To avoid complications along the way, the first thing you need to do is make sure you do a trail run of how the agency would work.
Now that you have done some testing, it’s time to officially name your agency. This name is the foundation of all your future endeavors, so take some time and finalize this.
You must also establish what services you will provide before going all-in. You should consider the space, competitors, and industries you want to penetrate.
Another crucial early-stage question is whether or not to focus on a specialty. You may work as a generic, 360-degree agency; giving services to firms of all sizes, in all industries. Or, you could focus on polishing a specific niche.
You’ll have to master a lot of new skills as the founder/director of an agency. Your attention will have to shift from completing briefings to planning and management in no time. The administration will frequently take precedence over creative efforts.
Agencies bill clients using three price structures: hourly, per-project, and retainer. As a freelancer, you were probably paid hourly or per project, but retainers are the preferred payment model for agencies.
Once the foundation is laid; clients are now walking in through word of mouth or referrals, the next step is determining which positions you acquire. This is dependent on your personal skills and shortcomings, as well as the services you intend to provide.
Okay, the trial run is done. The foundation is established. The team is all set. You’re now ready to even choose your prospective clients.