It’s been four months since I launched my own business – a digital marketing consultancy based in the United Arab Emirates. It’s a small, strategic digital agency focused on helping small and medium-sized businesses and startups with their digital strategy, content, and social media needs.
There have been highs and there definitely have been lows when I started my own company. But no matter how tough and insurmountable the challenges may seem, the highs of running your own business are so worth it.
I want to share some lessons that I’ve learned along the way for those who are thinking about going solo and launching their own business.
1. Save, save, and then save some more before going on your own
You don’t want to play the money game. You don’t want to be desperate when pitching to clients, and you don’t want to lose negotiations over financial issues. Make sure to have at least one year’s worth of living expenses saved up before giving up the comfort of a monthly salary. You need to build up enough of a nest egg so that you have enough time to establish yourself, to grow your business, and to become profitable.
2. Choose your team before you go solo
Make sure to have a quality team in place before stepping out on your own. You’ll want to plan way in advance and have the right people lined up. If a potential client asks for “extras”, you’ll be able deliver. Even though I specialize in digital strategy, I have a number of clients asking for website design. I had the chance to work with a brilliant freelance designer in the past, so I made sure that they would be willing to work with me per project basis before I launched my business.
3. Focus on your USP and work around your challenges
Know what sets you apart from your competitors early on and use that to your advantage. Whilst my company doesn’t have huge brand name recognition (we’re only 4 months old, so it’s OK), I have focused on my diverse skill set. I previously worked for startups, NGOs, and corporations in London, Cape Town, and Dubai. Focusing on quality referral partnerships has allowed me to grow my business as well.
4. Build quality relationships early on
I spent my first year in Dubai working full time in a digital role for an advertising agency, but my spare time was utilized networking and building as many new connections as I possibly could. Cold calling emails just don’t work, no matter how impressive your CV is. Attend as many networking events as you can. Attending conferences and industry events is another great way to meet people. If you’re not terrified of public speaking, then try offering to speak at a conference, which will lead to endless opportunities. Start focusing on building relationships today because they might be there to help when you need them.
5. PR is important
While I don’t believe in spending on advertising (too costly an exercise for a budget-conscious entrepreneur), I do believe in PR (a form of free advertising if you do it yourself). Develop relationships with as many journalists as possible. (Twitter is a brilliant tool for this.) Make yourself available to comment on articles and position yourself as an industry leader on your core areas of expertise.
6. Know your vision and stick to it
Boguslavsky & Co will never become a big digital agency with massive corporate clients, fancy offices, and tons of staff. It’s just not the vision I have for my business. I love working with the SME (small and medium enterprises) market, startups, and clients who are not bound by corporate constraints. This allows me to be creative, take risks, and experiment on their behalf. If you have a clear vision, a specific target market, a plan of action, and of course, passion for what you are doing, success is not far away.
‘‘If you love your work, if you enjoy it, you’re already a success.” – Jack Canfield