With over 700 million active users on Instagram, it is no wonder why more and more people are turning to Instagram as a platform to make money.
If you have a genuine interest in photography or design, or maybe you have found success with a blog or creating videos, then this is the perfect way to expand your online business. There are many ways to monetize your content on social media, including sponsored posts, ad placements, and product placements.
Here are five ways you can start making money on Instagram today.
1. The Best Type of Content to Create
There are a variety of different ways to make money off of your content on Instagram. The best type is going to be the one that you enjoy creating and have a passion for, so it is important to think about what your strengths are.
For example, if you are good at making videos, you can create videos for brands, build a sales pipeline with videos, or even start a YouTube channel. If you are skilled in design, then you can create graphic tees or other pieces of clothing that companies would want to purchase from you.
If photography is your speciality, then maybe offer a service where you take photos for people who don’t have time or money for professional photoshoots.
You could also offer yourself up as an influencer to brands who want someone with a large following to post about their products or services. There are many different options that will depend on what skills and interests you have.
2. How to Make Money on Instagram
There are many ways to make money on Instagram, but it all boils down to two different ways of making money. The first way is by creating sponsored posts. Sponsored posts are exactly what they sound like. You create a post, and then you get paid to have a company’s logo or product in your photo.
However, not every company is open to this form of marketing, but there are still plenty of companies looking for people to do sponsored posts.
The second way people make money on Instagram is through ad placements. With this type of monetization, you can place ads on your photos and videos that go into your feed or onto your profile page. There are multiple companies that will allow you the opportunity to be a brand ambassador and advertise their products without having to do sponsored posts.
Ads from one company will show up as an advertisement on your profile so that when other people view your account, they will see the advertisement at the same time. But again, there are certain criteria for being able to participate in these types of ads.
Advertisers usually want someone with over 100k followers who has a high engagement rate with their audience in order for their product placement to be effective.
The goal is not only to make money off of Instagram but also to grow your followers as well because the more creative you are with how you use Instagram, the better the chance that you’ll be able to monetize your content.
3. Sell your Instagram posts.
One of the best ways to make money on Instagram is by selling your posts. This means that a company will pay you to create a post, and then they’ll share the post with your followers. Usually, this type of sponsored post will include a hashtag or other reference to the company’s brand.
As an example, let’s say you have over 200,000 followers on Instagram and you are a blogger who specializes in healthy living. One of your key messages is how to cook healthy and delicious foods that are vegan-friendly.
You could approach popular vegan food companies and offer them a deal where they sponsor one or more of your posts per month in exchange for mentioning their company in those posts and sharing them with their followers.
Of course, this type of sponsorship isn’t limited to just food brands—it can work for any business! For example, if you are an interior designer who has 400,000 followers on Instagram, you could ask furniture stores or designers to sponsor one of your posts per week in exchange for mentioning their company in that post and sharing it with your followers. The possibilities are endless when it comes to sponsored posts!
4. Run a contest and ask followers to tag friends in the comments.
One way to make money on Instagram is by creating photo contests and asking followers to tag friends in the comments. This will lead to more engagement and, most likely, more followers.
For example, if you are a clothing store looking for more followers, you can offer a discount code for those who tag a friend in their comments. This provides an opportunity for your followers to share your content with their friends, which will increase the reach of your account.
5. Advertise products you like on your account
One way to make money on Instagram is by advertising products you like on your account. If you use social media for personal purposes, then this might be a good passive income stream for you.
You can create a side business where you post about different products that you enjoy and get paid each time someone clicks on the link in your profile or when they purchase the product from the link.
If you are really trying to start a new blog or grow an existing one, then Instagram could be a great place to share your content. You can set up an account on Instagram and use it as an outlet for your blogging or video-making endeavours.
6. Become an Influencer
If you have a large following on Instagram, then becoming an influencer is a great way to also make money. You can receive sponsorship from various companies and get paid for promoting their products.
For example, let’s say you are a fashion blogger that has over 10,000 followers on Instagram. You could receive compensation for a sponsored post by posting about the company’s clothes or makeup products and linking back to the company’s website.
7. Monetize Your Videos.
You can monetize your videos in two ways. First, you can allow companies to place ads at the beginning or end of your video, and these companies will pay you for every video view. Second, you can include products in your videos and mention them by name or show a link to purchase said product.
For example, if the product is coffee beans, you might say something like, “Try this coffee,” and then have a link to purchase it below the video. Again, this works best if there is an interest in that type of product or service and if you have a large following.
Final Thoughts: Making Money on Instagram
These are just a few ideas on how to make money on Instagram. Now that you have some options, take your time to research each one and figure out which one will work best for your account.
Don’t forget that it is important to be creative with your posts and drive engagement with your followers. After all, it is what will help you make the most money on Instagram.
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I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father. Founder and Editor-In-Chief of Ideas Plus Business Magazine, online business resources for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured on the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.