Best ways to make money on Instagram and how much you can earn

Instagram is an American photo and video sharing social networking service created by Kevin Systrom and Mike Krieger.

Instagram is a force to be reckoned with.

According to the latest Instagram statistics, the platform has 1.704 billion users worldwide. While it got its start as a photo-sharing app, it’s transformed into a business platform. Millions of entrepreneurs are taking advantage of its selling power, from service providers to nonprofits to dropshipping e-commerce business owners.

In this article, we’ll look at a few tactics you can start using today, so you can join the ranks of successful entrepreneurs who earn money from Instagram.

BECOME AN INFLUENCER

An influencer is someone who has built a reputation and loyal following by sharing regularly on their social accounts. They have a good following and they’re able to convince their audiences to jump onto trends and buy certain products.

They have this power because they’ve spent a lot of time building trust and relationships with their audience.

Brands tend to partner with influencers to do sponsored posts that help spread the word about their products.

Top influencers make thousands of dollars per sponsored post.

BECOME AFFILIATE MARKETER

Affiliates make money through a trackable link or a promo code to make sure that you know exactly which sales came directly from your posts.

The difference between an influencer and an affiliate is that an affiliate is working towards making sales for the partnering brand in exchange for a commission. On the other hand, the influencer is mainly aiming to create awareness. (If you’re only interested in getting exposure for your brand, you might want to go through these brand awareness tips to gain traction).

SELL INSTAGRAM CAPTION SERVICES

Many small business owners use Instagram to promote their goods and services, but only a few of them have the resources or expertise to write good Instagram captions. If you’re good at coming up with creative Instagram captions, you can sell your services to these companies.

To get the attention of business owners, write and put up some captions on your own account. Then include the ones that generate the most engagement in your portfolio

SELL YOUR PHYSICAL PRODUCT

You can sell any physical product that you make yourself or buy from suppliers. This conventional eCommerce retailing usually requires stocking some inventory, meaning you’d need to spend some startup capital to buy your products.

You’ll also need a place where you can keep the products, like a spare room at home or a rented storage space. This is especially true if you plan on saving money by buying products in bulk. You’ll need a place to keep everything before they’re ordered by and delivered to customers.

DROPSHIPPING

Dropshipping is a business model you can use to run your store without ever holding any inventory.

This works in a similar way to the selling of physical products on Instagram to earn money. The only difference is that you won’t need to store any inventory

INSTAGRAM LIVE VIDEOS

Creators that broadcast Instagram Live videos can earn “tips” from viewers in the form of heart badges. When a user purchases a badge, a heart icon appears next to their name in the live chat. Badges cost between $.99 and $4.99, with a cap of 250 USD per viewer per session.

How much money can you make on Instagram?

Here’s how much some creators and celebs have reportedly cashed in:

• $250-$300: The average amount micro-influencers earn on a sponsored post according to the CEO of influencer marketing platform Heartbeat in a Business Insider interview.
• $300: The amount a micro-influencer with 13K followers, reportedly collects on sponsored Reels.
• $750 to $1,000: The amount “plant influencer” Nick Cutsumpas (@farmernicknyc, 63K+ followers) charges per sponsored post (up to three slides). For IGTV videos between two and three minutes, he charges $1,500.
• $8,500: The amount “robot influencer” Lil Miquela (@lilmiquela, 2.5 million followers) reportedly earns per sponsored post.
• $102,000: @goldenretriever’s projected annual earnings on Instagram in 2020 with 1.9 million follows.
• $275,000: The amount Kendall Jenner was paid in 2017 for a single Instagram post to promote the Fyre Festival. She later paid a $90,000 settlement for misleading and not meeting ad regulations.
• $1,015,000: The amount The Rock reportedly earned for a single sponsored post in 2020.