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After a recommendation from @mkhundmiri, I registered for @TimStodz introductory workshop "5 Steps to a Million Dollar Agency" and was mind-blown with the insights. Following are the points I thought that stood out 
Differentiate yourself from the competition → Find your niche, pick a specialization that differentiates you from generalists.
→ Offering Unique service > Cheaper service
Start with networking instead of Sales → For the first 1-2 years, focus on networking rather than sales. Build relationships instead of trying to swoon customers with fancy tools, bells and, whistles.
Maximizing Returns Build systems, processes, and automations to:
→ Quickly transition your client from sales to the workflow team.
→ Builds a knowledge base for future use cases
→ Well structured processes = Higher profit margins
Be a service business → Put service as your top priority instead of the profit you are making.
→ Dropping a line just to check-in on a client
→ Asking for feedback upon project completion
If you are thinking about starting an agency or have recently started one, I highly recommend going through this short workshop, register for free at -> https://www.systematize.pro/5-steps-to-a-million-dollar-marketing-agency
