While the article was full of valuable advice, I feel the directors omitted one of the most important aspects of starting your own agency, and that it is to prepare a business plan, create forecasts that are achievable, and monitor them.
As head of the Media Group at Vantis, the AIM-listed accounting, tax and business advisory group, I have watched clients start and develop their businesses over the past 20 years, and can guarantee that this is one area where many start-ups fail.
Statistics show half of businesses do not survive their first year, and micro-managing the financials during that initial period is vital to the ongoing success of the business.
I would urge anyone starting out in such a traditionally creative sector to understand their own skills and, perhaps more importantly, their limitations. If you are not good with figures, bring in an expert to do it for you.
Cliff Crown, partner, Vantis Accounting and Advisory
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