Are you considering starting an agency but worried now’s not the right time? Are you afraid of failure or the added pressure of these uncertain times? It’s totally understandable! Starting a business is scary, but especially during an economic downturn. So you might be surprised to learn now may actually be one of the best times to start a digital agency.

In this episode, we’ll cover:

• Should you start an agency during an economic downturn?
• Does your agency have a challenger mindset?
• Why self-awareness is key to your agency’s continued growth.

Today I sat down for a timely conversation with Scott Cullather, President and CEO of INVNT Group, a global brand storytelling agency. Scott started his first agency, INVNT, with his partner right at the start of the economic downturn in 2008 and says doing so helped define who his agency is today. He’s here to talk about how the agency thrived during a poor economy and what agency owners need to know today.

Should You Start a Digital Agency During an Economic Downturn?

There’s no doubt we are in one of the most volatile economies in our lifetime. Stocks are in flux, businesses are closing, and realistically, we have no idea what is going to happen tomorrow. But did you know now is actually the perfect time to grow an agency?

Scott says one of the reasons his agency found success in 2008 is because there was literally nowhere to go but up. They had no employees, no overhead, and yes, no clients. But this meant every account they gained was one to be celebrated. And each one after was a sign they were moving up. When you have nothing to lose, it takes away your crutches. You don’t think about what a certain decision might cost, but rather, what you have to gain.

Does Your Agency Have a Challenger Mindset?

Scott says starting during an economic meltdown set his agency up with a challenger mindset. Where larger, slower, flatfooted companies were making cuts and avoiding risks, INVNT was able to develop messages, strategies, and campaigns that were not only on brand but were designed to shake things up.

Scott says this challenger mindset isn’t one the agency has simply moved on from. Instead, it is what pushes the agency to grow. Being scrappy is everything. When you become complacent, that’s when you’re in the danger zone.

Why Self-Awareness is Key to Your Agency’s Continued Growth

An agency owner must be self-aware of the decisions they make and their approach to business. Naturally, you should change your processes and systems as your agency evolves.. While you should always be willing to adapt and grow with the market, never lose that spark and drive you had when you first started your agency. It’s like a football team who is up 21-0 that decides to change their strategy. If they lose their drive, they’ll quickly find themselves down 28-21. Scott says he’s always challenging his team to stay focused and grounded to the core principles that got them to where they are today.

Often the ones who find the most success are the ones who aren’t afraid to take a risk. When everyone else is stepping back, this is your opportunity to step up. Be scrappy, take chances, and don’t be afraid to make big moves. When you start with a fighter attitude you’ll discover it’s likely a mindset that will stick around.

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Head over to AgencyDad.money/freeaudit/ to receive a free audit on your agency’s financials.

Ready to Start a Digital Agency?

When you want to start a digital agency, no matter what position you are in, it can be a daunting experience. Knowing all you need to be successful in starting an agency can be difficult but If you don’t think you have all you need to do so — this is where I can step in.

I have experience through facing many agency obstacles myself and can share advice on recognising most common agency mistakes, keeping great agency employees in your team as well as fostering the connections you make with clients. If it’s challenges with growing your business, I have great agency growth hacks, the best ways to improve management of your business as well as why building a remote team can be beneficial in the long run.

Learn more about my career as well as tips, tricks, and insights by checking out my blogs that cover a wide variety of topics.

You can learn more from my experience from my Ask Swenk series and my videos on my Youtube channel. Check out advice and learn even more from other successful agency experts featured on Smart Agency podcast twice every week.