportunities but couldn’t find one I liked as much as my former role. I had two criteria for the next phase of my career. 1) I wanted to do what I love – marketing strategy – for a company whose values and vision meshed with mine, and 2) I wanted to prioritize time with my kids – at the time, they were five and eight, and for too long, I had missed important talent shows and soccer games because of work commitments.

So, why was starting my own solopreneur marketing agency like walking a tightrope?

Takeaway #1: If you overanalyze, you’ll never take the first step.

I am one of those people who analyzes everything. In my consulting practice, it’s a strength. I analyze data, think methodically through pros and cons, opportunities and risks, and develop actionable strategies for my clients. In my personal life, it can be painful. A question about which hotel to stay at on vacation turns into a competitive matrix of potential options, each with different price points and amenities.

When I started WIZ Advisors seven years ago, I didn’t overthink it. It just happened. A former colleague called me out of the blue in need of my help. He had taken on a job as an interim CEO and needed a go-to-market strategy to present to his Board of Directors in eight weeks. It was right up my alley, so I said "yes".? At the time, I didn’t plan to start a consulting company. I didn’t have a company name, logo, website, tax ID number, suite of services – I hadn’t even calculated an hourly rate.

But I had a client. And that is all you need to get started.

Takeaway #2: It’s you – and you alone - on that rope.

Over the course of my career, I’ve been both an individual contributor and a team player.? I enjoy working on a team because I can learn and debate with peers, brainstorm with smart people who challenge me, and reach major milestones together. As a solopreneur, you get to do that through collaboration with your partners and clients. However, behind the scenes, you are building a firm all by yourself.

Things come up daily that you never encountered as an employee.? You need to figure out which licenses and permits are required to incorporate in your city and state. You?must build a company brand – website, logo, messaging, business cards, marketing materials, etc.? You have to consistently develop content, design strategic frameworks, manage social media platforms, hone your core capabilities, and create proposal decks – everything you need to sell your consulting services.

All I can say is “thank you, God” for the Internet. Seven years ago (there are a lot more now), there were websites and apps with free - or at least, cheap - tools out there to do all aspects of digital marketing. Whatever I didn’t know, I taught myself (Hubspot Academy was/is a great resource). I didn’t have a team of marketing managers or creative designers on hand to help me. It was just me – and me alone - on that rope.

Takeaway #3: Curve balls will come at you. If you stay calm and nimble, you will reach the other side.

There will always be unexpected challenges in launching your own business. On a tightrope, it may be a gust of wind that threatens your stability. In your first year as an agency owner, curve balls will become commonplace. You may start with one engagement strategy, only to change it several months later.? That’s normal.? It’s all about understanding your clients’ needs and evolving your strategy to meet them.

For example, I started WIZ Advisors with a consulting model that offered a suite of marketing services on a monthly retainer basis, like a large-scale agency. However, I quickly learned that without an established brand and client base, that business model isn't realistic.? So, I changed it. ?

I targeted smaller companies in the $10-$100M range in my network and offered them project-based marketing services. ?That gave clients the opportunity to gauge my work product before trusting me with more business.? And it allowed me to formalize my positioning as “a boutique marketing strategy firm that delivers project-based services to meet individual client’s needs and budget.” ?Win-win for everyone.

I also knew I couldn't rely on word-of-mouth referrals forever. I needed to alter my marketing efforts to build a qualified lead pipeline. I spent time and effort developing my brand in the marketplace and driving higher awareness of my services. I formed lead generation partnerships with other boutique firms who had complementary services. I basically was my own test case. I learned what worked for WIZ, formalized it into a methodology, and implemented it with my clients.

Learning to be flexible and deal with change is my #1 tip for a new business owner.

Starting your own agency/business is never easy, and things rarely go as expected. Did I at times feel like a tightrope walker in a windstorm? Absolutely. But I also gained valuable insight into what it takes to build a sustainable business – one step at a time.

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