Three Things To Know Before Starting Your Very Own Agency
Who hasn’t thought of chucking in their job to start their very own agency? Well, in this guest column, author of the Unlikely Entrepreneur, Alan Manly (pictured below), gives his top tips for anyone contemplating doing just that…
Just talking about starting a business can be exciting. Those interesting characters constantly on the lookout for a business opportunity are always good to get a conversation started at a weekend BBQ.
The ideas vary from a gripe about declining service at the local coffee shop to how something so obtuse as a segment of the accounting industry that can be revolutionised with a new product that no one can understand.
The fun stops of course when someone takes themselves seriously and considers investing their time, emotional energy and wealth in a business. At this juncture there are many things that should be considered. Before going ahead, here’s five things that can haunt a business and its entrepreneur owners if not addressed before the launch date:
#1 Develop a strong business plan
This is lot easier said than done for entrepreneurs who are in a rush to get to market. However, the sooner the business plan is started the sooner the true genius of the great new idea or at least more clarity of how great the idea is when put on paper. The easiest part of writing a business plan is to find a template on Google. Having settled on an acceptable template, fill in the easy bits. Great new idea is usually on the first page so that should be easy. Then the test for entrepreneurs begins. Confirming the saying that business is war, the similarities are not lost on veteran entrepreneurs. Whilst war is claimed to be 97 per cent boredom and three per cent terror, business is similar with perhaps 90 per cent process and 10 per cent excitement. Successful entrepreneurs need to master the process part.
#2 Get a lawyer
Why on earth would an entrepreneur need a lawyer? Lawyers are often seen as the professional best avoided at all cost. Unfortunately, many entrepreneurs reminisce about how, if they had only asked a lawyer the really tacky questions before they built up the business, they would be wealthier today. It is claimed that there are two situations that business people are almost assured to argue. That is when there is no money in a business, as in after the dawning that the great new idea is a dud, and the other time is when a perceived fortune is available and somehow there is a different interpretation about the number of shares allocated, or the sharing of profit etc. Every entrepreneur needs their own personal lawyer to represent their personal interests. This is the reverse to the bonhomie that develops in a group of like-minded entrepreneurs sharing all their dreams. As tacky as it may be business is business and these questions are best asked and answered upfront. Besides you can always blame the lawyer for being such an untrusting person.
#3 Get an accountant
It can be hard for an entrepreneur to relate to the accounting profession. Quiet, conservative, and often devoid of personality the entrepreneur would happily admit to being the exact opposite in the extreme. The accountant is not being asked, do they like your great new idea? They are there to review your income projections as true and use their experience to assess the costings and therefore the profits. The payment of taxes should get a mention and of course the real exciting analysis will be the cash flow. Many entrepreneurs are very mindful that often good companies often don’t technically fail, they just run out of cash.
In the excitement of starting a business it is easy to be so engrossed with the potential success and overlook the reality that you are investing your time to enrich you and your families’ life style. Seeking the opinion of these professionals on the tacky questions that are hard to ask of others in the startup phase can be the difference between a potentially successful entrepreneur, who keeps the rewards of their success, and the reckless disregard of the enthusiast who has a great new idea but allows luck to decide on their keeping the gains for all their hard work. What would you rather be?
Please login with linkedin to comment
Alan ManlyLatest News
Sydney Comedy Festival: Taking The City & Social Media By Storm
Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]
Global Marketers Descend For AANA’s RESET For Growth
The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]
Is Meta’s New AI Chatbot Too Left-Wing?
Meta's chatbot accused of being left-wing after being caught wearing a Che Guevara T-shirt & listening to Billy Bragg.
TV Ratings (23/04/2024): Why Did No One Tell Angela That Farmer Wants A Wife Is Set On A Farm?
As wonderful as this headline is, let's face it, we all know an 'Angela', don't we?
PubMatic Unveils New AI Partnership To Turn Social Posts Into Ads For Any Digital Channel
Here's some nifty tech for turning social posts into ads. Assuming said posts aren't one-star character assassinations.
Intuit Mailchimp Makes A Splash With Its First Australian Brand Campaign
Ever laugh along at a gag you didn't get so as not to appear dumb? Get ready for more feigning with this new work.
GumGum’s Rob Hall: Advertisers Can No Longer “Rely On Binary Descriptions” Of Consumers
If anyone's got their finger on adtech's pulse, it's Rob Hall. He also avoids using the good paper in the office printer
Mastercard Nabs Florencia Aimo From Marriott International
Marriott International's Florencia Aimo jumps from the hotel business to the exploitative credit card one.
Bastion Agency Appoints Cheuk Chiang As New ANZ CEO
Cheuk Chiang takes the reins over at Bastion Agency. But not the rains down in Africa.
Spotlight On Sponsors: Major Sponsorship Wins After A Disappointing Week In Sport
B&T continuing our deep dive into local sport sponsorships & that's despite not a single offer of a free ticket as yet.
Macca’s Marketing Director, Samantha McLeod On Big Mac Chant: “What Was Once Old Is Now Cool Again”
Macca's using the power of nostalgia in latest Big Mac campaign. Well, only for those who've ever eaten one sober.
World Premiere Of Midnight Oil: The Hardest Line To Open Sydney Film Festival 2024
Oil's biopic to open Sydney Film Festival. Here's hoping Molly Meldrum will take his pants down at the premiere.
Entries Are Now Open For The 2024 Brandies, IntelligenceBank’s Annual Brand Marketing Awards
The Brandies are, of course, a prestigious marketing gong and not the mystery tipple favoured by nannas everywhere.
The Fred Hollows Foundation Appoints Ardent For PR
Yes, we all like to have a joke at PR's expense. But sometimes it does important work, like this.
AI, eCommerce & Marketing Specialists Are In Increased Demand By Businesses, New Data From Fiverr Shows
Has your philosophy & anthropology degree left you with nothing but a huge HECS debt? Here's what you should've studied.
Perth’s First 3D Anamorphic Billboard Arrives Courtesy Of oOh!media
Do you love a buzzword? Now you can add anamorphic to the list as it relates to billboards, not a colleague's ears.
MasterChef Australia & Crown Resorts Launch Unique Dining Experience With ALUMNI
A pop-up restaurant staffed by MasterChef contestants! That's fine dining prices for first-year apprentice chef cuisine!
Amanda Laing Announces Resignation From Foxtel Group
Foxtel's chief commercial & content officer heads for the exits. Read nice things the bosses said about her right here.
The Lost Letters From Our Diggers: News Corp Unveils ANZAC Day Special
It's nice when brands respectfully acknowledge ANZAC Day.
Howatson+Company Acquires Akkomplice
Large indie acquires a slightly smaller indie. Much like a shark eating a tuna, just with less thrashing and blood.
Google Delays Third-Party Cookie Deprecation Again
In good news for the sale of picture library biscuit photos, Google continues to tease over the end of cookies.
Education A Low Priority For Aussies More Concerned With Cost Of Living Forethought Study Reveals
Study finds Aussies cutting back on education due to cost of living. Booze & Uber Eats sales remain largely unaffected.
“I’m Still The Same Person That I Was”: Rikki Stern Says “Fucc It” To Cancer Stereotypes
B&T always happy to promote the anti-cancer cause. Even brands that massively overdo it with the hot pink.
The Unapproved Climate Certification Allegedly Causing Mass Greenwashing
Are you left flummoxed in the canned tuna & free range eggs aisle? Just wait till this green certification gets up.
TV Ratings (22/04/2024): Fans Mock “Over The Top” Reaction To New MasterChef Judges
MasterChef returns for its 2024 season. B&T stands by putting peppercorns in Gravox & no one will be any the wiser.
Dentsu Restructure: Muddle, Harvey & Johnston Take Leadership Baton As Bass & Yurisich Exit
A large broom has swept through Dentsu's local ops this morning, taking with it some big names & the air con's cobwebs.
Industry Shares Trends Shaping The Industry This International Creators Day
B&T's asking adland creators to reveal their top trends. And it's not good news for your Jenny Kee cardigan collection.
Mable Extends HOYTS Sensory Screenings Partnership
Mable has extended its HOYTS sensory screening partnership. Vigorously defends its two-star Oppenheimer review.
Orphan Launches ‘They Need Our Help. We Need Yours’ For Children’s Cancer Institute
Anything to do with childhood cancers has B&T's 110% support. That said, we do ignore the red meat & alcohol warnings.
Smile Team Orthodontics & Keep Left Collaborate On Smile-Inducing Campaign
As parents would attest, given the cost of orthodontics you'd expect this campaign to be a lavish production indeed.
Opinion: How Video Calls Neglect Learning Diversity
Need an excuse to duck out of a video call this arvo? Show this to your boss.
DoubleVerify Achieves First-Of-Its-Kind Responsible AI Certification From TrustArc
DoubleVerify receives responsible AI certification. However, not its robotic vacuum that's been seen menacing the cat.
Smile For A Good Cause: The Social Media Campaign Giving Back To The Community
Are you known as the office Austin Powers? More for you teeth than shagability? Get snappy new fangs with this news.
Elon Musk Mocks Albo After ESafety Wins Court Injunction Against X
Albo's 2024 from hell continues - Rabbitohs in crisis, down in the polls and now feuding with world's richest man.
Real Estate Developer In Hot Water Over “Sexually Exploitative” OOH Campaign
Real estate agents again tops in the 'least trusted profession' polls, nudging used car salesmen & ad creatives.
Epsilon’s Shane Hanby: Post-Cookie Era Relies On “Teamwork” Between Brands, Marketers & Tech
This pro predicts more "teamwork" in a post-cookie era. Which spells bad news for the uncooperative or plain stubborn.