don't start an SMMA in 2024

Summary

The speaker, a former agency owner, advises against starting an agency in 2024 due to intense competition from established players and newcomers alike. They argue that new agencies struggle to deliver services and compete on ad spending. Instead, they recommend creating content online that is in-demand, authentic, and true to one's passions. By consistently posting for several months, one can build an audience and monetize through product sales. The speaker emphasizes that the only competition is oneself, and content creation is a scalable and authentic way to succeed online.

Takeaways

• 🚫 Starting an agency in 2024 is not recommended due to increased competition and challenges in service delivery.
• 💼 The speaker, a former agency owner, shut down their business due to difficulties in competing with established players and new entrants.
• 🤝 Agencies can be profitable, but success requires persistence, effective outreach, and a compelling offer to clients.
• 📈 Competition is fierce with veterans in the industry who have more resources and a proven track record, making it hard for newcomers to compete.
• 🛠 Learning service delivery is crucial and cannot be effectively acquired through free online courses alone.
• ❌ Avoid starting an agency without a proven ability to deliver results, and do not offer money-back guarantees if you lack confidence in your service.
• 🔗 The lack of scalability in an agency model is a significant drawback, limiting the number of clients one can effectively serve.
• 💡 Instead of starting an agency, the speaker suggests creating content online as a more authentic and scalable business model.
• 🎥 To succeed in content creation, one must produce in-demand content that is true to oneself and consistently post for several months to build an audience.
• 💰 Once an audience is established, selling products or services to them becomes feasible, providing a legitimate way to generate income online.
• 🌟 The speaker emphasizes the uniqueness of each individual and the potential for success in content creation, as the only real competition is oneself.

Q & A

Why does the speaker advise against starting an agency in 2024?

The speaker advises against starting an agency in 2024 due to increased competition, difficulty in service delivery, and the inability to scale the business effectively.

What is the speaker's experience with running an agency?

The speaker has run a profitable agency for multiple years, making five figures on the internet, but has recently shut it down due to various reasons.

What are the main competitors for a new agency according to the speaker?

The main competitors for a new agency are both newbies who are just starting out and industry veterans who have been in the space for a decade or more, with more resources and better results.

Why does the speaker believe that offering a money-back guarantee is a bad idea for a new agency?

Offering a money-back guarantee is a bad idea because if the agency can't deliver results, they will end up working for free and won't be able to attract clients who will pay for their services.

What is the speaker's view on the scalability of an agency business model?

The speaker views the agency business model as having terrible leverage and poor scalability, as it can only help a limited number of clients at a time due to the time-consuming nature of service delivery.

What alternative business model does the speaker suggest instead of starting an agency?

The speaker suggests creating and posting content on the internet as an alternative business model, which can lead to building an audience and selling products to them.

What type of content should one create according to the speaker?

The speaker recommends creating content that is in demand, not already available, and true to one's own passions and interests.

How long should one consistently post content before seeing results, according to the speaker?

The speaker suggests posting content consistently for roughly 3 to 6 months before starting to build an audience and see results.

What is the speaker's opinion on the authenticity of content creation as a business model?

The speaker believes that content creation is an authentic business model that allows individuals to help others on the internet in a way that is true to themselves.

Why does the speaker argue that only competing with oneself is a good thing?

Competing only with oneself is a good thing because it allows individuals to focus on their unique strengths and passions, rather than being hindered by external competition.

What is the key to success in content creation according to the speaker?

The key to success in content creation, according to the speaker, is to make content that is in demand, unique, and authentic to oneself, and to be consistent in posting.