Hot Features
Premium
Register to chat with like-minded investors on our interactive forums.
Setting up your own business is one of the most challenging new year’s resolutions you can put yourself up to. In 2019, with the startup ecosystem set to remain strong and the concept of the ‘side hustle’ gaining acceptance, competition in the content sector is fierce.
So what trends should new businesses be looking out for in 2019? We take a look at some of the key considerations content agencies should take on in order to set themselves apart from the competition.
Don’t leave legal advice to last
Good legal advice is essential when you start a business. You need to have the company set up as an entity which complies with regulations around data, security, and contracts for the area you’re working in. Investing in legal consultation and checks at the start of your business’s life cycle will save you money down the line.
It’s also a strategy that can save face, ensuring that you can protect your business’s reputation. In the age of digital review dependency and reputation dependent Google ranking factors, brand image is not something which you can afford to neglect.
Taking out the right level of cover for your earliest operations is another key legal and finance safetynet. In the event that a customer is unhappy with the services that you have provided, a professional indemnity insurance policy from an SME specialist, such as Hiscox, will help defend your business and protect your reputation. These considerations can be overlooked when you are in the early stages of developing your business. Focus on this early on, and you can prevent setbacks when you have a more established company.
Consider a partnership
You may want to go it alone, but some of the most successful creative agencies have been those who have partnered and collaborated. The benefit of becoming a partnership is that you have someone to share the daily challenges with: a partner can lessen the sometimes overwhelming responsibility of running an agency solo. You may even be able to absorb a key competitor by joining forces, keeping an eye out for fellow entrepreneurs with whom a partnership would be mutually advantageous.
Look towards high-profile brand partnerships that struck gold for inspiration. Apple and Hermes are two highly esteemed brands that lended a hand to one another. Given that the Apple Watch faced criticism regarding its poor aesthetics, Apple offered an upscale edition with a handmade leather strap made by Hermes.
When identifying a potential partner, consider the different skills that they can bring to the table. For example, you may be an SEO expert, but not have direct sales experience. As agencies become increasingly dynamic, are you still ahead of the curve? Do you have inhouse mobile, UX, PPC, and technical content abilities in house? Think about the dynamics of your current set up, and take somebody on who will add to the business both in terms of service offering, but also to your agency values and culture.
Define your unique value proposition
You need to carve out your position within the marketplace, and to do so successfully, you need to define your unique value proposition. Many content agencies focus their services on being able to be everything to everyone, however, the success of such a strategy is set to become increasingly limited.
One of the key trends set out by the Economic Times is a move towards industry-specific startups. In a recent article on start-up trends they claim to have observed a “huge investment on focused startups solving industry-specific challenges”.
With this in mind, you should ask yourself if there is an industry sector or niche which your business should hone in on. By defining your unique value proposition, you will be able to develop your brand in a way that resonates with the clients that you are wanting to attract.
Naturally, it’s you intention to create a successful and innovative content agency,so it is imperative you have the logistics straightened out before going any further. Understand the different skills that you need to have access to, and identify who can provide you with them. Seek legal advice as to how best to future-proof your business and clearly define your brand around the uniqueness of the services that you offer.
