How Young Entrepreneurs are Making 6 Figures with Social Media in 2024

Gone are the days of needing a million-dollar marketing budget to launch a successful business and this is proof that everything is changing.
Young female entrepreneur films herself
Entrepreneur creating content for her latest TikTok / © Ivan Samkov

Gone are the days of needing a million-dollar marketing budget to launch a successful business. Today, a smartphone, a creative mind, and a strategic social media presence are all it takes for young entrepreneurs to turn their ideas into viral sensations.

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Platforms like Pinterest and TikTok are at the forefront of this democratization of innovation, empowering budding business leaders to bypass traditional gatekeepers and connect directly with a global audience.

From the 21-year-old making $38,000 a day selling car accessories on TikTok to the e-commerce entrepreneur making his first $100,000 on Pinterest, there’s a huge disruption underway in the world of business.

Pinterest: A Curated Marketplace for Aspiring Businesses

Pinterest, with its impressive 465 million monthly active users, boasts a unique user base actively seeking inspiration and ideas. Unlike the fleeting nature of content on other platforms, Pins (visual bookmarks) have a long shelf life, allowing them to be discovered and re-discovered over time. This creates a fertile ground for young entrepreneurs in various sectors, from fashion and home décor to food and DIY crafts.

How to Leverage Pinterest:

  • Visual Storytelling: High-quality product photos and lifestyle shots showcasing products in use are key to grabbing attention on Pinterest. Consider mood boards that capture your brand aesthetic and tell a story about your products.
  • Keyword Targeting: Research popular search terms related to your industry and tailor your content accordingly. Use relevant keywords in board titles, descriptions, and Pin descriptions to help potential customers find your products.
  • Community Building: Don’t just showcase products – tell a story and engage with your audience. Use Pins to share tutorials, behind-the-scenes glimpses, and user-generated content. Run contests or promotions to incentivize audience participation.
  • Track & Analyze: Utilize Pinterest analytics to track what resonates with your audience. This data can inform future content creation and optimize your strategy for better results.

Get Pinterest savvy with entrepreneur Michelle Buck’s book “The 7 Day Pinterest Social Media Plan: Use Pinterest for Business to Promote Your Website, Delight Potential Buyers, and Build Your Brand”

TikTok: The Birthplace of Bite-Sized Business Ideas

TikTok, with its explosive growth to over 1.2 billion users globally (as of Q4 of 2023), offers a different kind of springboard for young entrepreneurs. The platform’s short-form video format thrives on creativity and virality, making it ideal for showcasing innovative products and services in an engaging way.

How to Leverage TikTok:

  • Compelling Videos in Seconds: Capture attention quickly with high-quality, visually appealing short videos that showcase your product’s benefits in a fun and creative way.
  • Humor & Problem-Solving: Don’t be afraid to inject humor or tell a story in your videos. People connect with relatable content, so focus on the problem your product solves or the experience it creates.
  • Trending Sounds & Hashtags: Stay on top of trending sounds and hashtags to increase discoverability. Participate in relevant challenges and use popular hashtags to get your videos seen by a wider audience.
  • User-Generated Content: Encourage user-generated content by creating challenges or tutorials that involve your product. This builds trust and showcases the product’s real-world application.

Go global on TikTok with Perry Marshall’s popular book “The Definitive Guide to TikTok Advertising: How to Access 1 Billion People in 10 Minutes!”

The Democratization of Innovation

The rise of social media platforms like Pinterest and TikTok has democratized the innovation landscape. Young entrepreneurs no longer need to rely on established brands or venture capitalists to get their ideas off the ground. With a bit of creativity and a strategic social media presence, they can bypass traditional gatekeepers and connect directly with potential customers on a global scale.

This shift has significant implications for the future of business. Consumers can expect to see a surge of innovative products and services catering to niche markets and emerging trends. Additionally, the ease of establishing a brand online is likely to empower a new generation of entrepreneurs, fostering a more diverse and dynamic business landscape.

However, challenges remain. Young entrepreneurs still need to navigate the complexities of online marketing and overcome the ever-changing social media algorithms. Additionally, building a sustainable business requires more than just virality. Customer service, product development, and financial management remain crucial aspects of success.

Despite these challenges, the future looks bright for young entrepreneurs wielding the power of social media. Platforms like Pinterest and TikTok are changing the game, paving the way for a new era of innovation and disruption. As these platforms evolve, one thing is certain: the future of business will be shaped by the creativity and ingenuity of the next generation of entrepreneurs.

Disclaimer: Digital Weekday receives a commission when a product is purchased through affiliate link(s) included in this article.

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