Why start a social media business Archives

How Much Can I Make with a Social Media Business?

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.

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

by Krista Neher 1 Comment

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.

5 Signs that You Should Start a Social Media Business

by Krista Neher Leave a Comment

I’ve had my own business for over 6 years now, and leaving a high-paying job in corporate America was the best decision I ever made. I loved working there, but being able to have the freedom and flexibility to run my own business has been insanely rewarding.

With Launcehst, our goal is to help people to get started in setting up their social media business by giving them everything they need. We give you all of the insider secrets that social media companies won’t share.

If you’ve been considering taking the plunge and starting a social media business, here are 5 signs that you might be ready. If any of these apply to you, consider the opportunity to create a social media business for yourself.

1) People ask you for social media advice

If people are already asking you for social media advice, it is a good sign that you are ready to start a social media business – they already see you as the expert. This means that it shouldn’t be too difficult to establish your expertise as a social media manager or consultant.

2) You spend time on social media and look forward to the next new thing

If you are already spend time on social media and are passionate about it, you have one thing going for you – experience with the tools. You’ll have to be sure that you can translate this into marketing strategies and business results (if you aren’t sure about this, consider some social media training).

3) You have a marketing or strategic background

Some people think that success in social media marketing is all about knowing the tools. The reality is that with the right training, anyone can learn the tools. The challenge for many is being able to translate social media into business and strategic objectives.

4) You have expertise in a specific industry

If you already have a background in a specific industry you can easily become the go-to social media person for your industry, The reality of the social media market is that there are lots of unspecialized social media marketers, but few with deep industry expertise. For example, you could become the restaurant social media guru or the insurance social media expert or the journalist social media marketer. Leveraging your existing background is a powerful way to quickly establish yourself and your business.

5) You have an entrepreneurial spirit and want to run your own business

If you have always wanted to run your own business and enjoy setting your own hours, travelling, flexibility, hard work and everything else that goes along with owning a business, a social media business can be a great fit. There is currently a huge opportunity in the social media marketing space as businesses of all sizes are interested in getting started. If you like new opportunities, consider taking advantage of this growing market.

5 Reasons that it is a Great Time to Start A Social Media Business (Statistics and Trends)

by Krista Neher Leave a Comment

Starting any business is a tough task – it takes a lot of work (more than most people realize) but it can also be very rewarding. More and more people are asking me about starting a social media businesses. People want the freedom to be their own boss, and realize that social media marketing is a HUGE and GROWING opportunity.

I remember a few years ago a “business coach” (over 65 years old) tried to convince me that social media was just a fad. Facebook is now 10 years old and growing, and almost 100% of young people are using social media. It isn’t going away. It is growing. Now is the time to start your social media business to take advantage of the shift in marketing.

1) Outsourced Social Media has Grown 130%

The number of businesses outsourcing social media marketing has grown 130% — that means that more businesses are looking for social media consultants and social media managers to help them. This is a tremendous business opportunity for savvy business professionals who want to be on the leading edge of this opportunity.

2) By 2015, 95% of Businesses will be on Social Media

This means that the opportunity to help businesses will be HUGE as almost every business will be active on social media. Social media isn’t easy — most of these businesses will need help!

3) 20% of Businesses Aren’t Sure if they are Getting A Return

… this is because they aren’t strategic and don’t know what they are doing. Over half of marketers have generated customers from Facebook, but many businesses aren’t sure if it is working. Because they don’t know what they are doing! By tying social media back to their business goals you can help them to get results from social media.

4) Social Media Budgets are Expected to Double in the Next 4 Years

With growing budgets there is no better time to get involved in social media marketing and get a piece of the pie. With social media spending on the rise, businesses are looking for help. This is a great time to develop the expertise and the business to help them.

5) Social Media is Still Changing and Evolving

Which means that businesses owners don’t have time to waste staying up on trends and becoming social media experts – they have a business to run! This is why there is a huge opportunity for social media consultants, social media marketers and social media businesses to establish their expertise and help businesses make sense of the opportunity that social media can deliver.