No, not a financial burden imposed by the state, but the tax social media can have on an entrepreneur can feel like a huge time-sucker.
Dictionary.com presents five ways to define the word tax, the best fit for this article is:
Too Many Hats
An entrepreneur has a lot to do in a bootstrapped business. They are the person performing the customer service or generating the product they deliver to a client AND they are also every other department such as marketing, creative design, accounting, sales, talent management and more. Their passion is clear and focused on the service and product, but it can begin to dwindle with the burden of necessary duties to support that business.
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Social Media Visibility
Add to this, there is an expectation that all entrepreneurs are online at all times providing continual content to build a loyal audience and that content must live on social media platforms. After six months to a year of generating content, responding, being conversational to build relationships, and doing everything they can to rise above the noise and be noticed, they grow weary of it all. I heard one woman entrepreneur state that because of social media, she needs a wife, an assistant and a design team because the weight of her business does not fit into the 24 hours she is given. Some days it feels like a heavy tax and burden on an entrepreneur’s day.
The message seems to be, if you are not on social media, you don’t exist. Yet many feel that being tied to the responsibility of social media keeps them from living, much less working on their business. They want to be there interacting with the people who need their business, but it doesn’t always feel like they are reaching an audience when using social media. It is a tough balance, entrepreneurship and all it entails. However, there is a strategy that can be implemented to ease the load on a business owner’s time.
Delegation. Plain and simple.
Delegating is the simple act of entrusting authority to another person. While you can’t or shouldn’t delegate every task or responsibility in your business, you should move some of the non-essentials off of your plate. The ones that are the most time consuming, don’t generate revenue and take you away from the core of your business.
According to VerticalResponse, 23 percent of CEOs and business owners spend between six to 10 valuable hours each week on social media.
In a Constant Contact market survey, they found that:
- Small business owners spend at least 20 hours per week on marketing
- 82 percent market their business using many different platforms, including email, e-newsletters, social media
Wow! That is a big chunk of time to give up. I bet this doesn’t even include those hidden hours when you are sucked into the black hole of searching and link clinking. Before you know it, the day is over.
Who nurtured your business and your clients?
Yes! Your social media efforts represent the architectural structure that leads to brand recognition, credibility, a positive customer experience, brand advocates, increased web traffic, search rankings and word-of-mouth marketing. There is absolutely NO question that you do need an online presence. It is vital in today’s super social connected world. Everyone does business online; searching brands and companies, reviews, social proof, connections, tips, tools, apps, and addresses. It is only going to continue to expand.
What about the commitment to your business beyond the social engagement?
Are you ready to apply for your social media tax rebate and get back to building your company?