Want to know exactly how much money you need to start a digital marketing agency in Singapore? If the answer to the last question is “yes,” here is a full breakdown of the costs of starting a digital marketing agency and getting money to fund it.
We will look into how much money is needed to start a digital marketing agency from scratch, as well as how much it costs to run the business.
Starting a digital marketing business can be financially beneficial because you usually won’t need to buy expensive machines and other equipment.
You should be most worried about how much it will cost to rent a standard office space in a good and busy business district, how much it will cost to furnish and equip the office, how much it will cost to buy the necessary software and internet access, and how much it will cost to pay the bills, market the business, and get the right business license and certifications.
How much does it cost to start a digital marketing agency?
The initial investment required to launch a new agency is, naturally, proportional to the agency in question.
It depends on the kind of customers you want to serve and how much you have to spend on running your business.
If you want to court Fortune 500 companies, you’ll need a larger budget than if you want to court local small enterprises in a community of fewer than ten thousand people.
But to set a standard, here is the bare minimum of what you’ll need to get your business up and running, including the absolutely necessary tools for reporting.
A website cost: $30 a month to $3,000 a month.
Hosting is out there and can be bought for less than $200 per year. Also, WordPress has a lot of free themes you can use to help you make a website that looks good.
There are also enough free website-building tools, like Google Analytics, to help you build and improve your website.
Email marketing software: $20 per month.
You can get by with a free account on MailChimp… but experienced marketers will be able to tell the difference. Hence, you should set up at least $20 per month.
You are going to need an email service provider in order to be able to give lead magnets and nurture email sequences. You can convert previously unqualified leads into paying customers with the help of this.
Social media marketing/scheduling software: $30 per month.
There are, in fact, tools for this that don’t cost anything. But commercial programs often save so much time that they more than pay for themselves.
Depending on whom your audience is, that could be automated tools for LinkedIn or tools for setting up posts on social media.
In this case, though, the cost is worth it. They are worth what they cost. So, you should spend at least $30 per month and use the extra time to promote your business.
Content creation software: $60 per month.
This is a very large budget; however, for an additional $30 per month, you can obtain access to a paid image editor such as Adobe Photoshop or Canva.
Make an additional investment of $30 in one of the various video creation tools that are currently accessible.
Reporting software: $99 per month
This one is quite significant. Customers count on you to deliver results, and one of the most effective ways to show them that you’ve delivered those results is to provide them with regular reports proving, well, results.
So, any money that is spent on reporting is a direct investment in the maintenance of existing client relationships.
You should also look for reporting software that allows you to automate reports, if at all possible. This will save you a considerable amount of time each week.
Conferencing and calendar software: $55 per month.
As the proprietor of a digital agency, you are likely to have many conversations with many individuals.
Investing in solutions like Zoom and Calendly can make it much simpler for them to complete the task.
Business cards and print collateral: $60.
You might only have to pay for this service once, but it’s important to have professional-looking digital business cards for any networking events you attend.
A workspace: Free to $300 to $3000 per month.
It’s possible that you won’t have to make an initial payment for the office space. A great number of companies have been established in locations such as kitchens, spare bedrooms, and home offices.
Yet, if you end up requiring office space, it is going to add a significant amount to your overhead costs.
Internet access and a phone
It is likely that you already have access to these; hence, including them as a distinct expense to your organization is optional.
A business checking account and business licensing
Costs associated with obtaining licenses could change according on your location. The expense of maintaining a company checking account will also increase. In most cases, the cost per month is less than twenty dollars.
Total minimum for each month: $314
Financing Your Digital Marketing Agency
Starting a digital marketing agency doesn’t have to cost much, especially if you want to work from home, rent office space from a friend, or use a virtual office.
One of the things that will take up a big chunk of your start-up capital is getting a standard office. If you choose to start your business on a small scale, you may not need to look for money to finance it. This is because getting a standard office is one of the things that will take up a big chunk of your start-up capital.
When it comes to getting money for a business, writing a good business plan is one of the first and possibly most important things you should think about. There’s no question about it.
If you already have a good business plan that can be put into action, it might be easier to convince your bank, potential investors, and even your friends to invest in your company.
When looking for ways to get money to start up your digital marketing agency business, you might want to look into some of the following:
Getting money from one’s own investors and business partners
Selling shares to potential investors
Getting money from one’s own savings and the sale of one’s own stocks and properties.
Sending an application for a loan to your bank or banks
Showcase your business idea and fill out an application for business grants and start-up money from donor groups and angel investors.
Getting loans from family and friends that are easy to pay back
Conclusion
Digital marketers can bring a lot of value to companies, which is why the field of digital marketing is growing so quickly and is likely to continue to do so for the foreseeable future.
You can start a digital agency from the comfort of your own home with very little money and make a lot of money from it.
If you have a lot of creative energy and are great at networking with other people, you may be able to grow your digital marketing business and make a name for yourself in the field.
Now that you have access to useful business knowledge, it’s time to make a business plan and get started on starting your own digital agency in Singapore