Is Your Social Media Management Business Ready to Scale
Picture it: Your business, one year from now...
You've got a roster of A-list clients, a dream team of marketing all stars, freedom to work when / where you want & a stupid amount of money in the bank.
Life is good as a Social Media CEO.
But is it more than just a fairy tale?
Um, 1000% yes (if you've set your business up to scale!)
Read on to learn more…
Now, you might be wondering, what the heck does scaling even mean?
Your business scales when it can handle an increased amount of work while maintaining efficient systems & without drastically increasing expenses. Essentially a business that scales is one that’s set up to make more money without spending a lot of additional time or energy in order to produce the work.
Is it possible to scale a service-based business?
YOU BET IT IS.
To illustrate how it works, take a look at this example:
Let’s say you bring on a couple of social media management clients and charge them a baseline rate of $800 per month. You can manage both of these clients 100% yourself & make $1600 monthly.
But what if you wanted to make more than that?
You would need to bring on a few more clients…
So, let’s say you land 3 more clients at $800 per month.
Sweet— now you’re making $4000 a month!
However, you’re just one person, with only so many workable hours in the day.
While making $4k per month sounds awesome, it’s not exactly sustainable to try & juggle 5 social media management clients all on your own.
You’d likely be spread too thin & eventually burn out.
When would you have time to market your business (ensuring you always have new leads in the pipeline?)
And what happens when you get sick or want to take a vacation?
That’s where scaling your social media management business comes in.
Let’s look at this same scenario with a plan to scale:
You can totally manage 5 social media clients if you’ve got an extra set of hands helping out, right?
What about 2 extra sets of hands? Think of all the extra time you’d have to… sign even more clients!
Of course there’s the added expense of paying for this help.
This will obviously cut into your monthly income if you start to delegate out some of your tasks.
But now that you have this team to help you, you can provide an even better experience for your clients.
That means you can upgrade your services & raise your prices!
So let’s say that you start charging clients a higher rate of $1000 per month.
And you pay 2 contractors $500 each per month to take a total of 10 hours of “busy work” (the stuff that doesn’t necessarily have to be done by YOU) off your plate each week.
If you still have those same 5 clients, your income remains the same…
$5000 income - $1000 contractor expenses = $4000 profit.
The difference is that now you aren’t doing all the things yourself!
You now have 40 extra hours per month to work on your business.
You’re bringing in the exact same income per month from client work, but you’re personally doing less.
>>>> SCALE, BABY, SCALE.
You can use that extra 40 hours per month to market your business, bring on more clients, and ultimately make big picture decisions that will help your business continue to grow.
But… you do you.
If you had the proper systems in place, you could GO BIGGER.
Let’s say you bring on 2 more contractors with a goal of doubling your client roster!
With 10 clients at $1000 / month, your business makes $10k per month.
If you kept your workflows exactly the same but doubled the client work, you’d essentially pay 4 contractors $500 per month to handle a total of 20 hours of “busy work” each week.
That leaves you with a grand total of $8000 per month after paying your team!
You’ve now freed up 80 hours per month AND you’ve doubled your profits.
Of course, this entire example is just a simple illustration— how much you charge your clients and how much you pay your team will obviously vary.
However, hopefully now you can see why scaling your social media management business makes sense!
>>> But is your business ready to scale? >>> Take this free assessment & find out!
While this scenario makes it sound simple, you can't scale if you skip over the basics.
In order to build a scalable social media management business— one where you can make more money and do less of the busy work— you’ll need a rock solid foundation.
Setting up smart systems, pricing your services correctly, and being prepared to outsource tasks to team members are all vital if you want to build sustainable, long term success.
ready for the next step?
Find out if your social media management business is ready to scale…