Starting a social media marketing agency (SMMA) while in College is very realistic but isn’t easy. I see many students who start their SMMA’s without doing the proper research or asking the relevant questions and it usually results in a failed business.
Below I listed 6 questions you need to ask yourself before launching an SMMA in College.
How Much Free Time Do I Actually To Work On The Business?
Before you even think about launching an SMMA you need to map out a time management strategy. As a college student, you have many responsibilities that include classes, papers, exams, socializing, and sometimes eating. Even in the summer, you will most likely have a part-time or seasonal job.
Mapping out a strategic time management plan will enable you to see how much time you can actually spend on starting and growing your business.
How do I create a strategic time management plan?
- Create or buy a planner that has timestamps (the planners where you can input the activity you have planned next to a specific time Ex 9:00 am Intro to Finance)
- Write down all the classes and activities you have planned next to their time slots.
- The rest of the empty time slots is your free time
- Decide how much to you want to spend on your business a week
If you are brand new to the world of advertising and selling, you’ll need devolpe certain skills at the beginning that will take time. I have listed the most important skills below:
- Facebook Ads or Google Keyword research
- Sales (Ad copy, Cold Calling, E-Mail)
- Reading Analytics
How Good Am I At Handling Rejections?
The hardest part about starting a social media marketing agency in college is finding your first paying client. Whether you decide to cold call, run ads, E-mail, or door-to-door you’re going to get rejected. Even if you have a family member who runs a small business that can benefit from your services, you’re still going to need more than one. client
Handling rejections is one of the toughest lessons you’ll have to learn in life especially in college.
If you lose all motivation when you get rejected, then this business model might not be for you. The way you handle rejection will be the difference between signing 3 clients paying you $1,500/month & having a failed business.
If you want to know how to handle rejection better I would suggest checking out “5 Ways Mentally Strong People Deal With Rejection“.
What Services Will I Offer?
Before you launch your SMMA you need to figure out which services your agency is going to offer. When you are just starting, it might be tempting to offer multiple services but I would strongly suggest not doing so.
In the beginning, you need to practice with one service, and one service only!
Just because you know how to work social media from a user’s perspective does not mean you can help a business advertise or grow their social media presence.
Attending a party is totally different from hosting a party and the same applies to social media.
Below I have listed different services you can offer to business owners
- Lead Generation (The best & most lucrative in my opinion)
- Social Media Management
- Search Engine Optimization (SEO)
- Google PPC
- Website Development
How Many Clients Do I want? How Many Clients Can I Handle?
Before launching your agency you need to set proper goals for yourself.
How many clients do you want may seem like a simple question but in reality, it’s a two-part question. As a college student, you also need to ask how many clients can you handle without your grades dropping below the enrollment level.
Although much of the work you do with new clients is within an automated system, running and growing an agency is still time-consuming.
If you plan on doing the work yourself I would take on no more than 5 clients. If you plan on outsourcing your work I say no more than 10.
How Much Are You Going To Charge Your Clients?
If you do a quick search on Google or Youtube, you’ll find many people saying you should be charging “X” and other people telling you to charge “Y”.
I’m a big advocate for SMMA owners deciding their prices. If you don’t feel comfortable asking a business owner for $2,000 a month then don’t.
It’s that simple.
As an SMMA owner myself, I would never charge a client less than $1,000/month (retainer fee) because it simply isn’t worth your time. Social Media Marketing is one of the most lucrative skills you can learn in the modern era pertaining to the business.
(A great way to sign a new client is to give them half off the first month’s retainer fee, so if you charge $1,000, only charge them $500 the first month. It’s a great way to close your first deal & the only time you should charge less than a $1,000)
Should I work on commission? NO
If you are just starting your SMMA journey I seriously suggest not working on commission. Why? Because you have no control over the sales process.
You set-up ads for a Real Estate Agent & you generate him 25 high-quality leads. What if the Real Estate Agent is a bad salesman? Now you’ve spent your money on advertising (because you work on commission), generated some leads, and have nothing to show for it.
What Niche Do You Want To Enter?
Choosing 1-2 specific business industries is highly important as an SMMA owner & A college student.
Because it will make your life so many each easier. Every time you sign a new client in a different industry you have to set-up a completely new system that takes a ton of time. The bulk of your work as an SMMA owner will be signing new clients, onboarding, and the set-up. Once the ads are up and running all you have to do is check them every few days and optimize them.
If you stay in the same industry you are going to save yourself a bunch of time that could’ve been spent elsewhere.
Well, what are the best industries for SMMA marketing & what makes them good industries?
I am creating a FREE report that details the best industries for new SMMA owners, Ad examples, and the targeting options you should use in your ads. If you want an e-mail when the FREE guide is finished enter your information below.