Connect Yorkshire member Alex Gregory, Co-Founder of Leeds-based performance marketing agency, Another Concept, answers some of our questions about what it’s like starting a business in the city.
“Another Concept is an award-winning performance marketing agency that was setup by myself and three other co-founders in October 2023 – we’ve just celebrated our first birthday, capping off a great first year. We offer a variety of digital services such as content marketing, SEO, PR, PPC and more.
The four of us [founders] all met a decade ago when we worked at one of the UK’s largest digital agencies and although we’ve all since had many different roles – and despite knowing that it is a highly competitive industry – we knew we could create something different with AC.
So many agencies tend to overpromise and underdeliver, or set unrealistic expectations for their clients that they can’t live up to. So for us, it’s about putting the clients first and forming long lasting relationships so we can consistently provide measurable results that actually make a positive difference to a brand’s growth.
This is how we believed we could stand out and make a real name for ourselves.”
“Leeds was the perfect location for us for a few reasons. It’s a great city and is known for being a strong presence in the UK digital agency markets. It’s a pivotal part of Yorkshire and it’s such a vibrant place with plenty of things to do, and ultimately plenty of fantastic businesses we can work with.
Secondly, we all live in or around Leeds so the commute was ideal for everyone. Thirdly, there are great train connections that make it easy for us to go visit clients or for clients to come see us.”
“There’s a lot to consider when starting a business, and for us there were a few main elements.
A strong business plan was first. You really need a clear idea of the what, when, how, and why. The same goes for finance. Starting an agency comes at a cost and we had to plan for that accordingly.
Most importantly, we needed clients and prospective clients. Having all worked in the industry for a long time, we had excellent connections which gave us a great start and meant we could hit the ground running.
We are also aware how fortunate we were to be in this position to have clients from the off and that really helped overcome a big barrier most startups have at first.”
“Digital marketing is a busy sector with plenty of competition. So simply put, one of our biggest challenges was establishing ourselves in the industry and getting our name out there amongst our competition.
Additionally, finding the time to do this was – and still can be – another significant obstacle we had to tackle. Putting the work in – as there were only four of us at the start – and marketing the business effectively was time consuming and that was quite tough for all of us.
It’s fair to say that our first year came as a bit of a shock financially, particularly with overheads and tax bills you have to pay. It also made us acknowledge why so many businesses fail or at least struggle with this in year one, as it’s quite a considerable chunk of your income.”
“There’s no groundbreaking method to handle challenges as a new business. As cliché as it sounds, you just have to work hard, knuckle down and be dedicated to the cause.
Alongside that though, we were very selective with what services we chose to use. We spent our marketing and operational budgets wisely and focused on what would support the key areas of our business, such as using trustworthy accounting software and creating a great website. We managed to be both lean and agile, whilst maintaining enough money for ‘rainy day’ purposes – which we thankfully never faced.
I think another big thing for us has, and always will be, communication. We discuss anything for the business as a team and nothing happens unless we all agree. This way we’re always doing what we collectively agree is best for us and for the business.”
“As with any business it’s not going to be completely smooth sailing, especially in the beginning. We encountered our fair share of lows within our first year.
Working long hours, particularly when we all have young families, wasn’t – and isn’t – easy, but we had to find a balance. Another low for us was anytime we lost out on a pitch. You can’t win them all but it’s always disheartening when you make it to the final stages with a potential client but lose out to another, typically more established, agency who has been going longer than you and has better experience to draw upon.
Understanding the financial side of running a business was also challenging. Thankfully we had great support to create a financial plan and prepare for Tax, VAT and everything else that is required when launching a new business.
Fortunately, our highs have massively outweighed the lows and we have so much to be proud of in our first year – and a tip here is to make sure you celebrate these and remind yourself of how well you are doing. For us some of the main examples of this have been:
“I think when you start a business it’s very easy to overwork yourself and that’s not helpful for anyone. We worked very long hours getting things going and although that was what we needed to do, we didn’t let ourselves get burned out. Take breaks when you need them and try to keep a healthy work-life balance.
Another thing we learnt, and it’s something I would pass on to others, is the importance of communication. To repeat a key point from earlier, communication within your team is so important to help make successful decisions. Whether it’s a subscription or a significant change on the website, it should be communicated and agreed on as a team.
Again, I would also say that reflecting on your achievements and focusing on the positive is very valuable, but that doesn’t mean ignoring the negatives. Always look out for ways to improve, it’s so important to recognise mistakes and put systems in place to avoid repeating them in the future.”
Article via insidermedia.com
