29 Spectacular Social Media Business Ideas You Haven’t Thought of

As a small business owner and social media consultant for the past 7 years, I‘ve witnessed countless entrepreneurs succeed by harnessing these platforms creatively. And yet, so much uncharted potential remains.

Beyond just marketing, social opens doors for productizing knowledge, building communities, creating visibility channels and so much more.

Through detailed analysis and first-hand experience, I‘ve curated 29 social media business ideas poised for success in 2024.

Consulting Services

1. Social Media Management

Managing multiple brand profiles across every platform is enormously challenging for resource-strapped enterprises. A 2019 Sprout Social survey found 97% of marketers struggling with social media workloads.

By offering management services, you handle:

  • Content creation
  • Community engagement
  • Paid advertising
  • Analytics and reporting

Average Earnings: $50 to $500 per month per client

2. Consulting & Coaching

Share your social media expertise through one-on-one coaching and training programs. With [59% of US small business owners lacking social media skills](https://www.visual capitalist.com/wp-content/uploads/2022/01/Small-Business-Digital-Use.html), demand overflows.

Offer coaching on:

  • Platform selection
  • Content strategy
  • Influencer collaborations
  • Analyzing metrics
  • Social commerce capabilities

Package as extended coaching programs for premium value.

Average Earnings: $100 to $300 per hour

Creator Services

3. Influencer Marketing

Connect brands with influencers for sponsored content partnerships. Facilitate deals from campaign strategizing to contract negotiations and performance tracking.

The influencer marketing industry ballooned to $16.4 billion in 2024, signaling immense potential.

Average Commission: 10-30% per deal

4. Photography & Videography

Produce captivating photo and video content for brands to populate their social feeds. Offer on-demand shoots, editing, graphic design, shooting guides and more.

92% of marketers say visual assets garner the most engagement on social media.

Average Earnings: $50 – $250 per asset

Development Services

5. Bots & Messaging

Build customized chatbots to qualify leads, facilitate bookings, and enable purchases through messaging platforms. Offer menu creation, deployment, hosting and performance analytics.

80% of customers prefer messaging for brand interactions, presenting a billion-dollar opportunity.

Average Cost Per Bot: $200+, recurring hosting fees

6. AR Filters & Lenses

Develop captivating AR effects for platforms like Snapchat, Instagram, Facebook and TikTok. Offer bespoke design, programming, submission and amplification through promotions.

AR social effects generated over 300 billion views in 2021, making this a prime opportunity.

Average Project Cost: $500+

Audience Monetization Avenues

7. Social Commerce Stores

Sell products directly on social apps through integrated shops on Facebook, Instagram, Pinterest, YouTube and more. Handle product listings, store setup/design, order processing and advertising.

Global social commerce sales could top $604 billion by 2027, transforming social into a dynamic marketplace.

Average Fees: Listing + sales commission

8. Dropshipping

Sell trending product imports without handling inventory by dropshipping items straight from manufacturers to customers. Use social platforms to drive targeted traffic to listings.

The global dropshipping market projects to $911.34 billion by 2030, promising immense rewards for indie ecommerce.

Average Profit Margins: 20-50% per sale

9. Affiliate Marketing

Earn commissions promoting brands through organic and paid endorsements on social platforms. Negotiate custom payout structures, optimize sales funnels, and track through affiliate links and promo codes.

Affiliate marketing spending could surpass $8 billion by 2024.

Average Commission Rate: 1-30% per conversion

Community Building Avenues

10. Subscription Platforms & Memberships

Monetize niche audiences by offering exclusive members-only social communities. Provide premium content, discounts, digital goods, access passes and more to loyal subscribers.

Exclusive groups represent a multi-billion dollar market ripe for all creators.

Average Monthly Price: $5 to $100+

11. Virtual Events

Organize and host paid online events streamed across social channels. These can include summits, classes, meetups, conferences and more. Monetize through tickets, sponsorships, special access passes.

Virtual events could become a $774 billion market by 2030, transforming community building.

Average Ticket Price: $10 to $500

12. Crowdfunding Campaigns

Launch social-driven crowdfunding initiatives for causes, creative projects, startups, businesses, and more. Strategize viral outreach, donor perks, and stretch goal incentives across platforms like Kickstarter, Indiegogo, and GoFundMe.

Online crowdfunding Cambells to $62.71 billion in 2021 alone.

Average Commission Rate: 4-10% of capital raised

Knowledge Monetization Avenues

13. Online Courses & Coaching

Share expertise through social learning platforms like Podia, Teachable, and Thinkific. Sell pre-recorded online video courses focused on high-demand skills – marketing, graphic design, writing, etc.

The online learning market is on track to surpass $325 billion by 2025.

Average Course Price: $30 to $500+

14. Premium Newsletters

Publish paid subscription newsletters focused on high-value topics via email and social media. Provide exclusive insights, early access to intel, tools/templates, niche analysis and more.

Newsletter platform Substack is now valued at $650M, showcasing major appetite.

Average Monthly Price: $5 to $50

15. Micro-learning Apps

Develop bite-sized social video courses on hot topics through platforms like Snapchat, TikTok, YouTube Shorts. Piece together easily digestible lessons.

These apps democratize access to education for Gen Z/millennials while allowing creators to profit.

Average Video Price: $1.99 to $30

16. Coaching & Mentorships

Offer personalized coaching/training programs in social media, marketing, or specialized capabilities – graphic design, writing, analytics etc. Schedule over video chat or private social communities.

The global coaching market is on pace to exceed $15 billion by 2025!

Average Monthly Mentorship Fee: $200 to $2000

  1. Understand Your Niche: Zero in on a specific audience, platform, or industry to guide your venture. Become an expert before commercializing knowledge.
  2. Choose The Right Tools: Select social platforms and software tailored to your business model. Shopify for ecommerce, Mighty Networks for communities, Teachable for courses etc.
  3. Build An Audience: Grow engaged followers who connect with your brand and offerings. Content, conversations and relationships come first.
  4. Track Metrics: Quantify and optimize success by monitoring analytics like engagement, conversions, sentiment, and growth.
  5. Provide Exceptional Value: Overdeliver on quality, uniqueness and customer experience. This earns word-of-mouth and repeat business.

The opportunities overflow as social platforms become more immersive and multifaceted. For savvy entrepreneurs, embracing these emerging business models can crystallize into an impactful, profitable venture. Be creative, find your niche, over-deliver on value, and success will follow!