Social Media Management Steps
What Value Do My Services Provide?
A really good way to determine how much you’ll charge is to place a value on your services. For example, if your work will generate six figures a month for your client, how much should you get of this amount? If your client knew they’d earn six figures a month, how much would they be willing to pay you of that amount?
What Are My Competitors Charging?
This is a good way to go in some ways, but in a global market this can be dangerous, too. If your competitors currently live in an area that is a very low cost of living, they may be charging a tenth of what you need to just break even. Don’t let this scare you. Find competitors who are doing what you want to do in your market and compare their prices instead. Yes, sometimes your clients will go to that super low priced place, but often times they’ll be back to you due to language and other difficulties that may arise while working with low cost providers.
What Is My Break Even Point?
This is a very important bit of information to have. Even if you work from home, you have expenses. You’ll need to pay self-employment taxes, a portion of your rent or mortgage, communication costs, research costs, software costs, licensing and more. Figure out what that cost is, and multiply it by 1.5 in the case that you forgot something. Use that number as your breakeven point so that anything you make over that is considered profit for purposes of pricing.
Don’t be afraid to price yourself fairly. You want the ideal price to be that sweet spot that makes you feel good about what you do, and also makes your client feel as if they’re getting a really good deal. This price will be different for different markets. Choose your market based on what you know you need and want to earn.
Now that you know what goes into creating a profitable content and social media marketing business, you probably want to know what you can do to get started right now.
• Identify Your Skills – Are you a writer, an organizer, are you good at planning? What about graphic design? Do you understand about SEO? Are you good at editing video? There are so many niches within this business idea that you can go in many directions.
• Identify Your Clients – It’s good to start with the type of people you want to work with. Do you want to help local mom and pop shops market their businesses with content and social media? Do you want to help internet marketers, multilevel marketers, beauty shops? What? What type of clients will make you happy to work with them and why are you the right person to do it?
• Fill in the Gaps with Contractors – As you work out who you want to work with and what your skills are, it’s a good idea to look at the entire content and social media marketing cycle and decide which skills you have and don’t have so that you can find people and resources to help you fill your clients’ needs. Just because you aren’t good at writing or graphic design doesn’t mean you can’t run a profitable content and social media management business.
• Choose Tools of the Trade – There are a lot of tools that you may need depending on your niche. For example, you may need to purchase software to help you run multiple social media groups and pages such as, SproutSocial.com, HootSuite.com or Buffer.com. Maybe you need to upgrade your graphic design software or invest in copyright management software. It all depends on what you plan to do.
• Get a Business License – Pretty much every country, state, and city requires some sort of licensure to do business. If you’re in the USA, get an EIN to help you not have to give out your social security number for safety reasons. Call your local SCORE office to find out what you need to do in your locality to be legal.
• Set Up Finances – Get some accounting software or determine how you’ll keep track. There are many options online such as Wave.com, Go Daddy Bookkeeping, Quickbooks.com and more. Choose based on your budget and your needs, but don’t skip this step because keeping track of your income and expenses is imperative.
• Build a Website – Every business needs a website, especially one that purports to help other businesses market their business online via content and social media. Your website should, of course, have a blog included. Do not get a free website, try to build a professional website with a domain name that you own on hosting that you pay for.
• Set up Social Media Accounts – As an online marketing professional, social media is necessary, even if you plan to focus your business mostly on the content marketing aspects. They key here is not to be everywhere but to be where your particular clients are. For example, if you want to work with coaches, they love using Instagram.com, LinkedIn.com and Facebook.com.
• Start Building Authority – Once you build up these areas of your business, it’s time to build authority. You can do this by doing for yourself what you will do for them. Write a book, post blogs, write reports, and create videos. Whatever it is you plan to do for your clients, do for yourself as an example of what you can do, but also to promote your business.
• Offer Your Services – Oh yes, don’t forget your calls to action, because offering your services has to happen in there someplace. If you just write about it and give everything away for free without a call to action of some kind, no one will hire you because they won’t realize they can hire you.
You don’t need to place your prices online to offer your services. Just say this is what I can do for you and if you want to know more, let’s set up a discovery call. And then make it easy for them to do that using online scheduling apps to get the call scheduled. Creating an onboarding process is important if you want to be successful.
It really is that simple to start a content and social media management business. There aren’t enough of these professionals around to help all businesses. Locally alone you probably have more than 100 businesses that can use your services. You simply need to identify them and let them know you’re available. What’s stopping you?