Going from solopreneur running everything in your business to becoming an agency may seem like a big leap but it can be done easily. Still, how do you know when it’s time to grow more and add on? Today we will discuss the signs that it’s time to build your online agency.
It’s Time
So, how do you know it’s time or if you are ready to build and grow more? That’s why I’m sharing signs to look for to help you.
Signs It’s Time
Sometimes there are clear answers in business, and other times you wonder what the next steps are. At the start of those wondering thoughts in your mind, trying to weigh out the risks versus rewards, let’s consider the reasons to build your online agency.
If you are…
How many of these can you check off?
It’s worth noting that building an online agency can be profitable, whether large or small according to Ippei Kaneharra (as referenced below).
“As a career choice, starting a digital marketing business remains promising. Today, companies hire big and small digital agencies to help with their campaign initiatives. The increasing reliance of businesses on online platforms creates a steady demand for skilled digital marketers. According to Workswit IT Solutions, about 60% of small businesses use digital marketing.” –Ippei Kanehara
I think it’s worth explaining each of these points in more detail.
Maxed Out and Working Too Many Hours
These are the first two signs I listed because, honestly, these are often the two that go together and cause you to become distressed.
I think working too many hours often causes the feeling of being maxed out. We’ve discussed hours worked previously, but as a reminder let’s figure out how many hours you can bill clients. We know you cannot invoice 40 hours worked to clients unless you are actually working approximately 45-50 hours minimum. We spend so many hours on email (other than clients), social media, and other activities unrelated to client work.
If you find yourself working long hours and feeling maxed out then it is time to consider growing and building your online agency.
Stressed
It’s natural to feel stressed from time to time. If, however, you are feeling stressed and pressured (by yourself sometimes) and always focused on work then you are ready for a change. It is possible to work less and make more.
I know before I added team members and eventually built a VA Agency, and then a digital marketing agency I was stressed. Most of the time I pushed myself too hard and always worried about work, clients, and what I wasn’t giving to my family. And the truth of it all was that it wasn’t worth it. I had to make a change. Building an agency helped me with stress. To be truthful, at first, it was more stressful before it got better.
For me, It was worth building the online agency.
No Family Time
Family is always a hard one to discuss. Let me just ask this: “Have your family members wondered who the guest is at the table when you join them for dinners?” <wink>
I know when we are growing our business we can get a bit focused on unfortunately tuning everything else. If your children continue to ask you to play but your answer recently has been, “I will in just a few minutes.” Then the minutes slip by.
I’m here to tell you that this window of time is very short. Take it while they want you around. Don’t put these things off. Start your online agency now! Let’s face it, you need a break and a little freedom.
Add Services
Perhaps you’re the one sitting there saying to yourself that none of this applies to you. Yet, you are ready to add services to offer your clients. Or clients are requesting services that you do not provide.
When I had my digital marketing agency I finally added a graphic designer to the team. Inevitably when I had a new client onboarding I always checked out their website, after all, that is where you are trying to drive from social media and emails. More times than not we had to do a complete rebrand for them. Their website had often not been touched in a long time or they tried to build a quick one themselves.
That’s why I chose to add a graphic designer to the team so that logos and website.
You may have clients requesting services you do not perform but what about your team? Often the freelancers we hire as a virtual team member are multi-talented and can help with you with multiple services you provide and maybe a couple you want to provide.
Revenue Flatlining
At some point in running a business, your revenue may begin to flatline. If you are maxed out and can no longer bring on new clients it’s a sure indicator that it’s time to build your agency.
When revenue flatlines and you cannot accept new clients you have no room for growth. What would happen if one of your largest clients left? The other potential clients are not going to wait. They want services when they approach you.
This is time to add a virtual team member! [If you need help doing this please set up a free session]
No Other Activities
Another fact is if you realize that you are not planning or doing any other activities than what is absolutely necessary each day. You want to get together with your friends but never seem to have time. You feel like you can barely breathe and know you need a break. Don’t get to the point where you put your health at risk, it’s not worth it.
Take the time to create your agency. Slowly add a team member at a time.
Planning Ahead
All of the other reasons involve already being busy enough to begin to hand off work to someone. This is the only one that isn’t speaking to that but rather getting ahead and planning for your growth.
This is a great place to be. You know that you are getting busier but you don’t want to be in panic mode. Planning and doing your research to begin to add a team as you gain more clients is a great way to get ahead of the growth curve.
This is the only thing I wish I had done differently in my business. Had I known I was going to create an agency I would have started from the beginning. It’s much easier this way and don’t take a hit to your revenue unless you are only outsourcing the new clients to your team.
All of this to ask, “Are you ready, is it time for you to build your online agency?”
Final Thoughts
If you are reading through this and something hits home let me know. I’d love to hear your thoughts about timing with regard to building an online agency. Remember I’m here to help – so ask questions anytime. Take it one step at a time.
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