More and more people are starting their own social media businesses – and it makes sense. Social media continues to grow, social media spending continues to grow and there is still a huge opportunity for people to make money by running social media for businesses.
Business owners are busy running their business. They know social media is important but they don’t know where to start.
A lot of people considering starting their own social media business want to know how much $$ they can make by starting their own social media business.
The answer (as always) is that it depends….. That being said, let’s review a few scenarios.
Part Time Social Media Management:
Let’s say you start part-time while you still have your day job. Realistically you can probably handle 2 clients in your evenings and weekends. The monthly retainer for social media management will probably range from $500 – $2,000 (especially if you are just starting out), so for this example let’s use $1,000/month.
Monthly Retainer: $1,000/month X 2 clients X 12 Months = $24,000
In your first year managing social media part-time you could make $24,000… your part time business could make as much as some people make in a year.
Full Time Social Media Management:
If you are ready to dive in to social media management and have time to actively solicit new clients and manage clients you can make a big impact. If we still assume that your average retainer is $1k/month, an average social media manager can easily hand 5 – 8 clients. Many businesses have clients paying more than $1k per month.
Monthly Retainer: $1,000/month X 8 clients X 12 Months = $96,000
If you simply add one new client a month, at the end of your first year you’ll be making $96k – and you can continue to grow from there.
As you can see, creating your own social media business can be very profitable. These are simply guidelines or scenarios – how successful you are depends on how much work you do.