Start a Viral Marketing Consulting Business

Viral Marketing Consulting Business - Picture Yourself

Grab Your Business Website Name

Before you get caught up in the whirlwind of setting up your business, invest in a domain name. It's a small but significant step that lays the foundation for your brand and makes it easier for customers to find and trust you. Just like you wouldn't build a house without securing the land first, don't build a business without securing your domain name.

Viral Marketing Consulting Quick Business Check

This a quick reality check to help you identify the strengths and weaknesses of your business concept before you dive in.

Expected Percent Margin:

• Gross Margin: 65-75%
• Net Profit Margin: 20-30%

Earnings Expectations:

1. Daily Earnings: $250 - $600
2. Weekly Earnings: $1,750 - $4,200
3. Monthly Earnings: $7,500 - $18,000
4. Annual Earnings: $90,000 - $216,000

Actions to Hit Those Numbers:

Service Offerings:

• Consultation Services: Offer personalized consultation services to build viral marketing strategies for clients.
• Campaign Execution: Implement viral marketing campaigns for clients and charge them for execution and management.

Marketing and Client Acquisition:

• Online Presence: Regularly update a blog with latest trends and case studies in viral marketing.
• Networking: Attend and speak at relevant industry events.

Sales and Strategy Optimization:

• Client Care: Build strong relationships to encourage repeat customers and testimonials.
• Strategy Adjustment: Monitor and adjust strategies regularly based on engagement metrics.

Cost Control:

• Operating Expenses: Operate initially as a home-based business to control rent and utility costs.
• Freelancers: Hire freelancers for project-based work rather than full-time staff to control employee costs.

Business Operations:

• Client Volume: Aim to have 5-10 active clients at any given time.
• Premium Services: Offer premium services such as personalized training or priority customer support.
• Up-to-date knowledge: Keep updating your knowledge about viral marketing trends and tactics.

Please note that these are estimations and can vary based on a variety of factors such as location, competition, and the state of the economy. Always consult a financial advisor for personalized financial advice.

Step 1: Determine if the Business is Right for You

Evaluate Startup Expenses

Before starting a viral marketing consulting business, it is important to evaluate the startup expenses. This includes the cost of registering the business, obtaining any necessary licenses and permits, and any other related costs. Additionally, you should consider the cost of any equipment or software needed to run the business, such as computers, phones, and other office supplies. You should also factor in the cost of any marketing materials, such as business cards, brochures, and website design. Finally, you should include the cost of any professional services, such as legal or accounting services.

Evaluate Ongoing Expenses

Once you have determined the startup expenses, it is important to evaluate the ongoing expenses associated with running a viral marketing consulting business. This includes the cost of any employees, such as marketing professionals, web designers, and other staff members. Additionally, you should consider the cost of any advertising or marketing campaigns, such as pay-per-click campaigns, social media campaigns, and search engine optimization. You should also factor in the cost of any software or services needed to run the business, such as customer relationship management software or website hosting. Finally, you should include the cost of any professional services, such as legal or accounting services.

Examples of Ways to Make Money

There are a variety of ways to make money with a viral marketing consulting business. One way is to offer consulting services to businesses, such as helping them create and implement a successful viral marketing campaign. You can also offer services such as website design, search engine optimization, and social media management. Additionally, you can offer training and educational services, such as webinars and seminars. Finally, you can offer products and services related to viral marketing, such as ebooks, online courses, and software tools.

Step 2: Name the Business

1. Brainstorm potential names When coming up with a name for the business, it is important to brainstorm potential names that will accurately reflect the services being offered. Consider the type of services being provided, the target market, and the overall message the business is trying to convey. It is also important to consider the potential for the business to expand in the future, as the name should be able to grow with the business.

2. Research the name Once potential names have been identified, it is important to research them to make sure they are not already being used by another business. This can be done by searching online and checking with the local government to make sure the name is not already taken.

3. Consider the domain name When selecting a name for the business, it is important to consider the domain name. The domain name should be the same as the business name, or as close to it as possible. If the exact domain name is not available, consider adding a word or two to the domain name to make it unique.

4. Make sure the name is memorable When selecting a name for the business, it is important to make sure it is memorable. The name should be easy to pronounce, spell, and remember. It should also be catchy and unique, so that it stands out from the competition.

5. Get feedback Once a potential name has been identified, it is important to get feedback from friends, family, and potential customers. Ask them what they think of the name and if it accurately reflects the services being offered. This will help to ensure the name is appropriate and memorable.

Step 3: Develop a Business Plan

Outline Goals and Objectives

When developing a business plan, it is important to outline your goals and objectives. This will help you determine what you need to do to reach those goals and objectives. It is important to be realistic with your goals and objectives and to set achievable milestones. Additionally, you should consider the resources you have available to you and the timeline for achieving your goals.

Establish a Budget

Once you have outlined your goals and objectives, it is important to establish a budget. This will help you determine how much money you need to start your business and how much you need to spend on ongoing expenses. You should also consider the cost of marketing and advertising, as well as any other costs associated with running your business. Additionally, you should consider any potential revenue streams and how you can maximize them.

Identify Target Market

Once you have established a budget, it is important to identify your target market. This will help you determine who your potential customers are and how to reach them. You should consider the demographics of your target market, such as age, gender, location, and income level. Additionally, you should consider what type of products or services your target market is interested in and how you can best reach them. Once you have identified your target market, you can create a marketing plan to reach them.

Step 4: Register the Business

Obtain Necessary Licenses and Permits

Depending on the type of business, there may be certain licenses and permits that are required to legally operate. It is important to research what is necessary in the area the business will be located. This may include a business license, a sales tax permit, and a professional license. Additionally, it is important to check with the local zoning office to make sure the business is allowed to operate in the area.

Choose a Business Structure

It is important to choose the right business structure for the business. This will determine how the business is taxed and how much liability the owner has. The most common business structures are sole proprietorship, partnership, limited liability company (LLC), and corporation. Each has its own advantages and disadvantages, so it is important to research each type and decide which is best for the business. Additionally, it may be necessary to consult with an attorney or accountant to ensure the business is set up correctly.

Step 5: Find a Location

When choosing a location for a viral marketing consulting business, it is important to consider the type of clients the business will be targeting. If the business will be targeting large corporations, it may be beneficial to choose a location that is close to the corporate headquarters. Additionally, the location should be easily accessible and have adequate parking. It is also important to consider the cost of rent and other overhead expenses associated with the location.

Setting Up the Office

Once a location has been chosen, it is important to set up the office in a way that is conducive to the business. This includes setting up a reception area, a conference room, and a workspace for employees. Additionally, the office should be equipped with the necessary technology such as computers, printers, and other office equipment. It is also important to consider the office layout and design, as this can have an impact on the overall atmosphere of the office.

Establishing a Professional Image

The office should be designed in a way that reflects the professionalism of the business. This includes having a professional logo, signage, and other branding materials. Additionally, the office should be kept clean and organized, as this can help to create a positive impression on clients. Finally, it is important to ensure that the office is properly equipped with the necessary supplies and equipment.

Step 6: Set Up Accounting and Bookkeeping

Choose an Accounting System

Choosing the right accounting system is essential for any business. There are many accounting systems available, from desktop software to cloud-based systems. Consider the size of the business, the type of business, and the budget when selecting an accounting system. It is important to select a system that is user-friendly and can be easily updated as the business grows. Additionally, make sure to select a system that is compatible with other software programs that the business may use.

Establish Financial Records

Establishing financial records is an important step in setting up a business. Financial records should include income and expense statements, bank statements, and other financial documents. It is important to keep accurate and up-to-date records in order to track the business’s financial health. Additionally, financial records should be kept in a secure location and should be backed up regularly. This will ensure that the business’s financial information is safe and secure.

Step 7: Market Your Business

Develop a Marketing Plan

Developing a marketing plan is essential for any business, and it is especially important for a viral marketing consulting business. Start by researching the competition and the market to determine the best way to reach potential customers. Consider the target demographic, the best channels to reach them, and the type of message that will be most effective. Also, consider the budget for marketing and advertising, and determine the best way to allocate resources.

Utilize Social Media

Social media is a powerful tool for marketing, and it is essential for a viral marketing consulting business. Create accounts on the most popular social media platforms, such as Facebook, Twitter, and Instagram. Post regularly, and use the platforms to engage with potential customers. Also, consider using paid advertising on social media, as it can be a cost-effective way to reach a large audience. Additionally, look for influencers in the industry who may be willing to promote the business to their followers.

Step 8: Hire Employees

When starting a viral marketing consulting business, it is important to consider the type of employees that will be needed. Depending on the size of the business, it may be necessary to hire a team of professionals with different skills and expertise. For example, a team may include a marketing strategist, a graphic designer, a web developer, and a content writer. It is important to consider the cost of hiring employees, as well as the cost of training and providing benefits.

Finding the Right Employees

Once the type of employees needed has been determined, it is important to find the right people for the job. This can be done by posting job listings on job boards and websites, as well as networking with other professionals in the industry. It is also important to create a job description that outlines the duties and responsibilities of the position, as well as the qualifications and experience needed.

Interviewing Potential Employees

Once potential employees have been identified, it is important to conduct interviews to determine if they are the right fit for the business. During the interview, it is important to ask questions about the candidate's experience, qualifications, and skills. It is also important to ask questions about the candidate's goals and expectations for the position.

Making an Offer

Once the interviews have been conducted, it is important to make an offer to the candidate that is the best fit for the job. The offer should include a salary, benefits, and any other perks that may be included. It is important to make sure that the offer is competitive and that it reflects the value that the employee will bring to the business.

Step 9: Monitor Performance

Track Financial Performance

It is important to track the financial performance of the business to ensure that it is meeting the goals set out in the business plan. This includes tracking income, expenses, and profits. It is also important to track the performance of any marketing campaigns to ensure that they are effective and profitable. This can be done through the use of analytics tools, such as Google Analytics, to track the performance of the website and other marketing channels.

Evaluate Marketing Strategies

It is important to evaluate the effectiveness of the marketing strategies used to promote the business. This includes evaluating the effectiveness of the website, social media campaigns, email campaigns, and other marketing efforts. It is also important to track the performance of any advertising campaigns to ensure that they are effective and profitable. This can be done through the use of analytics tools, such as Google AdWords, to track the performance of the campaigns. Additionally, it is important to evaluate the effectiveness of any partnerships or collaborations with other businesses or influencers. This can be done by tracking the performance of the campaigns and evaluating the results.