How Much Much Can Freelance Social Media Managers Make?
Almost 60% of the world’s population is online, and over 50% use social media. Chances are, you’re an avid social media user yourself. You know the ins and outs of Twitter and Instagram, and would love to make some cash doing basically what you’re already doing on a daily basis.
Did you know you practically can as a freelance social media manager? While you’ll have to post on the behalf of a company, it’s still a job that’s more fun than most. Plus, you’ll get to be your own boss, meaning you’ll make your own hours too.
So how much can a freelance social media manager make anyway? Can you really make good money doing something you love? Read on to find out!
What Does a Social Media Manager Do?
As the name implies, a social media manager is in charge of their social media accounts. This means that not only are you responsible for getting the tone of your clients down, but you’re also responsible for coming up with a clear and effective social media plan that’ll achieve your clients’ goals.
Some work might involve helping your clients brand themselves, coming up with taglines, and even creating some artwork. This is why it’s important to have a thorough discussion with your clients to see exactly what they need. This is especially true if they’re trying to build a following from scratch, as it’ll take much more effort on your part (which means you can get paid more!).
Social Media Freelancer Rates
You might think that with freelance social media jobs, you have to charge by the hour as with in-office jobs, but this is what makes freelancing so different. While you can charge an hourly rate, it’s probably not in your best interest to do so.
Instead, what you can do is charge an hourly rate for consultations and then offer your clients certain packages to choose from. That way, it’s clear what you’re providing and how much you’ll be paid for doing all that work.
Hourly Rate for Consultations
You should never give away your services for free, even if it’s an initial meeting. Of course, if someone just wants to ask a quick question or 2, feel free to give those away as freebies.
But otherwise, you should charge an hourly rate. Not only are they taking up your precious time, but they’re also gaining something from your knowledge and expertise.
For an in-house social media manager in the US, their average salary is a little over $31,000 per year. When you break this down, this equals a little over $15 per hour.
Of course, this is the wage for mid-level social media managers. Those on the higher end of the spectrum can earn around $25 per hour.
Do keep in mind that these are wages for salaries. There are many pros and cons to drawing a salary, but the main thing to remember is as a freelancer, you’re taking on more risk and have more administrative/tax work to get through.
For this reason, you can charge an hourly rate that’s slightly higher than what in-house social media managers charge. This is given that you have the right marketing skills to go along with your rate.
You can also conduct some research on what your competition’s charging. You don’t necessarily have to change lower rates, so long as you’re confident you can provide much better services.
To set prices for your packages, you need to consider several factors to make jobs worth your time.
First, what exactly are you offering? You can make different-tiered packages, starting with just the basics, going all the way up to the premium packages with everything.
Once you’ve figured out what you want to offer, figure out what each package is worth to both you and your clients. Come up with a rough estimate of how long it’d take for you to complete those tasks, then multiply that by your desired rate.
Take into account how many clients you can handle at one time. If it’s a lower number, then bump up your package prices. If it’s a higher number, then you’ll want to lower the prices a little.
Again, check what your competition is charging so you can get a rough starting point.
How to Become a Social Media Freelancer
You probably already have some experience using social media, which is why you’re interested in this job. But that probably won’t be enough for you to help your clients succeed.
There’s a lot of marketing nuances that go into this position, so you might want to consider taking some classes in communications and/or marketing. Even better: get a degree in one of those if you have the time!
Like with any other job, you need to put yourself in front of the right people and network. Thankfully, that’s super-easy with the internet! Invest a little time and money into advertising on social media (the perfect place to show off your skills) and sites.
Think about it: if you can successfully market yourself on these platforms, then that’s advertising how effective you are at your job!
Become a Freelance Social Media Manager
Now you know roughly how much you can earn as a freelance social media manager.
Of course, the amount will depend on how much you charge and how much time you want to devote to the job. But that’s the beauty of freelancing; you’re able to determine how much you want to work for, and how long. This will enable you to have a more flexible working schedule and enjoy life more!
Are you interested in learning about how to be the best freelance social media manager possible? Then apply to School for Freelancers now!