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I was a CD when my cofounder and I bailed to start our own agency, not not exactly c-suite… but since you asked…
Step 1: Acknowledge that, unless you have tons of your own money to pump into the show, basic agency economics essentially mandate that you will be doing a lot of the work yourself. You’ll do it for as long as it takes to build up enough consistent project volume to afford help, which you’ll avoid as long as possible once you realize that paying yourself and paying other people are mutually exclusive priorities.
(Also, do NOT pump your own money into an agency. When they’re working right, they should pay YOU cash you can pump in multi-X-ing investments. Never put money back into a biz that’s just trading time for money, for time, for money, for time…)
Since you’re asking, I’ll assume you don’t have the kind of industry profile that brings client execs to you. In which case, if you want your agency to pay you a decent living, assume you’ll be in the trenches 60-70 hours a week for a few years while you build up your shop’s credibility and visibility. We’re on year 7 with a team of 10, and I still routinely notch 60.
And no, investors are not interested — not in an agency, or in any other service biz that only scales by adding headcount overhead.
Thanks for your helpful reply. ⭐️
Reach out to the agencies you admire and ask the founders to meet with you. Talk to a lot of people. Ask for intros. Reach out. You've got to put yourself out there to make it happen.
I know it sounds sooo lame, but if you’re thinking of branching out on your own: don’t underestimate the power of a foundational business plan
Rising Star
A lot of money to stick with it, and a steady stream of clients. Also a willingness to take on work you don’t want to do to make money to pay your people until you grow enough to be pickier.
Generally speaking, you need a partner on the business side—account exec who understands billing and new business and deals with the clients day-to-day. And accept the reality that any and every expense comes out of your pocket. (You’ll likely lose money for the first few months/year.)
Good advice above. I’m a bit more minimalist: I have done this a couple times—first in 2009 and again in 2021.
The requirement is clients and some strong clarity about what you offer that’s in demand/niche enough to attract word of mouth referrals. Are you creative? strategy? media? Consulting? Some
Combo?
The requirements are NOT (learned this in 2021) office space, staff, fancy website, an amazing name, computers, software, SEO, etc. It’s really just clients and you/some cash to maintain personal expenses. Once you start making money then you need a CPA/tax person to help you keep/reinvest as much as possible.
DM if you want more dialogue and pro bono coaching.