Is it marketable?
According to the Pew Research Center, almost 70% of all U.S. adults use at least one social media platform (article). This means that most businesses cannot afford NOT to have a social media presence. The reason is that people are spending more and more time on their mobile devices accessing platforms like Facebook, Instagram, Twitter, and LinkedIn. This is as brick and mortar stores face threats to their growth from e-commerce giants such as Amazon. As a social media marketer, you’ll be able to create brand awareness, serve as customer support, and build strong customer relationships.
How do I make money?
You’ll charge companies for developing a social media strategy, creating the content, sharing it, and then engaging with followers. Each social media platform you’ll manage will command it’s own pricing. After a few months of building a portfolio of successes, you might be able to charge a few thousand dollars to manage each social media account. I came across a very detailed article written by an agency that does a good job at breaking down social media marketing costs. Read it here: How Much Does Social Media Marketing Cost.
What’s competition like?
It’s easy to get a social media marketing company started, however, it’s difficult to keep it going. The reason is that building strong social media presence takes time and sometimes people feel like they want something right away. If you feel that you can dedicate time and effort to social media, then give it a try.
Additionally, competitors aren’t just social media agencies. They can be freelancers from sites such as
Fiverr or Upwork that can help you create graphics, copy, etc. In order to stay ahead of the curve, make sure that you’re always up-to-date on the changes that the largest social media platforms are making. For example, when Instagram changed the way its feed displayed posts, marketers had to take note.
Finding customers shouldn’t be difficult since it’s easy to see what social media accounts are having trouble getting engagement. Look for other things such as whether they even list social media handles on their website to identify those that haven’t yet taken the leap towards social media.
Estimated monthly bootstrap expenses?
You can get started for less than $100. Of course this means that you’ll be the one filling all of the roles at the beginning. That’s something you should look forward to, actually. This way you’ll learn and be able to know how much time it takes to do every part of the social media content process.
There are plenty of free applications that make social media management easier. However, let’s say you want some additional features such as a wider variety of social platform functionality, plan on spending a few bucks each month.
If you think about growing into an agency as well, you’ll probably spend $10 – $20 a month on a website (if you make it yourself). Once you start providing your client with results, you’ll be able to make bigger investments to automate even more processes and perhaps outsource some work to others. Until then, take the first step to becoming a social media marketer.