How to Make Money on Instagram in 2024

Ever scrolled through your Instagram feed, seeing all those influencers living the high life, and wondered: 

“How do they make money on Instagram?” and “Could I do that too?”

We're here to tell you that the answer to these questions are not as elusive as you might think.

This guide will spill the tea on how to make money on Instagram and give you the inside scoop on savvy strategies to rake in cash.

Related Blog: How to Find and Contact Instagram Influencers Within Your Niche

Why Use Instagram to Make Money?

There are plenty of ways you can make money online—so, why use a platform like Instagram?

Instagram isn't just about posting cute selfies and food pics anymore. It's a powerful marketing tool that offers a plethora of opportunities for individuals and businesses to generate revenue. 

One of the key reasons to choose Instagram for making money is its visual-centric platform. Whether you're a painter showcasing your latest masterpiece or a business promoting a new product, Instagram's focus on visuals makes it perfect for showcasing products, talents, and services.

Additionally, Instagram's community-oriented nature fosters genuine connections between creators and their audiences. The platform encourages interaction through comments, likes, shares, and direct messages, enabling you to build strong relationships with your followers. 

This sense of community can lead to higher engagement rates, increased brand loyalty, and ultimately, more opportunities to monetize your presence.

Ways to Earn Money on Instagram

Whether you're a seasoned Instagram pro or a newbie starting your journey, here are seven proven ways you can earn money on Instagram: 

1. Sponsored Posts

Sponsored posts are a classic Instagram monetization method. This is where brands pay Instagram influencers to create content that highlights their product or service. 

If you have a significant following, this is a fantastic way to make money on Instagram. Start pitching offers to brands that you’re interested in. 

Earnings for sponsored posts can range from $10 to $10,000 per post, depending on factors like follower count, engagement rate, and niche.

2. Affiliate Marketing

Affiliate marketing involves promoting a brand's products or services in exchange for a commission on each sale made through your unique referral link.

To start making money this way, you’ll need an engaged audience that trusts your recommendations. Niche-focused audiences tend to yield the best results.

You can join affiliate marketing networks that host numerous brands offering affiliate programs. Alternatively, you can sign up for Instagram’s affiliate programme. 

Commissions vary, but you can typically expect to earn anywhere from 5% to 50% per sale.

3. Selling Products or Services Using Instagram Shopping

Whether you're a craftsman selling handmade goods, an artist marketing digital prints, or a consultant offering personalized services, Instagram is a fantastic platform for selling your own products or services. 

With Instagram Shopping and Shoppable Posts, you can sell your products directly through the app, making for a seamless shopping experience for your followers.

Simply set up an Instagram business profile and start using features like Instagram shopping for selling products or IGTV for showcasing services. You can enable Instagram Shopping and Shoppable Posts in your Instagram business account settings.

4. Instagram Guides

Instagram Guides allow you to curate posts into a longer, article-like format. Though they're not directly monetizable, you can indirectly make money through sponsored content, product placements, or affiliate links within your Guides.

Your guides will have to be engaging and value-packed to make any sort of income. Otherwise, your audience might not pay attention to them.

To make an Instagram guide, simply go to your profile, click the “Create” icon, 

and select “Guide.” 

Your earnings will vary depending on how you choose to monetize your content. 

5. Instagram Live Badges

Instagram Live Badges offer a way for your followers to support you during Live videos. When a follower purchases a badge, it appears next to their name during the Live, signaling their support.

For this to work, you’ll need an Instagram Professional account. You’ll also need at least 10k followers that are willing to support you monetarily during Live Streams. 

There are three tiers of badges to choose from, each with a different maximum cost. One heart costs $0.99, two cost $1.99, and three cost $4.99.

Your earnings depend on the number of badges your followers purchase during your Live videos. 

6. IGTV Ads

Another way for you to make money on Instagram is through IGTV Ads. This feature allows you to include short ads at the beginning of your IGTV videos. 

IGTV Ads you to have an established IGTV channel full of engaging content that attracts a substantial following. To start monetizing your IGTV content, you need to enable IGTV Ads in your Instagram business account settings. 

Just like traditional advertising platforms, IGTV Ads work on a views-based system – the more views your videos receive, the more money you can earn.

7. Link to Your Blog or Vlog

If you're a blogger or vlogger, you can link your Instagram to your website or vlog to where you can monetize your followers’ visits through advertisements, sponsored content, affiliate marketing, or selling products and services.

Requirements for this method are straightforward. You need an active blog or vlog, coupled with high-quality content on your Instagram to attract and engage followers. The content should be compelling enough to encourage them to click through to your blog or vlog.

To implement this, you can use the ‘Website' field in your Instagram bio, or utilize Instagram features like the ‘Swipe Up' feature in Stories (if you have over 10,000 followers) or Link Stickers to direct followers to your blog or vlog.

The more traffic you can drive from Instagram, the higher your potential earnings.

Instagram Monetization Basics

Before you dive headfirst into the thrilling world of Instagram monetization, it's important to know the fundamental steps and prerequisites. Get ready to build a money-making fortress on Instagram by mastering these elements.

What You Need to Start Making Money on Instagram

Now that we've established why Instagram is an excellent platform for making money, let's look at what you'll need to get started. 

Here are the key ingredients to kickstart your Instagram monetization journey:

1. Compelling Profile: Your profile is the first impression you make on potential followers. Ensure your profile is professional, appealing, and clearly communicates who you are and what you're about. 
2. Clear Niche: Having a distinct niche helps you attract a targeted audience. Whether it's travel, fashion, fitness, or food, choose a niche you're passionate about.
   
   

   

3. Loyal Following: A large following is great, but a loyal, engaged following is even better. Building a community of followers who engage with your content and trust your recommendations is crucial. 
4. Regular, Engaging Content: Consistently posting high-quality, engaging content keeps your audience interested and coming back for more. Experiment with different types of content such as posts, stories, reels, and IGTV to keep things fresh.

Remember, consistency is key! 

Regularly posting and interacting with your followers helps build momentum and grow your presence on the platform.

Requirements to Monetize on Instagram

The minimum requirements Instagram expects its creators to have for a profile to be considered for monetization include

• • Have an Instagram Creator or Business account
  • Make sure your location is eligible for monetization. Here’s a list of countries that are eligible to monetize on Instagram.
  • Adhere to Instagram’s Partner Monetization Policies and Content Monetization Policies.
  • Set up a payout account to receive earnings. If you haven't, here's a guide from Instagram to help you set it up.

*Note: While your number of followers play a role in getting accepted to make money on Instagram, the app has no minimum follower requirement to make money on its platform.

If you’ve met the above criteria and feel your account should be eligible for monetization, you can request Instagram to give your account a look. To do so, head over to Settings > Help > Monetization Help > Contact Support.

Once you fill out all the details, tap on Submit. To monitor the status of your profile, visit the Monetization Help page.

As a content creator, the methods to earn money directly from Instagram continue to change. As of this writing, these are the different ways creators can make money off their Instagram profile

• • Badges
  • Subscriptions
  • Bonuses
  • Branded content
  • Profile ads
  • Ads on Instagram Reels
  • Gifts

Once you’ve verified that your account can be monetized, Instagram releases payments every 21st of the month and will only send payments if you’ve earned at least $100.

How to make money with reels on Instagram

While Instagram has discontinued its reels play bonus program, the platform is testing out the idea of Ads on Reels— a performance based program where you’ll get paid depending on the number of plays your reels get.

Since the idea is still in testing, creators who are eligible for this program are only invited by meta and follow Meta’s eligibility requirements.

As Instagram continues to grow, you can expect more innovative features to earn will follow.

How Much Money Can You Make on Instagram?

Many factors influence how much you can earn on Instagram, including follower count, engagement rate, and monetization strategy. Let’s look at some statistics to give you a ballpark figure: 

A survey found that the average influencer makes $31 per hour. However, influencers in the Beauty category outperform others, earning around $60 per hour. The earnings hit a peak with mega influencers (over 1 million followers) who start at an impressive $187 per hour.

When we convert these figures into monthly earnings, the average influencer makes about $2,970. Micro-influencers (1,000 to 10,000 followers) earn approximately $1,420 per month, while mega-influencers bag a substantial average of $15,356 monthly.

So, while building a significant following takes time, Instagram can be a viable income stream and potentially a lucrative career.

Tips to Find Success on Instagram

Success on Instagram requires a combination of imagination, planning, and tenacity. Here are some pointers to help you make the most of your Instagram profile and increase your chance of succeeding financially on the platform.

Find Your Niche

Having a niche attracts a dedicated audience and makes you appealing to brands in your field. Whether it's travel, fitness, or food blogging, focus on what you know best.

Prioritize Quality Over Quantity

Quality content is key to Instagram success. High-quality posts drive engagement and shares. Prioritize impactful content over posting frequency.

Engage with Your Followers

The way you interact with followers significantly affects your success. Responding to comments and DMs, and interacting with followers' content creates a strong community.

Utilize All Instagram Features

Use all Instagram features like Stories, Reels, IGTV, and Guides. These different methods of connecting with your audience can help increase engagement.

Optimize Your Profile

Your profile creates your first impression. A clear profile picture, a compelling bio, and strategic link usage can turn profile visitors into followers.

Collaborate with Others

Collaborations can grow your reach and tap into new audiences. Shout-out exchanges, guest posts, or brand collaborations can also build beneficial relationships.

Be Patient

Growing a following and making money on Instagram takes time. Consistency, patience, and creativity are your allies in this journey. Keep refining your strategy and enjoy the process.

Wrapping Up: Start Your Instagram Journey!

And there you have it! 

A comprehensive roadmap on how to make money on Instagram in 2023. This visually captivating social platform isn't just for sharing your favorite moments or catching up on the latest trends. It's a goldmine waiting to be discovered!

Remember, monetizing your Instagram account isn't a get-rich-quick scheme. It requires consistency, creativity, and a lot of patience. Start by choosing a niche you're passionate about, create high-quality content, engage with your followers, and utilize all the platform's features.

Happy gramming!