6 Step Guide To Making Money On Instagram In 2024

A lot of people have started looking up to digital media to earn money and make it a profession. Most of them succeed in doing this by keeping a few things in mind and following a few simple steps.

Below are some of the things you can do to earn money from Instagram in 2020 and also make your hobby a full-time job. This is the best way to making money on Instagram, after all.

1. Becoming an Influencer

This is one of the first steps to follow while trying to earn money on Instagram. Be original with your content; be it cooking, beauty, fashion, modeling, or any funny sketches.

Make people think that they can look up to you and your work and actually learn something from it. Also, try to increase your reach and work alongside people in the same field. You can also try using your influence with some tools that work well for your marketing. For instance, you can try a Private Instagram Profile viewer to find out about your competitors, which can help you beat them.

Ensure timely uploads, and you will have become an influencer before you know it!

2. Working With Sponsors

Working with sponsors is a little tricky. Not only is the process of starting to get sponsors a little tough to start, but once you do get them, there are a few ethical concerns you need to acknowledge. Now, if you have already managed to land a few sponsors, you can start working on collaborating with them and sharing their products with your viewers. Once you have established yourself, it is quite easy to get sponsors.

When it comes to ethical concerns, the utmost important thing to do is to address sponsors as sponsors. It is important to mention to your viewers that your content is sponsored by a particular brand and that you get paid for featuring their product in your videos. If not, this could mislead your audience into assuming you use the product yourself, which might not be true.

3. Selling Merchandise

After gaining a certain amount of fan following, you can start merchandising as well. When you are confident that you have the type of content and the type of fans that would be willing to buy your merchandise, collaborate with a brand, and come up with some cool stuff to sell.

These things can be anything from t-shirts with quirky quotes, keychains, caps, phone covers, or any other accessories that you can tweak according to the liking of your fan base. Based on the type of product you want to sell, you can contact a manufacturer and set up a website to sell your very own merchandise.

4. Increase Engagement

Certain brands collaborate with creators on the basis of their follower count. Most brands calculate payment also on the basis of the number of followers. These brands pay anywhere between $5 to $10 per thousand followers.

So, if you increase engagement with your fans as well as other creators, not only will your number of followers increase, but the pace at which your numbers go up will also grow. Sharing content with other creators and collaborating with them introduces you to a whole new part of their audience and gives you recognition.

Engagement on Instagram isn’t only limited to likes and comments. You can share posts on your stories, on IGTV, and even direct message other users. This increases your chance of expansion by a lot.

5. Affiliate With Brands and Earn Commissions

You might have come across many influencers that are constantly promoting products. These influencers work in collaboration with other brands to make more sales for them. The brand usually approaches a particular person who has a considerable amount of followers and asks them to promote their products.

The main point where brand affiliations differ from sponsorships is that here the influencer earns per sale. When a product sale is made due to their promotion, they earn a certain percentage of the sales amount as commission. The main way how influencers do this is by giving out a special promo code that the users can use while checking out.

When the promo code is used to make a purchase, it is understood that the particular buyer comes from the clicks generated due to the influencer’s promotion, thus giving them a cut. This can help generate a lot of income for you if you have a huge fan base. Also, make sure the companies you collaborate with are the type of companies that your audience might be looking for.

For eg., if you are a beauty blogger, collaborate with beauty products so that your target audience is the apt audience to sell these products to. Essentially, the type of audience you have should feel the need to buy the products you market. This will result in a higher commission. Collaborating with Amazon is a preferable option generating a 10% commission for most people.

6. Sell Rights of Your Photos or Videos

Throughout your journey of being on Instagram, you might have had professional photoshoots done of yourself or of the skill you market. Sometimes, brands might get in touch with you to use said images for their page.

This could be due to several reasons. They might like the picture you have clicked, they might choose to take it since it suits the campaign they are planning, or if you are an influencer, simply having your face alongside their product will help their sales.

Either way, selling them the rights to your pictures and videos is a great source of fast income. For eg., if you are a photographer that has clicked a scenic picture, selling it to a travel magazine will definitely help you in making a lot more money.

FAQ’s-

1. How can I start making money on Instagram?

Answer: To start making money on Instagram, you need to build a strong, engaged following by posting high-quality content regularly. Choose a niche you are passionate about and create content that resonates with your target audience. Collaborate with brands for sponsored posts, use affiliate marketing, sell your own products or services, or leverage Instagram’s monetization features like IGTV ads and badges.

2. What types of content work best for monetization on Instagram?

Answer: Content that works best for monetization on Instagram includes high-quality photos and videos that are engaging and relevant to your niche. Tutorials, reviews, lifestyle posts, behind-the-scenes content, and interactive stories often perform well. Consistency, authenticity, and engagement with your audience are key to building trust and attracting brands and followers willing to invest in your content.

3. How do I attract brand collaborations on Instagram?

Answer: To attract brand collaborations, focus on growing your follower base and engagement rate. Brands look for influencers with an active and engaged audience. Use relevant hashtags, tag brands in your posts, and create a media kit that showcases your metrics and past collaborations. Networking with other influencers and reaching out to brands directly can also help secure partnerships.

4. What is affiliate marketing and how can I use it on Instagram?

Answer: Affiliate marketing involves promoting products or services and earning a commission for each sale made through your unique referral link. On Instagram, you can use affiliate marketing by including affiliate links in your bio, swipe-up links in Stories (if you have over 10k followers), or using link stickers. Create engaging content that naturally incorporates the affiliate products and encourages your followers to make a purchase.

5. Are there any tools or apps that can help me monetize my Instagram account?

Answer: Yes, several tools and apps can help you monetize your Instagram account. Platforms like LikeToKnowIt, RewardStyle, and Amazon Associates provide affiliate marketing opportunities. Apps like Linktree or Later’s Linkin.bio can help you manage and track multiple links in your bio. Additionally, using analytics tools such as Instagram Insights, Iconosquare, or Hootsuite can help you understand your audience better and optimize your content for monetization.

Conclusion

Many influencers have followed similar steps and ended up earning a lot of money. You can also do the same and make money advertising on Instagram and actually earn more than enough to support yourself. You have to use a combination of these methods or single out any one of them and see what works best for you.

It is a very tough job to start a career on Instagram, and it requires patience and perseverance. But once you get that ball rolling, the only way to go is upwards. So, keep a positive attitude and make sure to stay grounded during your journey.