Launchest

How to start a social media marketing business.

How Much Can I Make with a Social Media Business?

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How Much Can I Make blog post

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.

5 Marketing Tools Every Social Media Business Needs

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5 marketing tools you need for your social media business

If you are starting a social media business you need the marketing tools to succeed. Having the right marketing collateral is important because it signals that you are professional and experienced (both of which will get you more clients).

Some businesses struggle to get off the ground because they don’t have the right materials to impress potential clients – this can create doubt and seriously undermine your credibility.

Here are 5 marketing tools you need to be taken seriously as a business:

1. Business Cards

Not having business cards is one of the most amateur mistakes that you can make. Not bringing them EVERYWHERE with you is the second biggest mistake. Print decent business cards (hire a designer if you need to) so that people feel that you have an established business.

2. Website

It is 2015 and people expect that EVERY business has a website. And your website can’t suck. Especially as a social media business, you need a website. This should be at the top of your list as you establish your business. Create a good looking website that will continue to build on your credibility.

3. Brochure/Sales Material

You need great sales materials and a brochure is a great leave behind after a meeting – people won’t read every word (they may not read any of them) but having professional collateral that demonstrates your services, approach, etc shows that you are serious. A strong brochure solidifies how you can help a business and shows your unique value proposition.

This is also helpful if there are multiple decision makers since they can forward your brochure to others, or bring it to a meeting. Your brochure is like your offline website.

4. A Great Proposal

A strong proposal is required to close ANY DEAL. When you get your first chance, create an AMAZING proposal that you can use as a template for all of your future proposals. I’m always surprised by how many businesses have terrible proposals – I especially think about how much it must cost them.

5. An Email Address at your Own Domain

Nothing blows your credibility quicker than having people message you at a gmail account. Make sure that you set up email at your domain name.

Thinking of Quitting Your Job to Start a Social Media Business? 5 Things to Consider before making the plunge.

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Launchest 07022015

Many people who currently do social media as a part of their job are eager to take the plunge and start their own business.

Why not?? Entrepreneurship is HOT right now. Shark Tank has made entrepreneurship sexy and more than ever, people want to start their own business.

The flexibility is appealing, and the idea of building something yourself. Plus, if your business takes off, the financial payout can be very rewarding.

That being said, there are a few things you want to consider before you make the jump.

1. Income May not Come Right Away, and it May Not Be Consistent

Be sure that you can handle inconsistent income. For most people, starting out means a few months of building a business without a lot of income coming in right away. Even after your business is up and running, you may have late paying clients that throw you off. Have a safety net for yourself.

2. You’ll Have to Hustle and Work Really Really Hard Sometimes

I can’t tell you how often I’ve stayed up all night working on a deadline, or taken international conference calls at 2 AM, or traveled to the middle of nowhere arriving in the middle of the night only to run a workshop for the day on 3 hours of sleep. Be ready to work hard when you need to, and enjoy the flexibility when you can.

3. Get Clients Before You Quit Your Day Job

Before you quit your day job, make sure that you have some PAYING clients in the hopper. Work evenings and weekends if you have to, but prove out your value proposition before you make the leap. This will not only give you a financial buffer but it will also allow you to grow your clients more quickly when you start.

4. Be Ready to Act Like a Real Business

If you act like you don’t know what you are doing, people won’t trust you. If you don’t value yourself or your services, people won’t take you seriously. First, make sure that you have experience and maybe invest in a social media training program – clients shouldn’t be paying you to learn. Second take yourself seriously and act like a real business from day 1.

5. The Rewards Can be HUGE

While I did focus on the watch-outs in this post, it is important to note that running your own business can be very rewarding. You get to be your own boss, work on projects you love and build a lifestyle that works for you.

 

 

 

How to Create a Social Media Proposal

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Launchest Blog Post 06252015

Many businesses that are new to offering social media services or are just getting started with a social media business aren’t sure how to create a proposal to manage social media.

A great proposal is key to winning contracts and getting off to a strong start for your business. I’ve seen tons of social media proposals and have both helped agencies and social media businesses create proposals as well as worked with clients to assess proposals.

There are a few things that you need to consider when you are creating a social media proposal:

  • What the client wants: Make sure that you include what they asked for specifically and try to echo their language as much as possible. Don’t use a totally canned template – customize to show that you understand them.
  • Include what they want, but give them options: I’ve done this for a long time, and many proposals that I see include 1 option, which means that the client can say yes or no. Also, many clients don’t know what they want, so they ask for the wrong things. Give them what they want, but also include recommendations that show that you know your stuff and can guide them. Options also shows that you are flexible.
  • Clearly outline the scope of the project: An amateur social media proposal won’t be specific about the deliverables. Include specifics – how often you will post, number of ads, number of custom images, cover photo changes, etc. Since you will be creating a contract you want to make sure that you are setting clear expectations.

How to create the proposal:

This can be tricky, since each proposal will be different. My recommendation when creating a proposal is:

  • Make it a stand alone document: You may not be speaking to the decision-maker initially and many decisions are made by teams. Make sure that your proposal is comprehensive and can be forwarded along.
  • Spend time/effort on a good template: Creating a template that you can reuse will save you TONS of time.
  • ABSY Always Be Selling Yourself: Use your proposal to reiterate your qualifications. Many people want to know that they can trust you – include trust builders in your proposal.

Note: Launchest includes both proposals and templates that you can edit and use to create proposals that get clients.

How to Find Clients for your Social Media Business

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how to find clients for your social media business

 

You’ve created a social media business and maybe you already have some clients…. but growth is on your mind – you want more clients.

Great – hunger & growth are excellent characteristics of entrepreneurs.

But how do you find clients? More importantly, how do you find QUALITY clients who will pay you $$$ and appreciate the value that you bring to the table.

Hiring a social media management company isn’t right for every business. While Launchest has a full client sales and prospecting guide, I wanted to share some tips here.

  • Find businesses that already do marketing – it is almost impossible to convince a business to spend money on any kind of marketing when they don’t already do marketing. They’d have to create a new budget and are likely to agonize over every penny. Find businesses that already spend on marketing – then you are simply looking for a reallocation of $$ vs. new $$.
  • Find businesses that already make money (or at least have money) – A business that isn’t successful isn’t a good target. Not only are they unlikely to have $$ – they may pay you late or not at all if times get tight. Look for established businesses that are already profitable. Often times small local businesses aren’t making enough money to invest even $500 a month in something like social media.
  • Look for businesses niches that you understand or have a background in – If you want to be successful, target businesses that you understand or have some background in. For example, if I want to target restaurants, it helps if I understand the industry and their challenges – it will be easier to sell to them.

Finding clients is only the first step – be sure that you have great marketing materials and a strong pitch and proposal.

Cheers to your success!!!