Getting involved in the digital marketing game can be incredibly rewarding. It’s a fun, exciting industry, where you’ll constantly be pushing the boundaries of what’s possible. You’ll get to experiment with amazing new digital methods, and excite and intrigue your clients in a myriad of ways.
Plus, you’ll get to explore loads of different industries: working in digital marketing means you get to experience life with lots of clients, all of whom will be doing a variety of things. However, because it’s so fun and dynamic, there’s plenty of competition.
Not everyone who sets out to run a digital marketing agency succeeds, getting caught out by the demand, the pressures and the risk. So, here’s your guide to making money in digital marketing, without the high risk attached.
Use someone else’s success
Starting your own digital marketing business is hard. You’ve got to prove that you’re a worthy name; you’ve got to attract new clients; you’ve got to ensure your reputation stays stellar. Luckily, there’s a way to skip out this step. If you take on a digital marketing franchise, you can use the previous success of another business, and get going with the fun stuff straight away.
You don’t need to put all the work in when it comes to starting and setting up. You can simply take on the franchise, and then pour your heart and soul into producing great work for your clients. It takes the risk out of starting a new business and lets you concentrate on the bits that you enjoy and are good at.
Set up as a company
If it’s just you, it’s tempting to remain a freelancer as the effort of creating a limited company can outweigh how many customers you have to start with. However, when you’re just a freelancer – or self-employed – all the risk you take on is your own. If you have to pay a supplier, but you don’t get paid by your client for that work, you lose the money. It’s a personal debt held against you and your belongings. However, if you’re set up as a limited company, any debt is held against your company – relieving you of the risk.
Find the right employees
Employees can make or break a digital marketing business. You need to find the right balance of ego, creativity, passion, and talent. Too much of one puts you at risk of going under having lots of creatives with huge egos won’t work. Likewise, having a team who aren’t confident or talented won’t get you the results you want either. So, hold out for your perfect employees. You might need to get contractors in to cover any skills gaps, but don’t hire full-timers just because you feel as though you should.
Have a broad client base
If you’ve got one client who supplies you with 80 percent of your work, you’re in trouble. You don’t want the majority of your business resting with one contact. Why? Because if they run out of money or leave their company, you’ll lose all your income. It’s tempting to just have a few big clients, as it’s easier to manage, but it doesn’t make sense business-wise. You need to spread your work across a number of clients to protect yourself.