Megan Ingram
September 24, 2021
We started with an entrepreneur's vision and a dream. To do it differently based on our collective thoughts and experiences of how it should be. Building something from scratch isn’t easy. It’s hard work. But it’s rewarding work.
There is the short term plan - how are we going to do this right now? Cash flow, hiring, resources, new business. Then there is the long term vision of what you want this to be three to five years from now. As I reflect on the first year in business of building a digital agency, I thought I’d share a few business lessons that I wish I knew when I embarked on this journey a year ago.
There is this constant fight that happens between what needs to be done to meet cash flow (your short term goals), and growing a digital agency towards your vision of the future. Find a balance. There are things you want to invest and commit to early because of your long term vision, but you have to be able to finance and sustain in the short term.
First, find people who are Rockstars at the things you don’t do well
Whether you are a digital agency owner or a freelancer, the necessity of finding business is a top priority. Clients can come and go for different reasons and the expenses still come in. You need to be constantly out networking, building, and creating two-way conversation with relevant people to grow your business. In a virtual world this can be more difficult - but try and test different approaches to find a balance that works for you.
I’ve found that making this a daily or weekly priority can help with new business prioritization. Client demands always come first but don’t neglect future business needs and building long term, sustainable customer relationships.
Talent recruitment is one of the most important foundations of any great organization. Especially as someone who was used to doing all the tactical day-to-day work - you need to find people now who do those things well. Evaluating your own personal strengths and weaknesses can help determine what your first hires should be.
For me, I wasn’t as strong creatively as I was strategically and analytically. So it made sense my first hire was a great freelance Creative Director. Because it’s much easier for me to take over in areas I know well vs. places of the business that are not my strengths.
Managing the finances is not the sexy and fun part of entrepreneurship but it’s a reality. I’d definitely recommend a financial partner in this regard but if you are going to take it on by yourself, managing cash flow is a top priority. A hard lesson I learned was not being tempted on a great month to shift that money into a fun marketing project but rather save for the months when maybe a client doesn’t have the budget unexpectedly, or the new business offer you were counting on doesn’t come through. Make sure you have enough to cover the bad times.
Self care is so important for all workers but business leaders need to take care of themselves. What happens if your health isn’t good and you're out for an extended period of time? Make sure to prioritize taking vacation days, unplugging during your weekends (when you can), and managing long 12+ hours days. There can be long days in the beginning to get everything done when resources are more limited, but it can’t come at the expense of your mental health.
Workout regularly, eat balanced and healthy, find time for a walk during the day, and check-in with your family/friends. Find time for YOU. Listen to this Your Brand. Your Story. self care podcast if you are looking for mental health inspiration. It’s been an incredible journey through the first year and I'm really excited about the future. I love connecting and meeting new marketing people and learning about your challenges so hit the comments below or find me on social. Let’s find solutions.
September 24, 2021
