How To Start A Social Media Manager Business

One-Page Business Plan: Social Media Marketer

Overview of this business:

A social media marketer is responsible for creating and managing social media strategies to increase brand awareness, improve marketing efforts, and drive sales.

1. Level of Difficulty:

Moderate to High. This role demands a comprehensive understanding of various social media platforms, analytics, communication skills, and a grasp on current digital marketing trends.

2. Startup Costs:

Minimal. A functional computer, a stable internet connection, and perhaps subscriptions to social media management tools are all you need. Costs could be under $1000 initially, depending on your specific requirements.

3. Time Until First Dollar:

Varies. It could take anywhere from a few weeks to a couple of months to secure your first client, depending on your networking and marketing skills.

4. Hours Per Week:

Depends on workload. This could range from 20 to 40 hours per week, based on the number of clients and the scope of their social media strategies.

5. Permits/Licenses:

Business license required. Costs will vary based on your location. Also, it’s crucial to stay updated with privacy laws related to online marketing and data.

6. Potential Customers:

Any business or individual looking to enhance their online presence. This could range from small local businesses to larger corporations, non-profits, or even individuals like influencers or public figures.

7. Marketing and Sales:

Online, Networking. Building your own strong social media presence can act as a portfolio for potential clients. Additionally, networking both online and offline can help generate leads.

8. Driving Traffic:

SEO, Social Media Marketing, Content Marketing. Writing blog posts, optimizing for search engines, being active on social media, and possibly paid advertising can help draw traffic.

9. Potential Revenues:

Varies. Social media marketers can charge by the hour or per project. According to PayScale, as of 2021, the average hourly rate is around $16.10, but experienced marketers can charge significantly more.

10. Required Skills:

Knowledge of social media platforms, marketing skills, creativity, adaptability. You need to understand how different social media platforms operate, create engaging content, and adapt to the ever-changing social media landscape.

11. Competition Level:

High. With the rise of digital marketing, there are many individuals and agencies offering social media marketing services. However, specialization and quality can help you stand out.

12. Insurance Needed:

Professional Liability Insurance may be beneficial. It protects you against negligence claims made by clients, and it is often quite affordable.

13. Employees:

Not initially required. When starting, you can manage all tasks. As your client base grows, you may need to consider hiring.

14. Potential Hurdles:

Staying current, managing growth, maintaining consistency. The world of social media changes rapidly, and keeping up with these changes can be challenging. Managing growth without compromising on service quality is another potential hurdle.

Next Steps If You’re Interested In This Business Idea:

1. Educate Yourself: Learn about social media marketing, analytics, and current trends in digital marketing.

2. Define Your Services: Determine what kinds of social media services you want to offer. This could range from content creation to full strategy management.

3. Identify Your Target Market: Are you focusing on small businesses, large corporations, certain industries, or individuals?

4. Create a Portfolio: Start by creating your own social media presence or offer your services to friends or local businesses to start building a portfolio.

5. Set Your Rates: Research what other social media marketers are charging and set competitive rates.

6. Network: Attend local business events or online networking events to meet potential clients.

7. Market Yourself: Use your social media skills to promote your own services.

8. Stay Updated: Social media trends change quickly, so make sure you’re always up to date with the latest platforms and trends.

9. Consider Certification: While not required, getting a certification in social media marketing or a related field could make you more attractive to potential clients.