Scale your social media business – 3 steps to success
Have you always dreamed of growing your freelance social media business?
Would you love to build a team of like-minded experts so that you can work with more clients and take on bigger, more exciting projects?
If so, this blog is for you. In it we break down the essential steps you need and the five signs you’re ready to turn your dream into reality.
What does scaling mean?
Simply put, scaling means growing your income at a faster pace than your costs.
The most obvious way to scale is to outsource work or daily tasks to freelancers. This means you can say yes to more clients and earn more money.
But there are other ways too. For example, you could expand the packages, services and resources you offer and increase your fees.
The 3 step to scale your freelance social media business
Step one: Write a business plan
The most important step towards scaling your business is to write a business plan.
This will provide you with a roadmap to your goals. It will help you to prioritise your resources and keep track of your finances.
Your business plan should include:
- A vision statement which defines your career and lifestyle goals
- Your target audience
- A clear definition of your packages and services
- Your USP – it’s vital you know what makes you different
- Financial goals and revenue forecasts
- How you plan to grow – will you be hiring help?
Don’t get distracted with fancy templates, a simple Word or Google doc will do. And don’t be tempted to skip this step!
Step two: Work on your personal profile
Marketing is crucial if you’re going to scale your freelance social media business because finding new clients, and retaining your existing ones, is the key to success.
8 ways to market your business:
- Write case studies
- Optimise your socials
- Write or outsource a blog
- Be active in relevant Facebook groups
- Invest in SEO for your website
- Start a mailing list
- Start a podcast
- Guest blog / guest podcast
Step three: Define your pricing strategy
Before you think about scaling you need to have a clear idea of your pricing structure.
We know this is a tricky area for freelancers and you might be worried that putting your prices up will scare off potential customers.
Remember though, your pricing isn’t forever. It’s not a case of ‘set and forget’ you should be constantly reviewing and tweaking your strategy.
And, once you’re clear and confident about your prices, it’s much easier to increase them for new clients.
You’ll need to calculate how much you want and need to earn vs your monthly business outgoing.
Your pricing should reflect your experience, skills and the current social media market.
It’s important to research your competitors’ fees but don’t be defined by them.
If you completed step one, you’ll know what sets you apart from the others and why you can afford to charge more.
Use our free Pricing Calculator to find out if you’re currently charging enough.
When to scale?
Deciding when to scale is entirely up to you. Perhaps it’s always been your goal or maybe you’ve hit a ceiling when it comes to income and clients.
Either way, you’ll need to give yourself plenty of time to put a solid plan in place.
Don’t leave the decision until you are forced to make it. Planning ahead means the whole process will be smoother and less stressful.
Give yourself at least three months to put your plans in place.
Use this time to write your business plan, find and build relationships with freelancers and put processes in place for a smooth transition.
You may need to consider letting go of smaller clients to free up time to grow.
You know you’re ready to scale when
✔ You’ve reached an income ceiling
✔ You haven’t got space for new clients
✔ You’re not giving existing clients the attention they deserve
✔ You’re spending time on admin tasks that could be outsourced
✔ You’re working at your most productive level but still can’t get it all done
Since launching our Inner Hub membership in April 2020 we’ve helped hundreds of social media professionals grow and scale their businesses. We’d love to do the same for you.