Social Media Management Business: How To Start A Profitable Business In 2023

Thinking of a profitable business to start up this new year of 2023?
One thing 2020 has thought us is the need and importance of earning income from the comfort of your home.

The year 2020 has revealed so much about online lucrative business which can be launched right from your bedroom and yes one of the paying businesses which might be fun for you if you enjoy pinging, tweeting, and generally a social savvy is certainly Social Media Management Business.

What is Social media Management?

Social Media Management involves the whole process of the creation of ideas into contents which is then published, promoted and then managed across different social platform such as Facebook, Linkedln, Youtube, Pinterest, Instagram, Twitter etc.

To manage these social media platforms doesn’t just involve only posting contents or updating clients’ handles profiles but rather interacting and engaging with your audience. Its involves seeking for new opportunities to reach more audience and visibility and more

Here are just a few of the expected tasks that are involved with social media management

• Development of different marketing strategies to achieve client goals
• Social media account set up for specific or general reasons
• Posting content which could be in form of graphics, videos, and text on behalf of clients
• Staying current and sharing trends and news relevant to the client’s business
• Increase the number of the client’s followers and ensure visibility
• Customer service for the client
• Marketing analysis

Just like a virtual assistants, social media management business offers varieties of services and assistants which are largely dependent on their expertise and clients needs.

How to start a Social Media Management Business

Starting a social media management company needs more than just education, its takes experience and education to start up this business. Taking great courses on social media management would be great but without you thinking outside the box, making your own reality research and studies to see what works and not, the time spent on those courses might really be a waste of which I am damn certain you are not in for.
Hence get ready to stay committed and passionate about it.

Ever asked yourself why many business struggle with social media management but rather outsource it?
Here it is.
It is quite different to get a bunch of followers to view your “DIY TUTORIAL” on your Youtube channel and to build followers for a business. Social media management is all about the ability to share interesting, entertaining and informative contents that speaks to your market audience directly.Your audience on instagram would certainly be different from that of linkedln,hope you get the gist?

It’s would amaze you to know that there are so many advantages as to why you should consider starting a social media management business

Being paid to use social media, stay current on trending news which is practically awesome if it’s something you already love doing and the juicy part which is the fact that this is a business that requires little investment and equipment which is a computer and internet services.
The need for social media management business still grows as more entrepreneurs, freelancers, and small businesses outsource this major and vital task.

Here is how to get started in creating your very own social media management business even if you have no knowledge at all.

Understand the Various social media Platforms

Though there are much tools to help manage the social handles, it is very paramount that you understand each social media platform as each of them are governed by their own rules and also specifically meant for some kind of audience. Hence though you might really have similar content for each platform, it is important you understand that the mode of publishing can be quite different especially if you want to ensure efficiency and effectiveness.

Develop Strategies That Match the Client’s Goals

Medical industries will most likely have a different audience market with a fashion industry and yes same trick applies with the social media platform being used to accomplish each clients goal and target. Hence it is of utmost importance that your social media management business can assist clients understand social media and yes how it works.

Build Your Own Following

This doesn’t entail just having millions of followers but rather having influence. Yes you should have a number of people who believe and trust you. These followers would like, comment and share what you do because of the influence.
Let’s be reasonable here, though it might seem a whole lot difficult but hey a step at a time would certainly do the trick.

Decide What Services You’ll Offer

Here, I would advise you go with what you are absolutely good at and if you have no idea at all of this, you can decide to offer several packages be it creating social media accounts of course with followers and audience only –here you pass the management of these accounts to the clients or you offer a full service package which does everything from social media account creation, posting and updating content and ensuring the moderation of the community. So choose your sauce-marketing or more on data analysis.

Identify Your Niche

In as much as it is very important to understand and find interest in all
Social platform, choosing a specialty makes you the boss of the game and enables you stay focused. You could actually decide to focus on a couple of social media that gives big results in a client industry but all the same it’s all boils down to you and what you want.

Write a Business Plan

Having a detailed business plan gives you a winning edge as it would clearly state before you your goal, vision, the financial analysis, competition, marketing strategy etc. it doesn’t have to be so complicated and all that long.

Determine Your Pricing

Report has it that social media management business earns about $49,707 on an average. Truly you wouldn’t charge your clients’ top dollar as a new business but the experiences and how well you become can get you there. Hence you can charge per package or per hour but then this all depends on how well you deliver.

Determine Your Business Structure

Though as a sole proprietor of a social media management company, it’s very important to structure your business as a brand to be trusted and secured. Hence you have to determine your business name i.e. what your business is known as, do well to check it up on the United State Patent and Trademark office (USPTO) to avoid being sued for using another company name when you attained more reach and finally obtain the necessary license and permits necessary.

Work Your Marketing Plan and Build Your Business

Here is where you determine how to get clients. My best advices, use the networking technique, deliver amazing job and take advantage of the testimonials and referrals methods.

Social media management tips

Below are some tips to ensure your business as a social media manager becomes profitable.

  • Consider an online degree course in communications or marketing
  • Be a tech savvy and stay trendy in the industry tools
  • Be on a look out for networking opportunities especially ones pertaining social media managers
  • Find brands you admire, follow them and never stop learning and adapting
  • Be result- oriented, enthusiastic and be comfortable working on your own
  • Pride in your vision, build an online portfolio and show it off shamelessly.

Social media management services list

Managing various accounts, workflows, scheduling, moderations could be extremely tedious without the right services and tools to get it done
Here are few tools with similar functionality and features to choose from.

Hootsuite: This is the most popularly used scheduling tool. It’s quite understandable and user friendly.

Social Organizer from Co Schedule: it contains the complete suite for organizing social media marketing.

MeetEdgar; this is actually a premier social media management tool for small businesses and entrepreneur. This app provides also an effective way of scheduling, moderating and organizing content prior to publishing.

Sprout Social; this is quite effective when it comes to social media optimization and management. Its offers more extras though such as social CRM and yes audience discovery.

Hubspot; this tool tracks and manages interactions between a company and its customers and prospects

Others but not limited to include Hey Orca, Agora Pulse, Everypost, Social Pilot, SEMrush, Zoho Social etc.

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