The recession may have passed and growth may be underway, but today’s economic environment remains far from rosy. As an experienced marketing professional you may have had plans to start your own marketing business for many years and were simply waiting for the correct time to put those plans into action. Clearly, new businesses will always face challenges – but is the time right to go it alone in the marketing world? Here at Opportunity Marketing we’ve flourished through tough times with our strong business model and results-based approach. Now, we’re providing experienced marketing professionals the chance to buy into the Opportunity Marketing franchise and avoid many of the challenges – such as the following – that affect today’s startups.
Funding is the problem that prevents many business ideas from becoming a reality. We all know what happens when banks decide to lend money to those who can’t pay it back, but post-recession, lenders are perhaps too reluctant to part with their funds. Entrepreneurs can give themselves the best chance of securing funds by creating a thorough and realistic business plan. There are numerous government grants and loans available for startups to apply for, plus various tax breaks and allowances that may be applicable in your region or sector. However, government funds are extremely limited, and marketing entrepreneurs will almost certainly have to dig into their own savings to kickstart their new company.
Similarly, if your business operates in a sector that involves many sunk costs and bulk purchases of raw materials, you will need to ensure that you have the cash to absorb these costs and pay rent, tax and staff salaries when they’re due. In the marketing sector you may not face this type of cost, but you’ll have to dedicate time (and money) to building up a client base. Given that your clients will pay you on a monthly basis, it may be many months before you’ll break even.
Building an online presence
It’s almost essential for marketing businesses to have a strong online presence. If you don’t spend time and money building a website for your company, it’s unlikely that you’ll be taken seriously. In this industry, you don’t only need an adequate website – you need a top-notch site. It needs to be easily viewed on mobile devices, feature links to up-to-date social media pages and include case studies and testimonials where possible.
As your startup begins to gain traction, you’ll soon find that you could benefit from hiring additional staff members. However, the UK economy is facing a skills crisis, with skills shortages pushing up wages in certain industries. Furthermore, larger companies will be able to draw in talent on lower wages by tempting them with company benefits that your startup would struggle to provide.
Lack of mentoring and support
Being your own boss certainly makes a change from being an employee, but too many new business owners try to do everything themselves and fail to ask for outside mentoring and support. This may lead to startups making costly mistakes that could damage or even destroy the business.
Becoming a franchisee of Opportunity Marketing eliminates all of these challenges. You don’t need to worry about establishing a brand and a database of clients. We’ll offer you support during your time as part of the marketing franchise, but still provide you with all the freedom you’d enjoy as an entrepreneur – you’ll certainly still be your own boss. Download our franchise prospectus to learn more.