Starting a social media marketing agency can be a very lucrative business opportunity. There are many important steps to take in order to make sure your business is successful.
Here are the 9 steps you can take to get started on building your very own social media marketing agency.
9 Steps to Launching a New Social Media Marketing Agency
1. Name Your Social Media Marketing Agency
Give your social media marketing agency an identity so people will think of it as a well-known and respected brand. You can take the name of your social media marketing agency from your industry, focus on a geographical location, or use your own name among other options.
The main goal for naming your social media marketing agency is to make it sound appealing and trustworthy so that when potential clients search for a social media marketing agency, yours will be one of the first they find.
2. Determine Your Social Media Marketing Agency Business Model
There are several possible types of business models for a social media marketing agency including:
- Commission-based: You earn a commission on the content you place with businesses.
- Retainer: You charge a monthly fee to manage a business’s content.
- Project-based: You charge a set fee for each project you complete.
No matter which model you choose, make sure that it aligns with your business goals and the services you offer.
Read more about choosing the right business model for your social media marketing agency.
3. Choose a Legal Form for Your Business
By incorporating your social media marketing agency, you will limit your liability. You can incorporate as a Limited Liability Company (LLC), a C Corporation (C-Corp), or an S Corporation (S-Corp). Or you can operate as a sole proprietorship.
The business structure you choose for your social media marketing agency will determine the amount of taxes you pay and which state or federal tax forms you need to file.
4. Write a Social Media Marketing Agency Business Plan
All social media marketing agency business owners should develop a business plan.
A business plan is a document that outlines the goals, strategies, and operations of a business. It can be used to secure funding from investors or lenders, as well as to guide the day-to-day operations of the business. The business plan should include information on the company’s products or services, market analysis, financial projections, and management team among other things.
When developing your social media marketing agency business plan and strategy, you should think about the following questions your customers might have:
- What services does your social media marketing agency offer?
- How do you measure the success of a social media marketing campaign?
- What platforms do you specialize in?
- Do you have any case studies or examples of successful campaigns?
- Can I see a list of your current clients?
- Who will be managing my account?
- What is your pricing structure?
- Do you have any promotions or discounts currently available?
- What are the terms and conditions of your agreement?
- When can I expect to see results?
Answering these questions in your business plan will give potential customers a better understanding of what your social media marketing agency can do for them.
Read our article about how to write a social media marketing agency business plan.
5. Apply for the Necessary Permits and Licenses
There may be required licenses and permits you need to obtain before launching your social media marketing agency.
You must also register your social media marketing agency as a legal entity with the state where you plan to do business. You can simply file an online form through your Secretary of State website.
Registering with the federal government is also essential so you can properly pay taxes for your business. You will also need an Employer Identification Number (EIN), which you can apply for at the IRS website, if you plan to hire employees.
6. Determine Your Budget & Apply for Funding as Needed
In developing your social media marketing agency business plan, you will figure out how much funding you need to start and grow your business.
If you have your own funds to invest in your social media marketing agency, you may consider taking advantage of that. In addition to your personal funds, other forms of potential funding for your social media marketing agency include traditional bank loans, SBA loans, credit cards, angel investors and family and friends.
Read our article about the costs associated with starting a social media marketing agency to help you determine if funding is needed.
7. Get the Technology & Software Needed to Run Your Business Efficiently
When you start your social media marketing agency, it’s essential to have the right technology in place to maximize efficiency. You definitely need a computer with Internet access, and accounting software for tracking expenses and revenues.
You may also want to invest in project management software to help you keep track of deadlines, client requests and progress on campaigns. There are many different project management software programs available, so do your research to find one that’s a good fit for your business.
8. Market Your Social Media Marketing Agency to Potential Clients
Before you start selling your services, you have to let the world know you exist. The first step is to create a website so people can learn more about your services and how they benefit them.
After you launch your website, start promoting it through social media channels like Facebook, LinkedIn and Twitter. Also consider networking with other people in the social media marketing industry through social media and blogs so they can help share your business.
You also need to start gathering the materials needed to execute on your promotions strategy, which is your strategy for attracting new customers. Social media marketing agency businesses should consider the following promotional strategies for which you should start getting prepared:
- Develop a strong social media marketing agency brand that stands out from the competition.
- Create interesting and engaging blog content that potential clients will want to read.
- Develop powerful case studies that demonstrate the results of your work.
- Offer free resources, such as ebooks and whitepapers, educating potential clients about social media marketing.
- Speak at industry events to share your industry expertise with others.
- Stay active on social media platforms so you can interact with potential clients and build relationships.
- Advertise your social media marketing agency through online directories and paid search ads.
Read our article about how to market your social media marketing agency for more tips.
9. Get New Clients & Grow Your Business
When you promote your services, you’ll start to get interest from potential clients.
Make sure you’re ready to serve these clients. Also, be sure to establish systems to ensure consistency and reduce costs. And be sure to find and train the right people to help you grow your social media marketing agency.
Read our article about how to effectively grow your social media marketing agency to learn more.
Starting a Social Media Marketing Agency FAQs
There are many reasons to start a social media marketing agency. As a business owner, you’ll have the ability to control your own destiny and build something that has the potential to generate a lot of revenue. Additionally, starting your own social media marketing agency gives you the opportunity to be creative and work with a variety of clients on interesting projects.
In order to start a successful social media marketing agency, you need several things. First, you need to have a strong understanding of social media marketing and how it works. Second, you need to build a strong team of experts who can help you execute on your vision. Finally, you need to market your business to potential clients so they can learn about your services.
Starting a social media marketing agency from home is a great way to get started with your business. This option allows you to keep overhead costs low and gives you the flexibility to work around your family and other commitments. To get started, establish a workspace and home office. Then, create a website and start marketing your business to potential clients. Finally, build a team of experts who can help you execute your vision.
Starting a social media marketing agency online is a great way to reach a wider audience of potential clients. To get started, create a website and start marketing your services to potential clients. Additionally, build a strong social media presence so you can interact with potential customers and promote your business. Finally, develop a team of experts who can help you execute your vision.
Ensure that clients can book your services online and understand what you offer.
Here are some tips for starting a social media marketing agency:
- Research the social media marketing landscape so you can identify a niche for your agency.
- Develop a strong understanding of social media marketing and how it works.
- Build a team of experts who can help you execute on your vision.
- Market your business to potential clients through online channels and offline channels.
- Stay active on social media so you can interact with potential clients and build relationships.
- Get new clients and grow your business. Offer quality services and execute your vision.
- Effectively train your team members.
- Review your progress regularly and make changes to your strategy as needed.
- Celebrate your success and continue growing your social media marketing agency.
A simple checklist to use when starting a social media marketing agency is as follows:
- Name Your Social Media Marketing Agency: This should be done with care, as your brand is important for attracting the right customers. A simple, memorable name will go a long way.
- Choose a Legal Form for Your Business: Whether you choose to become a sole proprietorship, partnership, LLC, corporation or another option will depend on your business. Ensure that you are aware of all the implications of each type.
- Determine Your Social Media Marketing Agency Business Model: Determine how your business will make money. Will you sell products, services, or a combination of both?
- Write a Social Media Marketing Agency Business Plan: Your business plan will also help you determine what your start-up costs will be and will provide a roadmap with which you can launch and grow.
- Apply for the Necessary Permits and Licenses: In most locations you will be required to apply for a business license and/or permits before you can begin operations.
- Determine Your Budget & Apply for Funding as Needed: You will need to know how much money you have to spend on all of your business-related expenses before opening any doors. If needed, apply for a small business loan or other funding options.
- Get the Technology & Software Needed to Run Your Business Efficiently: You need to have the right tools in place to succeed. Implement software that will help you manage your time, contacts, and business operations in general.
- Market Your Social Media Marketing Agency to Potential Clients: A solid marketing plan will be crucial to your success. It should focus on attracting the right customers so that you can provide them with the services they truly need.
- Get Clients & Grow Your Business: Once you have a solid marketing plan, it's time to actively pursue and secure those who could benefit the most from your services.
Starting a social media marketing agency requires effort; however, with the right tools and advice in place, you can make it a success. Follow the steps outlined in this article to get started on the right foot and begin attracting the clients you need to grow your business.