More and more entrepreneurs are interested in starting social media marketing or social media management businesses, and for good reason.

There is a TON of growth in the space and very few qualified people to meet the demand. Businesses from bakeries to accounting firms to aerospace manufacturers and everything in between are looking to social media to grow their business.

If you are looking to get started with a social media management business there are a few things you’ll need:

1) A business name, logo, business cards and a website:

In order to be taken seriously you’ll need these essentials (this is true for any business). Here is the thing; as you look to get started, you don’t need perfection with these elements. Get started quickly with things that are “good enough” and once you have clients you can improve these. A perfect logo won’t make or break your business.

(Launchest gives you a rough logo-builder and copy to quickly build a website)

 

2) Credibility and social media knowledge:

Before you jump out to take advantage of this growing market, make sure that you have base knowledge and know your stuff. Consider getting a social media certification, or build your knowledge and experience base by participating on social networks or volunteering for non-profits or businesses you know.

(Launchest includes a social media certification)

 

3) A service offering:

Figure out what services you will offer and create packages. Potential clients want you to go to them with a solution – they want to know specifically what you recommend that they do and how much it will cost. Don’t rely on them to know what they want or need. Have packages to get your discussion started.

(Launchest includes pre-created packages that you can use to sell your social media services)

 

4) Clients

This sounds obvious, and maybe you already know some businesses that can get you started. The challenge is finding businesses that both need your services AND can pay for them. Many people make the mistake of chasing clients that have no marketing budget and aren’t willing to invest. Consider your unique background and aim for clients in the industry that you already have experience in.

(Launchest gives you a complete prospecting and pitching guide)

5) A plan to implement with excellence

Once you’ve landed the client you are off to a great start….. but that is just the beginning. If you want to keep clients and gain new clients through word-of-mouth you must consistently appear professional and organized. Have an onboarding process and a maintenance process. Determine when you’ll send reviews and what they will include. SYSTEMIZE and ORGANIZE!!!

(Launchest includes onboarding templates and checklists, plus maintenance templates and checklists)

One of the biggest challenges that most people face when figuring out their social media marketing is how much to charge. Determining how to charge and how much to charge isn’t easy. For any freelancer or business owner, it is extremely difficult to determine.

That being said, there are 3 basic pricing models for social media management. Each model is appropriate for different types of business arrangements. There isn’t one best way to charge, it depends on the situation. In our Launchest Toolbox we outline industry standards and show you exactly what to charge and how to charge. This post gives you an overview.

1) Charging Hourly

Hourly charging is standard for many consulting agreements. The challenge of hourly agreements is that clients may not know exactly what you will deliver in a set amount of time, so there is some risk for the client. The upside is that hourly contracts are usually simple to create and deliver. These usually work if you are consulting or if the exact scope of the agreement isn’t clear. If you aren’t entirely sure what the deliverables will be, then hourly billing works best. Just make sure that you agree with the client on the number of hours you are working so that there aren’t any surprises.

2) Charging For A Project

You can also choose to charge for your services on a project basis. Project based charging works great when the scope of the project is clear. For example, if you are building a social media strategy for a business, you could quote them a project rate, since the deliverables for a social media strategy are clear. This reduces the risk for the client, since they know exactly what they have to pay. Be sure to add in a buffer since often times projects can take longer than you anticipate. Also remember to include client meetings and presentations into the time you’ll spend on the project.

3) Charging for Management or Retainer Based Billing

The third option is to charge a monthly rate for set activities each month. The advantage of this is that you will be developing a relationship with your clients (most monthly or retainer based arrangements have a minimum number of months required). Most managed social media marketing falls into this, or other arrangements where you’ll have a continued monthly relationship.

Consider the type of business that you are working with, the scope of the project and choose the most appropriate billing option.

If your thinking about starting a social media business, there are 6 steps you’ll need to master to ultimately be successful. It may take years to gain the business knowledge to master all of these, but you can start working on them immediately.

1) Setting Up Your Social Media Business

To get your business setup you’ll have to start with the “hanging a shingle” type of activities to present yourself as a legitimate business. You’ll need a business name, a logo, a website and business cards. These don’t have to be perfect, they just have to be good enough for you to be taken seriously. Don’t waste too much time or money on these things — once you have clients and are making money you can re-evaluate.

2) Marketing Your Social Media Business

To effectively market your business you’ll want to come across as professional and organized with marketing assets that wow potential clients. Consider a brochure that outlines your services – most people don’t read these word for word, but they make you look good and explain what you do. You’ll also want a presentation and ideally a social media presence.

3) Prospecting Social Media Clients

If you build it, they won’t come. Just because you start a business doesn’t mean you’ll magically have an endless flow of clients beating down your door. You’ll want to identify businesses that are appropriate for you and get in-front of them. Finding potential clients who have money and can benefit from social media is key.

4) Getting Clients with Pitching and Proposals

Closing the deal with clients isn’t always easy. You’ll need to figure out your pricing and how you want to package your services. This is the most difficult part for most businesses – they don’t know how much to charge and what to include. Next, you’ll need to create great proposals to close deals.

5) Executing and Delivering World-Class Social Media

Once you’ve landed the client you want to keep them excited by delivering great social media marketing. Processes for setup and management are key to streamlining your communication with your clients and making it easier for you to actually do social media for a business.

6) Retaining Customers and Keeping Them Happy

Finally — keep your customers happy. Do nice things for them. Send them reports that show them your results. Keeping clients happy is a big part of your ultimate success, as they can be your best source of new business (referrals).

 

If you want to start a social media business, now is a great time. More and more businesses are realizing the importance of social media and they don’t want to become social media experts – they want to hire someone to do it for them. That is why creating a social media business is a huge opportunity.

If you are thinking of starting a social media business, there are a few things that you’ll want to consider as you get started:

1) How Will You Package Your Services?

Selling a package of services will get you further than billing hourly. Businesses don’t want to know how many hours they get – they want to know what you will do. Create packages to streamline your sales process – this makes it easier for client to say yes. It is important to clearly state exactly what you will deliver.

2) How Will You Find Clients?

Finding clients is always a challenge. Consider your background and figure out what unique skills or market knowledge you have that you can combine with social media to create a niche for yourself. Think about businesses that you could naturally run social media for based on your unique knowledge, or the businesses that you frequent.

3) What Are Your Credentials?

Some small businesses are inundated by social media and search engine experts pitching their services day after day. Many of these are overseas or large social media companies that don’t really get to know their customers. Have a clear idea of why you are different, how your unique background qualifies you as well as your experience and education in social media marketing. You may also consider getting social media certified.

4) Do YOU Have A Business Presence?

If you want to be taken seriously you’ll need to have a business presence for yourself – at least a basic one. It doesn’t have to be perfect, but you need something. You’ll need a logo, business cards and a website. It also helps if you are active on social networks yourself.

5) What Is Your Client Management Process?

Once you’ve landed clients, you’ll want to have a streamlined on-boarding and management process to appear experienced and save time. Create processes to outline how you will on-board clients as well as how you’ll manage their accounts. Many social media managers struggle with delivering social media content – not because they don’t know how to manage social media but because they don’t have a process in place to consistently meet client expectations.