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A few years ago I jumped from CD at a big East Coast network (pharma) to an indie in mid-sized market, before starting my own shop. There were definitely trade offs, but it was a net-positive move — esp for creatives in today’s market.
It can be comforting to have all those experts and structures around, but it can also trap you in a specific function — increasing your risk of “widgetization.” Small agencies almost inevitably demand you wear more hats, but none of us can be too multifunctional these days.
If you know something about your own discipline plus, say, strategy, social, search, and UX/UI, you have that many more opportunities you can pursue.
depends on the agency obviously, but if you can find a small agency run by a creative director you really admire and want to learn from it's way worth it. you get one-on-one mentorship from top creative leaders, you get more ownership over your work and you feel like your contributions actually matter to the overall success of the place.
there are cons. it can get a little desperate sometimes if business is slow. the leanness of the team can put a lot of pressure on you. and you may not get as many opportunities on big, blue chip clients.
but I went small a decade ago and haven't looked back since. it supercharged my portfolio and career growth