Starting your own social media management business is something that many people have done before. Some are even successful at it, making it a career! It’s an excellent way to make good money without requiring too much of a skill set or special training.

Running your own social media agency allows you to pick and choose which clients you want to work with and what services you offer them. This can be anything from running their Facebook or Instagram account, to creating content for their profile, to doing online advertising for them.

With there being over 2 billion active users in the internet right now, there’s always going to be new users to market. And since advertisers will often pay more per user than they would buying direct traffic, working as a social media consultant is a great way to earn extra income.

Buy a domain name

If you have an idea for your social media management business, then it’s time to start preparing to launch by buying a Domain Name (also known as a web address or URL) for your website.

A domain name is like mysite.com – even though I don’t have a site right now, I already own one!

It will be your digital “front door” that people use to access your online presence, so pick something catchy and intuitive.

Set up your website

Now that you have picked an area of social media you want to focus on, it is time to start gathering material to use for your business. The first thing will be to create or find a nice domain name for your site. This can be tricky at first as there are so many domains available!

You may also need to pick between hosting your site via a free platform like Google Chrome’s built-in browser or a third party solution such as Amazon Web Services (AWS) or Hostgator.

Now that your domain name and web space has been sorted, it is time to get creative with your website design. You do not have to be professional designer to make your site look great! There are lots of freely downloadable templates from sites such as TemplateMonster and Canva which you can edit to fit your needs.

After designing your site, it is time to install some basic WordPress software so that you can easily update content, respond to comments, and even add new pages and posts.

Choose your business name

Choosing your business name is one of the most important steps in starting your social media management company. You will use this name for both your website and for all of your various accounts (e.g., Facebook, Instagram, Twitter).

Your business name should be short and catchy, but it also must describe what kind of service you offer. For example, if your business is designed to help people find new jobs, then “Social Media Manager” isn’t the best choice. Try choosing something more descriptive instead!

Tip: Use the first two letters of each word in your close family members’ names as your initialism. So, my initialist would be AMB, which stands for After My Break. I chose this name because it was easy to say and mean nothing too fancy or complicated.

Register your business

The next step is to register your business with either state or federal agencies that regulate businesses. This includes registering your business name, determining if you are exempt as an individual rather than a company, and verifying your business licenses and registrations.

Some of these services can be paid through vendors who also help you manage your social media accounts, but it is best to do your research and see what each one offers before investing in their service.

There’s no need to rush this process unless you already have confirmation from both parties that your business is free to operate. By being upfront about your plans, people will have time to review your application and ask any questions they may have.

Get federal and state tax IDs

Starting your own social media management business is great, but you will need some additional items first. You will need to have proper licenses, certification, and tax IDs!

Running a small business means that you are always one step ahead of yourself or one person who doesn’t pay their bills. It can be tough as a entrepreneur to source all of your needed supplies, start up funds, and keep up with everything else.

Luckily, there are ways to get most of these things for free or very little cost from the government or other organizations. By having the right documentation, you can begin to operate under the name “Sole Proprietor” which is an excellent way to position yourself in the world of entrepreneurship.

Open a business bank account

Now that you have your computer, internet access, and understanding of social media platforms, it’s time to start gathering some money!

First up, you’ll need to open an online banking account where you can deposit money and transfer funds. This is typically done through a bank or credit union, but anything with solid security will do just fine.

Next, you’ll want to find a way to get reimbursed for all of your time spent managing accounts and brands. Many times, people who begin using your service as a customer will offer payment tips via cash app, PayPal, or even Google Pay. Or, you may be able to market yourself as an independent consultant and earn income that way.

Whatever method works best for you, make sure to keep track of them so you don’t accidentally spend money that has already been paid.

Fund your business

Starting your own social media management business does not require a large amount of money, but you will need some initial funding. You can start small by offering yourself one or two services at first before expanding into more.

The cost of starting time for time is very low so there is no reason to run with zero income!

By having a few clients you can earn enough money to keep investing in your career development. It’s much better to have a little bit less than be stuck in a situation where you cannot afford to do what you want because you are spending all your earnings on marketing and growing your business.

You can even begin advertising online as an affiliate or a seller to get started (more about that here). Many people enjoy sharing their knowledge and expertise via YouTube videos, and you could offer your service as an unpaid collaborator to other entrepreneurs who might benefit from your skills.

Running a social media management business doesn’t require too much investment unless you decide to buy additional software or equipment. Most social media apps are affordable, and most users don’t use the paid versions of them, so it makes sense to try out the free ones first.

Create marketing strategies

The second way to start your social media management business is to create effective marketing strategies. This can be done through different mediums such as posting engaging content, creating discussions, responding to comments and messages, and promoting others’ accounts so they notice you and come visit your page.

Running an account of a large company's site like Facebook or Twitter will help you get started quickly, but this may not be the best path for long-term success.

As mentioned before, the purpose of having a social media presence is to spread awareness about your product or service. Creating interesting content and posting pictures and videos takes time, which could prove difficult if you are in school or have a job that does not allow you to devote time to producing content.

Alternatively, some people make a good income by working only part time from their social media accounts and it has been shown that individuals with lower incomes use social networking sites more frequently than those who earn more. You should consider whether or not this approach is right for you.