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Latasha Walton

Business Plan for a Social Media Management Business

South University

Purpose of the Business

The proposed business will help organizations manage their social media usage. Through the use of hashtags, usernames, and locations, the startup can identify and target customers in any industry and manage the social media activities of subscribed businesses professionally.

What Need Exists?

The meteoritic rise of social media has seen businesses scramble to gain an upper hand among the emerging online-based customers. Notwithstanding the high value of social media in business operations, organizations are yet to discover a way of utilizing social media tools appropriately. The proposed business will help businesses to set up and execute social media operations effectively.

Product and Services

The business will provide social media management services to its customers. In particular, it will manage a business’ social media activities in a professional manner. As a result, business will have the capacity to focus on core activities while their social media presence is managed professionally and effectively. Specifically, the business will concentrate on growing the social media accounts of organizations to boost their financial and corporate performance. Moreover, the venture will waste no time, which will guarantee that results are noticeable merely hours after a client signs up. Additionally, the use of hashtags will help isolate the users of a particular product. For a local entity, whose operations are geographically limited, our services will be customized to one or more countries, states, provinces, or cities (“LeafySocial”). Precisely, if an organization’s rivals are social media subscribers, which is the most likely case, the business’s subscribers or customers may provide a list of these rivals, which the proposed business will use to identify its target customers.

Viability of the Proposed Business

It is nearly impossible to avoid or ignore technology. In the corporate environment, in particular, failure to embrace new technological developments may lead to business failure. The evolution of social media has seen customers shift to the digital market. In response, businesses and marketers have transferred their activities to these online platforms. Nevertheless, in spite of the important role of social media in business platforms, most organizations cannot effectively reap the many benefits associated with it. Nowadays, social media has grown significantly that businesses have insufficient time and knowhow to manage these platforms. However, all businesses do acknowledge that social media can boost their marketing efforts significantly (Adams, para.19). As a result, many businesses have emerged to help organizations optimize their use of social media. Unlike these other enterprises with the same purpose, our proposed startup will not operate on fake followers and fake likes. The organization will come with its specialized techniques, such as posting and commenting on behalf of its customers, as well as ensuring sustained response and engagement with followers. Moreover, the business; more so, the online application, will gather data from social media platforms for marketing purposes.

Expected Obstacles

Bringing the proposed business to reality will certainly experience various challenges. For instance, it will be quite tedious to convince our target customers to allow the online app to post, comment, and reply on their social media accounts on their behalf. This is the expected case due to the rise of internet crimes, which have caused widespread fear among social media users, with regards to a third party’s access to information. However, this will be countered by the provision of a two - week free trial period, which will allow the subscribers to understand and embrace the app’s functionality and the purpose of the proposed business. Thus, through this interaction with the app, subscribers will realize that the new business offers them a genuine opportunity to grow their prospects.

It will be challenging to convince potential customers to adopt our service on the premise that they will hardly get the time and resources to manage their social media activities effectively. For this reason, most organizations will opt not to pay a third party to manage their online activities and engage their customer base. However, with the free trial, which will come with all features of the web application, customers will get a chance to experience our value proposition. Essentially, the business will waste no time, which will guarantee that results are noticeable merely hours after a client signs up. Moreover, the venture will be hands-free and will require little or no effort from the subscribers’ end. That is, after customers subscribe to the service, they will sit back and watch as their social media accounts and business operations grow.

Successful Businesses in this Area

While social media management businesses are a new phenomenon, a number of them have proved to be successful. A key player in this industry is LeafySocial (“LeafySocial”). While LeafySocial only concentrates on the growth of Instagram accounts, it has transformed into a highly profitable entity over a very short period.

The profitability of the Business

The business will generate revenues through customer subscriptions. Though the business will provide free trials to its subscribers, after a while, the subscribers will be required to pay subscription fees of between 100 to 200 USD per year, based on their subscription option. Moreover, high quality services will be delivered effectively to enhance our customers’ experience. Bearing in mind that the largest component of the proposed business will be based online, the revenue generated from the subscriptions will overwhelm the expenses. Eventually, the business will be lucrative.

Resources Required

The proposed business will require a somewhat friendly initial capital. In particular, developing the website, which will be done from scratch, will help ensure that the online application is both unique and trimmed to serve the company’s mission, objectives and activities. The cost of developing the website should not exceed 5,000 USD, which should be used to hire web designers, developers, and analysts, among other required personnel. The amount should as well provide for the development of all components (both front- and back-end, and database integration) of the web application. Additionally, the organization will personnel who will be in charge of matters of revenue, profitability, marketing, expenses, strategic decisions, and development, among others. However, the size of this staff must neither be lower than 10 nor more than 20 and can be adjusted to suit the expected rapid growth of the organization. Further input will be required to bring the idea to reality. Overall, the proposed business will acquire some of its strategies from popular social media users and influencers to adopt the most effective models and tactics to ensure maximum impact.

Works Cited

Adams, R. L. “10 Passionate Business Ideas for Your next Startup.” Entrepreneur, 2019, www.entrepreneur.com/article/293955.