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How to Make Money On Instagram: A Guide for 2024

Dec 16, 2023 | Entrepreneurship

In an era where over 2 billion people actively use Instagram monthly, the platform’s potential as a lucrative space for businesses, creators, and influencers has never been greater. Are you ready to tap into this potential and learn how to make money on Instagram in 2024?

With 90% of Instagram users following at least one business, the platform is ripe for monetization efforts.

Instagram has evolved from a simple photo-sharing app to a powerful marketing tool. In 2024, it continues to offer diverse ways to monetize content and reach global audiences. There are many ways to make money on Instagram, from selling products through the Instagram shop and using Instagram for business promotion to creating content for yourself or others. You will need a trade license to make money on Instagram legally, but don’t worry; we cover everything from getting your licenses to making money on Instagram in this guide.

Get Your Trade License

Before you are able to start making money on Instagram, you will need to get a trade license. The type of trade license you will need will depend on the nature of your income. For a full guide on trade licenses, click here.

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Promoting Your Business on Instagram:

1. Business Promotion via Instagram: If your goal isn’t to become an influencer, using Instagram to promote your existing business can be just as effective. This is a perfect route for e-commerce business owners. By dedicating your Instagram page to your business, whether selling products or services, you can attract new customers and retain existing ones.

2. Effective Promotion Strategies:

  • Share product photos on Instagram for businesses like Etsy shops, and include links back to your online store in each post and your bio.
  • Set up your Instagram profile as a Business account, ensuring your bio quickly conveys what your business offers.
  • Post high-quality, well-lit photos that align with your brand identity to make your products stand out.

3. Engaging Your Audience: Encourage your customers to post about your products. For instance, maybe you enter every person who posts and tags you into a raffle. One lucky winner will be given a gift card to your company! This raises awareness about your brand and gives it more reach to people who otherwise may not have seen it or known about it.

4. Leveraging Instagram’s Unique Features:

  • Use link stickers in Stories to direct followers to specific products.
  • Showcase new or featured products on your Instagram Shop page.
  • Utilize the countdown feature in your Stories to build anticipation for new product launches or events.

An instagram infographic

Sell Products Through the Instagram Shop

Leveraging Instagram Shops:

For businesses, Instagram Shops offer a seamless shopping experience, enabling them to sell products directly through shoppable posts. This feature, combined with visually appealing content, can significantly boost sales. An effective Instagram shop can gain considerable traction from just a single post, especially when the content is current and follows the latest trends.

Imagine making money and gaining a substantial following by adeptly posting pictures with clickable links, collaborating with other Instagram accounts, and creatively expressing your personal brand through an e-commerce store. Additionally, Instagram’s advertising tools can be used to create targeted ads that appear in users’ feeds.

Instagram Shop as a Marketing Tool:

Mastering the setup and management of an Instagram shop is a valuable marketing skill. With over 500 million users browsing Instagram daily, and 90% following at least one business, an Instagram shop is a crucial tool for online business owners. This feature allows businesses with online stores to link their products directly from their Instagram business account, providing followers with a direct path to their e-commerce store for purchases.

Become an Influencer

Making thousands of dollars per month on Instagram is a reality for many, but it takes more than just posting appealing pictures. This guide will help you navigate the journey of becoming a successful influencer on Instagram.

1. Find Your Niche: Identify what you’re good at and what you enjoy doing. Narrowing your focus makes it easier to produce content that resonates with a specific audience, which is essential for growing your following. For instance, if fashion is your passion, share outfit ideas, styling tips, or the latest trends.

2. Engage with Your Audience: Engagement goes beyond self-promotion. Actively like and comment on posts within your niche. The more you engage with followers and other users, the more you build your presence and foster community.

An infographic about instagram

3. Use Hashtags Effectively: Hashtags are instrumental in reaching new audiences. Utilize relevant and popular hashtags to make your content easily discoverable.

4. Consistency is Key: Regular posting keeps your audience engaged and attracts new followers. Consistency in content and timing is crucial in building a loyal audience.

5. Offer Value: Your content should offer value, whether it’s informative captions, behind-the-scenes glimpses, or useful tips. Value-driven content retains followers and attracts new ones.

6. Collaborate with Others: Collaborations, shout-outs, guest posts, or giveaways with other users or brands can significantly expand your reach. Partner with brands or influencers that align with your niche for mutual growth.

7. Finding Sponsorships: To find companies for sponsorships:

  • Reach out to brands you use and love.
  • Scroll through Instagram for potential sponsors (#ad).
  • Pitch yourself with a professional email or DM, explaining why you would benefit them, how you can help, and why you want to help.

When seeking sponsored posts, companies will assess your Instagram follower count to gauge the reach within their target audience. However, it’s crucial to have engaged followers, not just a high number of passive ones.

8. Benefits of Sponsored Posts: Sponsored content can be a major income source, where a brand pays you to promote their product or services. The amount you can charge for sponsored posts will depend on your follower count, engagement rate, and the niche that you’re in.

Whether you’re a micro-influencer with 5,000 followers or a celebrity with millions of followers, you can get paid to post sponsored content on your Instagram Feed or Stories.

Brands are more likely to work with you if your account is focused on a specific topic, such as fashion, travel, or food. This allows them to target their products or services to a specific group of people who are more likely to be interested in what they’re selling.

For example, if you’re a fashion influencer with more than 50,000 followers and high engagement, you can charge up to $5,000 per sponsored post. But if you’re just starting out, you can expect around $50-$100 per post.

If you’re interested in landing sponsored posts, reach out to brands that you think would be a good fit for your account and offer your rates. It’s also a good idea to create a media kit that outlines your follower count, engagement rate, and other information that brands would find helpful.

9. Becoming a Brand Ambassador: As opposed to doing one-time sponsored posts, you can become a brand ambassador, which is a long-term partnership between you and the company. This involves a consistent promotion of a brand across your platforms. Platforms like Influence.co and Upfluence can help you find such opportunities. Many brand ambassadors make $20k a year for part-time work, and some companies even pay upwards of $70k a year for more intensive work. This works hand-in-hand with monetizing your videos through advertisements.

10. Creative Content: Utilize Instagram’s features like Spark AR Studio to create custom filters and stories. Engaging and unique content can set you apart and attract more followers and potential sponsors.

11. Building and Negotiating Collaborations: Understand what different companies expect from collaborations and negotiate terms that align with your brand. Always ensure a contract is in place when money is involved, specifying the number of posts, payment, and rights.

12. Become Eligible For Instagram Bonuses: To earn Instagram bonuses for reels, you need a Creator Account. Instagram randomly selects creators for this bonus, and there’s no specific follower count required. Once selected, you have 30 days to post up to 150 reels. Your earnings depend on the views each reel gets. Make sure to enable the Reels Play Bonus option for each reel you post to qualify for payment. Note that Instagram won’t pay for views that seem fake or inauthentic.

13. Earn Badges From Going Live: You can earn money directly from your audience on Instagram by going live. During your live videos, whether you’re showcasing a talent, sharing your interests, or discussing products, viewers can show their support by buying badges. These badges, priced at $0.99, $1.99, or $4.99, act as tips. When someone buys a badge, a heart icon appears next to their comment. To ensure a good audience turnout for your live session, promote your upcoming live videos in advance. This way, more of your followers are likely to join in and possibly support you with badges.

14. Become An Affiliate: To make money as an affiliate on Instagram, you promote products using sponsored posts and include an affiliate link. When someone makes a purchase through your link, you earn a commission, typically around 15% or as decided by the company. To effectively promote affiliate products:

  • Post photos or stories featuring the product on your Instagram feed, providing an honest review or showcasing how you use the product in daily life.
  • Include the affiliate link or a unique discount code in your posts, or keep the link in your Instagram bio for easy access.
  • Ensure your content aligns authentically with the products you’re promoting to build trust with your audience.
  • Let’s say you’re a food blogger and you want to promote a new low-calorie protein bar. You could create a post showing how the protein bar fits into your healthy lifestyle and include your affiliate link in the caption. If someone clicks on your link and buys the protein bar, you’ll earn a commission from the sale.

Affiliate marketing is a popular strategy for influencers, offering the potential for passive income and significant earnings, especially for those with large followings.

An instagram infographic.

Content Creation and Freelancing

Leveraging Instagram for Freelance Services:

Instagram provides a unique platform for showcasing a wide array of freelance skills. Whether you specialize in photography, graphic design, writing, social media management, or any other creative field, Instagram can serve as your digital portfolio to connect with potential clients.

Showcasing Your Work:

  • Display your work creatively on your feed. Regularly post images, stories, and reels that reflect your skills and style.
  • Utilize relevant hashtags to reach audiences looking for your specific services.
  • Engage with your followers and potential/past clients by responding to comments and direct messages.

Examples of Freelance Opportunities:

  • Writers can post samples of their work, offer copywriting services for social media accounts, and write engaging captions for businesses.
  • Photographers can showcase their photography, sell prints, offer services for events, and license their photos for business use.
  • Graphic designers can display their designs, take on branding projects, and collaborate with businesses for visual content.

An infographic about Instagram

Learn Instagram Marketing And How To Run Instagram Ads

With over 2 billion active Instagram users, there’s no doubt that businesses are looking to take advantage of the platform to reach new audiences.

This presents a great opportunity for those with experience in social media marketing to offer their services and help businesses grow their following and engagement on Instagram.

As an Instagram marketer, you would be responsible for creating and managing a brand’s presence on the platform. This would involve tasks, such as posting content, interacting with followers, and conducting research.

If you’re good at creating engaging content, know how to use the various Instagram features (such as Stories, Reels, and IGTV), and have a strategy for growing an account organically, then you can offer your services to businesses.

Depending on your background and duties, you can charge between $15 and $100 per hour. As you gain more experience and expand your services, you’ll be able to charge as much as $1000 per month per client.

If you’re interested in becoming an Instagram marketer, create a portfolio of your previous work to show potential clients, reach out to businesses in your area, and offer your services. You can also look for job postings on online job boards or freelancer websites.

Instagram Ads are a fantastic way to reach a multitude of Instagram users to promote your business or products irrespective of how many followers you have. Instagram marketing has taken off in a big way, and most businesses and e-commerce stores advertise through Instagram. If you offer businesses your Instagram marketing services you can charge them a recurring fee. This service can include creating the content for the Instagram Ads and media buying.

There are many places online where you can learn these skills. Online courses, YouTube, and Blogs are a great place to start. Once you feel that you have the knowledge required to do a good job, you can start to offer your services to businesses. Some people choose to work for free for the first fortnight/month to get their foot in the door without references behind them. If you can deliver good results, this is a great way to start making money on Instagram.

An infographic about making money on Instagram.

Refer Your Audience To Other Platforms Where You Have Followers

You may not use Instagram as your main account. However, you can use it to promote the other social media platforms that are making you money. This, in turn, leads you to make money on Instagram.

Let’s say you have a YouTube account with thousands of followers, so you make the bulk of your money on that social media platform. But you only have a couple of thousand Instagram followers.

Why not let them know you have another social media platform that they should check out? When you lead them to YouTube, they may subscribe and even share your videos, meaning you’ll make more money.

You can also do this with a blog! If you earn money through your blog through advertisements, leading people there with tips or stories that they want to hear will not only benefit them but also benefit you through the form of money! You can also do this with affiliate marketing or becoming a brand ambassador.

You can even link your Instagram to your TikTok to get more views and likes on both social media platforms.This can lead to additional revenue from your TikTok account.

An image of a youthful instagram user making a career from being a bran ambassador.

Make Custom Instagram Stories

With the introduction of Instagram’s Spark AR Studio, anyone can create custom masks and filters for Instagram captions and Stories. Businesses are always looking for new and creative ways to reach their target audience, and Spark AR provides an opportunity for you to get paid to do just that.

To start creating custom filters and masks, all you need is a computer with Adobe Photoshop and After Effects installed. Then you can start designing filters that are relevant to your client’s brand or niche.

For example, if your client is a makeup artist, you can create a filter that simulates different makeup looks. Or if your client is a travel blogger, you can create a filter that allows users to see different landmarks around the world.

Once you’ve created your filters, you can submit them to Instagram’s Spark AR Hub. If your filters are approved, they’ll be available for anyone to use when viewing Instagram Stories.

You can earn $50 to $500 per design, especially if you’re working with a well-known brand. Check out the Spark AR Curriculum from Facebook for beginners to help you get started on building the perfect AR experience!

What Is the Difference Between A Business Profile And a Creator Profile On Instagram?

There are a few differences between a business profile and a creator profile that you should be aware of so you can optimize your monetization on Instagram.

For both types of accounts, you cannot set your profile to private. Both allow the setup for Instagram shopping and to see insights for your audience.

Read the below to see what type of account suits your goals best.

Creator Profile

For starters, if you are one of the following, then you will most likely have a creator account. You can set this up in settings.

  • Public figures
  • Content creators
  • Photographers
  • Artists
  • Influencers

As a creator, you can choose what type of ‘creator’ you are in your bio. For instance, they offer options like:

  • Food Blogger
  • Digital Creator
  • Chef
  • Gamer

…and many more. This helps visitors and potential collaborators understand what you do at a glance.

As a Creator profile, you can tag other brands that you are working with as a ‘paid partnership’ label. This is great for brand partnerships and sponsorships that you may land as a creator.

Business Profile

If you have a business profile, you most likely sell something. The most common reasons to have a business account are if you are the following:

  • A retailer
  • A local business
  • A brand
  • An organization
  • A service provider

As a business profile, you will select the type of business you own to be shown at the top of your profile. For instance, you could choose ‘Hotel’ or ‘Bakery.’

Business profiles typically have fewer choices to choose from when it comes to reels audio, so there are no issues with copyright infringements. However, unlike a Creator account, you can schedule out content from third-party content schedulers.

As a Business profile, you also have the option to add your location. For instance, if you are running a bakery, you can add the address so people can come and find you!

How To Make Money On Instagram Today

Instagram is a lucrative platform for those looking to make money online. By understanding your audience, leveraging the platform’s features, and adapting to changes, you can tap into its potential for income generation. Whether through sponsored posts, selling products, or promoting your brand, Instagram offers diverse avenues for monetization.

Stay updated with Instagram’s evolving features and trends. Adapt your strategies to leverage new tools and maintain relevance in the ever-changing digital landscape.

Remember, success requires time, effort, and creativity, but with persistence, you can turn your Instagram account into a profitable business. Interested in more insights for online business success? Contact us for a free consultation and tailor-made business solutions in the UAE.


How Many Followers Do You Need To Make Money On Instagram?

There’s no definite answer to this question. It really depends on your niche, your audience, and what you’re selling. That said, we’ve seen people with as little as 1,000 followers start making money on Instagram.

Instagram influencers with a smaller following can still make money through sponsored posts, product reviews, and promoting services. They just need to be strategic about who they’re working with and what products or services they’re promoting.

How Do You Get Instagram Followers Fast?

Having a large following on Instagram doesn’t happen overnight. It takes time, effort, and consistency to grow your audience.

That said, there are a few things you can do to help you get more followers fast:

  1. Use hashtags: Hashtags are a great way to reach new people who might be interested in what you’re posting about. Use relevant and popular hashtags so that your posts show up in users’ feeds.
  2. Engage with other users: Like and comment on other users’ posts. This will help get your name out there and might even lead to some new followers.
  3. Use relevant keywords: Use relevant keywords in your bio and posts. This will help users find you when they’re searching for something specific.
  4. Run a contest: Contests are a great way to engage with your audience and get more people interested in following you. Just make sure the prize is something that your target audience will love.
  5. Have consistent branding: Your posts should have a cohesive look and feel. This will make your account more visually appealing and help you attract new followers.
  6. Post interesting content: Share photos and videos that are creative and engaging. This will encourage people to follow you and stay engaged with your content.
  7. Use Instagram Stories: Take advantage of the features offered by Instagram Stories, such as polls, quizzes, and challenges. This is a great way to interact with your followers and get them to stay engaged with your content.
  8. Use Instagram Live: Going live on Instagram is a great way to connect with your followers in real-time. This will help you build a deeper connection with your audience and make them more likely to follow you.

How Do Businesses Make Money On Instagram?

Businesses are making money on Instagram by using the platform to reach new audiences and promote their products or services.

According to a study, 87% said they are more likely to buy a product through their website or physical store after seeing it on Instagram. This is because people trust the recommendations of those they follow and feel closer to the brands they see on social media.

Some businesses use Instagram to sell products directly through shoppable posts, while others use the platform to drive traffic to their website or brick-and-mortar store.

What Does a Typical Collaboration Look Like?

Now for the terms and conditions. Every company is different and wants something different during a collaboration.

Here are a few examples:

Example 1: One company may want 3 posts over the next 3 months. They could also ask for a few story frames and dictate that you do at least 2 per month. They may also tell you to include specific hashtags, their company name, and something else specific in the posts or stories.

Example 2: Another company may ask you to post 1 post to your feed as well as 1 reel to the feed. They may then also ask for stories as well.

It is up to you and the company to negotiate how many sponsored posts you are making on the platform and what has to be included in the post and the caption.

How do you get your first 1000 Instagram followers?

To gain your first 1,000 Instagram followers, focus on creating engaging, high-quality content that resonates with your target audience. Use relevant hashtags, post consistently, and engage with other users by liking, commenting, and sharing their content. Collaborate with influencers and participate in community activities like challenges and shout-outs. Also, consider using Instagram Stories and Reels to reach a wider audience. Remember, authenticity and interaction are key to building a loyal follower base.

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