How to Start a Social Media Business and Set It Up for Monetization

Meet Chiara Ferragni, one of the most successful influencers who turned her fashion blog into a global empire. Chiara started as a fashion blogger in 2009, sharing her personal style and fashion tips on her blog, The Blonde Salad.

As her audience grew, so did her brand. She transitioned from blog posts to Instagram, where she attracted millions of followers, gaining attention from luxury fashion brands. 

Today, Chiara’s brand is worth millions, with multiple revenue streams, including brand partnerships, a shoe line, and her fashion business, making her a true pioneer of the influencer-to-entrepreneur movement.

Now, if you’re thinking, “That sounds amazing, but how do I even get started?”Well, you’re in the right place. Chiara didn’t build her empire alone, and you don’t have to either.

Over the years, doola has helped countless influencers and content creators (yep, just like Chiara) achieve their big, audacious goals. 

Whether it’s forming an LLC or tackling the tax monster, we’ve got a team of experts ready to take the load off from your shoulders. 

Ready to dive in?

Let’s walk through how you can start your own social media business, step by step. 

Step 1. Find Your Niche – It’s Your Superpower

Now you can’t be everything to everyone, and that’s perfectly okay.

Imagine trying to be a chef, fitness coach, fashion influencer, and life coach all at once — it sounds exhausting, right?

That’s why picking a niche is crucial.

Think of it like this: your niche is the thing that will make you stand out in the crowd. It’s what you’ll become known for. 

Whether you’re into eco-friendly fashion, helping local restaurants get discovered online, or you’re a pro at viral TikTok dances, choose something you’re passionate about. 

Passion drives consistency, and consistency is what gets results.

Need an example? Here you go!

Grace Beverley, a fitness influencer turned entrepreneur, found her niche by focusing on sustainable fitness. Her brand, TALA, offers ethically produced activewear, standing out in a saturated fitness market. Grace targeted environmentally conscious consumers who wanted stylish and sustainable workout gear, leading to massive success in the fitness world.

How to Find Your Niche:

✅ Start with your interests: What could you talk about for hours? Is it food, fitness, parenting hacks? Your passion will guide you.

✅ Research trends: Check out what’s trending in that area. A quick Google search, checking out Reddit forums, or even scrolling TikTok’s “For You” page can help you get a feel for what people are into.

✅ Assess the competition: Don’t be discouraged by competition — look at it as inspiration. Study the leaders in your field and see how you can offer something unique.

Step 2. Build Your Brand – Let Your Personality Shine

Your brand is your online identity, and it’s what people will remember about you. It’s not just about pretty colors or fancy fonts, though those are important.

Your brand is you—your voice, your vibe, your personality.

So, how do you build a brand that feels authentic? Start with your brand voice. Are you the type of person who’s always cracking jokes?

Or maybe you’re more about delivering solid advice with a calm and professional tone. Either way, let your personality shine through in everything you do.

Steps to Build Your Brand:

✅ Create a visual identity: Pick colors and fonts that reflect your vibe. Canva is a great (and free!) tool to help you with this.

✅ Craft your bio: This is where you sum up who you are and what you do. Be clear and concise, but don’t be afraid to add a little flair to it.

✅ Consistency is key: Use the same username, profile picture, and bio across all platforms so people can find you easily.

Step 3. Choose the Right Platforms – Go Where Your People Are

Here’s where things get fun: picking the platforms where you’ll build your empire.

But don’t worry—you don’t have to be on every single one.

In fact, it’s better to master one or two platforms rather than spreading yourself thin.

The Platforms to Consider:

✅ Instagram: Great for visual content, influencers, and brands who want to showcase their products or lifestyle.

✅ TikTok: Perfect if you love creating short, snappy videos and want to tap into the Gen Z crowd.

✅ YouTube: If you’ve got the patience for longer-form content, YouTube is your go-to. It’s a goldmine for tutorials, vlogs, and how-tos.

✅ LinkedIn: Ideal for professionals or B2B businesses looking to network and establish authority.

✅Pinterest: This platform is highly visual and perfect for niches like fashion, home decor, and DIY.

Pro tip from doola’s playbook: Don’t try to be everywhere at once. Start with one or two platforms, build a community, and then expand once you’ve got your strategy in place.

Learn more: Why Is Social Media Important for a Business?

Step 4. Create a Solid Content Strategy – No More Guesswork

This is where many people trip up — they post randomly and hope something sticks. But you’re starting a business, and businesses need plans! 

So, let’s talk strategy here.

How Do You Create a Solid Content Plan:

✅ Set your goals: Are you looking for more followers, more engagement, or more clients? Knowing this will shape your content.

✅ Content pillars: Choose 3-5 topics that you’ll regularly create content about. For example, if you’re a fitness coach, your pillars might be workout tips, nutrition advice, and client success stories.

✅ Batch your content: Set aside a day to create a week’s worth of posts. Trust me, it’ll save you time and reduce stress.

✅ Be consistent: Consistency is the not-so-secret sauce of social media success. Create a schedule you can stick to, whether that’s posting daily, three times a week, or whatever works for you.

Save time and efforts: 16 AI Tools Content Creators Are Raving About

Step 5. Monetize Like a Pro – Time to Cash In

Alright, let’s get to the part you’ve been waiting for — making money!

This is an era of creator economy, so once you’ve built an audience or secured clients, it’s time to turn those likes and comments into dollar signs.

Ways to Monetize Your Social Media Business:

✅ Brand Sponsorships: If you’re growing an audience, brands may pay you to promote their products. The key is finding products or services that align with your niche and values.

✅ Affiliate Marketing: This is a great way to make money by recommending products you love. You get a small commission when someone buys something through your referral link. It’s a win-win.

✅ Offer Services: If you’re a social media manager or content creator, offer your services to businesses. You can manage their accounts, create content, or even run ad campaigns for them.

✅ Online Courses and Ebooks: Package your expertise into an ebook or course and sell it to your audience. People are always looking for ways to learn, and if you’ve got the knowledge, you’ve got a product to sell.

✅ Create a Subscription Model: Platforms like Patreon or Substack let your followers pay for exclusive content — whether that’s behind-the-scenes posts, early access, or members-only content.

Pat Flynn of Smart Passive Income built a huge audience by offering free, valuable advice for entrepreneurs. He monetizes through affiliate marketing, selling courses, and his books — all while maintaining the trust and loyalty of his followers.

doola’s two cents: The trick to monetizing your social media business is diversifying your income streams. Don’t rely on just one method — mix sponsorships, affiliate marketing, products, and services.

Recommended read: 15 Trending Online Businesses You Can Start for Free (or Almost Free)

Step 6. Use the Right Tools – Work Smarter, Not Harder

Running a social media business takes time, but it doesn’t have to take all your time. Investing in the right tools can make your life way easier and help you stay on top of everything.

Must-Have Social Media Tools:

Canva: It is a graphic design tool that makes it easy to create stunning visuals for your social media posts. Extremely user-friendly and affordable.

Buffer: This social media tool allows you to schedule posts, analyze performance, and manage multiple accounts. It’s affordable and perfect for small businesses.

Google Analytics: Track your website’s traffic and see which social media platforms are driving people to your site.

Trello: Manage your content calendar, client projects, or collaborations in one place.

HubSpot: Offers a comprehensive suite of tools for social media management, including scheduling, analytics, and CRM integration. It’s user-friendly and scalable for growing businesses.

Starting with these tools will give you a good foundation to grow your business without feeling overwhelmed.

Ready to find your perfect social media ally? Read Top Social Media Management Tools for 2024

Step 7. Build a Community – It’s Not About Numbers

We said it!

Building a loyal community is way more valuable than just chasing follower counts. You want people who engage with your content, who care about what you have to say, and who will stick around for the long haul.

Jenna Kutcher, a social media strategist and podcast host, has built an incredibly engaged community through her podcast, Instagram, and email list.

She regularly shares personal stories, interacts with her followers, and creates a safe space for women entrepreneurs to learn and grow.

How to Build a Community:

✅ Be real: Share your story, your struggles, your wins. The more authentic you are, the more people will relate to you.

✅ Engage with your audience: Reply to comments, ask questions, and interact with your followers. This isn’t a one-way street — social media is all about connections and two-way interactions.

✅ Host Live Events: Whether it’s a Q&A, a mini-workshop, or just a casual chat, live videos make people feel like they’re a part of something special.

Step 8. Keep Learning and Growing – It’s a Marathon, Not a Sprint

Social media changes fast. New platforms pop up, algorithms shift, and trends evolve. To stay ahead of the curve, you’ve got to keep learning and adapting.

Keep Up with Trends:

Follow industry leaders: Subscribe to newsletters, listen to podcasts, and read blogs from experts in your niche.

Join online communities: Facebook groups or Reddit forums can be a goldmine of information and support.

Experiment: Don’t be afraid to try new things. Not every post will go viral, but that’s okay! The key is learning from your efforts and adjusting along the way.

A lowdown of everything you need to know about networking: doola’s Guide to Networking on Social Media

Step 9. Legal Considerations – Don’t Skip This Step

As your social media business grows, the not-so-glamorous side of things — like taxes, contracts, and business structures — becomes super important. Trust us, setting this up early will save you from a lot of headaches later.

Legal Stuff to Handle:

Register your business: Forming an LLC is a smart move to protect your personal assets and simplify your taxes. An LLC not only provides legal protection but also offers tax benefits.

This is where doola comes in.

We specialize in helping entrepreneurs set up their LLCs, handle tax filings, and manage bookkeeping, so you don’t have to juggle it all yourself. 

Get contracts in place: If you’re working with clients, always have a contract that outlines your services, payment terms, and timelines.

Pay your taxes: As soon as you start earning money from your social media business, you’ll need to keep track of income and expenses for tax purposes.

From staying on top of quarterly filings to ensuring you’re deducting the right expenses, having a trusted partner like doola can make the financial side of your business run smoother.

You’ve Got This and doola Is Here to Help

Starting a social media business is like launching any other venture — it takes time, hustle, and, yes, a whole lot of patience. But the beauty of social media is that it’s accessible to anyone, anywhere.

Whether you’re working from your bedroom or a fancy co-working space, the opportunities are endless.

As you embark on this journey, remember that it’s okay to make mistakes. Your first posts might not go viral, and your first clients might not be the biggest brands. 

But progress is progress, and with the right mindset, you’ll find your groove.

The most important thing? Have fun with it. Social media is supposed to be social, after all!

So don’t stress  if things don’t go perfectly right off the bat. Just keep showing up, stay true to yourself, and before you know it, you’ll have built something that not only pays the bills but gives you real pride.

Who knows? Maybe you’ll even be running your own LLC down the road.

And if you ever feel stuck or need help with any part of the process, reach out to us and book a free consultation with us. 

Here’s to making waves, having fun, and turning your passion into profit!