Is it truly possible to make money on Instagram even with a thousand followers? The answer is yes.
I’ll show you how in this post.
Gone are the day when Instagram was a small social media platform where friends and family connect and catch up on old times.
Now, Instagram has evolved into a marketing tool for businesses but not just a marketing tool, it is also a potential money-making tool for everyone.
Yes, you read that right. Everyone.
And that is because of its diverse audience.
According to Neil Patel, in the last two years, Instagram has doubled its user base to 700 million users.
That’s definitely a lot. But what does that mean?
It means there is a rapid increase in users and for me and you, it means we stand an increased chance to make money on the platform no matter who we are or choose to be.
Before I share with you the possible ways to make money on Instagram, here are some things you need to know.
Things you need to know before making money on Instagram
1. Business mindset
Developing a business mindset is very important because your Instagram is no longer just for fun, you now make money from it.
And that means, you can no longer treat it like a hobby. You have to treat it like a business.
However, it is important also to have fun on Instagram and that is why you need to start with what you are passionate about.
Developing a business mindset is as easy as knowing what will hurt or propel your brand and work intentionally to avoid or do more of it.
Also, it is as easy as managing your time effectively.
2. Reach and Influence
The only reason businesses and brands will pay you money is because your post can reach a lot people.
The Instagram algorithm works in a way that it pushes your content to more people. The more reach you get, the more your content will be seen.
That’s what businesses want when they collaborate with you (we’ll talk about that later).
Your reach is just a way to make people aware of your brand, it doesn’t automatically equal money so let’s move to the next important thing.
3. Engaged followers
You do not need a hundred thousand followers to make money on Instagram, what is need is engaged followers.
Your engaged followers are not just numbers, they are your constant supporter and no matter what you do, they are there to support you.
These people need not to be millions, they can be a thousand just like Kevin Kelly’s 1000 true fans book.
All that matters is that you create something that help them trust and love you.
When I talked about building trust in your followers earlier, here is what I didn’t tell you.
You need a strategy to do that. Making money on Instagram isn’t just by posting pictures and dropping emojis as captions.
It is way more than that. If you are hoping to make money on Instagram, you have to treat it like a business because it is a business and you need strategy for every business, right?
5. Quality content
Well, I think I should have made this the first point because without it, you cannot make money.
Did that break your heart? It should not.
Creating content need not be a difficult task, it should be fun. I wrote a post on how to become a content creator, you should check it out.
6. Relationship skills
Another thing you need to understand is that you cannot do it alone. You need to build relationship with others in your niche.
I learned how important this is very late and it wasn’t because I didn’t want to learn but because I didn’t like the idea of hitting up on strangers.
As an introvert, I was scared to engage with others. I thought I had nothing to say to them.
I’m getting better in building my relationship skills though.
You need to have the skills too, collaborate with other business owners or creators, make genuine friends.
Do these and you’ll be on your way to making six-figures on Instagram (with the ways I’m going to share below)
Instagram is not a get rich quick scheme. It takes a lot of consistency, yes, the Instagram algorithm loves consistency so you need to be there often.
You need to be patient because it might take few months before you get noticed and another lot of months before you start making money. This is why it is important to stick to what you love on the platform.
Now that you’ve understood the things you need to make money on Instagram, let’s dive into the possible ways.
Five ways to make money on Instagram
1. Become an Influencer
When someone recommends something to you and you go on to purchase that thing, that is what Influencer marketing is about.
Decades ago, influencer marketing used to be just for bloggers or celebrities but in today’s world, anyone can become an influencer.
In fact brands and businesses watch out for micro influencers (influencers with 1,000 to 100,000 followers) nowadays for their marketing.
That’s because even though they have few followers, micro influencers have built a strong relationship with their audience.
Hence when they recommend a product, their followers will try it.
How do influencers make money?
Instagram influencers mostly make their money by collaborating with businesses and brands that they trust and hope would ease life for their audience.
If you want to become an influencer, you need to first have engaged followers (I’ll talk about that soon). And because they trust your decision and recommendation, they would buy from brands you collaborate with.
2. Sponsored post
Just like influencing marketing, businesses and brands can approach you for sponsored post.
All you have to do is create a post solely for whatever goal they want to achieve and you get paid for putting the post on your page.
A lot of Instagram celebrities and influencers do this to make money.
3. Sell your product or service
I believe this is the best way to make money, when I say money I mean seven figures and above.
You could sell a physical or digital product, but no matter which you choose, your content is very important if you want to make sales.
If you are a coach, consultant, freelancer, you can also sell your service. Instagram is a great platform that will help you connect to your ideal clients.
If you choose to sell your product or service on Instagram, you are going to need a really good content strategy that takes your followers from the point they come across your content to the moment they decide to make a purchase.
This sales funnel picture by Alexandra Lamachenka illustrates this better.
4. Affiliate marketing
Perhaps you don’t want to create a product, you can sell other people’s product.
Affiliate marketing is selling a product or service you did not create and making a commission on each successful sale.
Don’t confuse affiliate marketing with influencer marketing.
In affiliate marketing, you get paid by commission. The more you sell, the more money you make.
Meanwhile, in influencer marketing, you set your charges and you get paid based on that.
5. Start an e-commerce store
Yes, you can have a store on Instagram. Instagram has included the shop feature where you can upload pictures of your products and make sales.
You do not always need a physical store, you can make your money right on Instagram
Conclusion on how to make money on Instagram
Making money on Instagram is not impossible.
Actually anyone can make money on Instagram. Take these tips as a bonus to this article.
- Find a topic you want to create content around, more like a niche
- Start creating contents to attract your audience
- Use hashtags to increase your content reach
- Build a relationship with your audience and other people in your niche
- Pick one or two ways to start monetize your account.
These are the basic steps to take to make money on Instagram. But keep in mind that Instagram is not a get rich quick scheme.
You cannot start making money the first month you start your account. It is almost impossible. Be patient, take time to build your brand, that way, you last longer and make much more.
If you want more tips on Instagram or have any questions, please share them below and I would respond or even create a post for it. You can also send it to me on Instagram, do well to follow me as well.
Feel free to share it, help someone see this.