5 Effective Ways To Make Money on Instagram in 2024 (that actually works)

Instead of using Instagram as a means of wasting time, turn it into a passive source of income. You can make money on Instagram in a variety of ways, such as by selling merchandise or becoming an influencer.
This guide will teach you not only how to make money on Instagram but also how to significantly expand your online business presence. As an example, we've chosen 10 profitable brands that are making money on Instagram to show you the opportunities for selling on Instagram and other business ideas.
Can you make money on Instagram?
Yes, you can make money on Instagram. According to CBInsights, Instagram is one of the top platforms where influencers and creators can monetize their content and lure more followers (learn more about how to make money as an influencer). The platform also tries to help creators monetize their influence on the platform. In 2021, Mark Zuckerberg, CEO of Meta (parent-company of Facebook and Instagram), said: “To help more creators make a living on our platforms, we’re going to keep paid online events, fan subscriptions, badges, and our upcoming independent news products free for creators until 2023.”

The company also wants to help educators better understand their payouts from the platform, and has released an Instagram Payouts feature, which helps people see what their payout will be after taxes, refunds and in-app purchase fees.
5 effective ways to make money on Instagram in 2024 
 
 
01. Partner with a brand for sponsored posts
One of the most promising ways to make money on Instagram is by becoming an influencer, micro influencer or nano influencer. As any of these types of influencers, you will be compensated with gifts or money in exchange for creating and sharing engaging content around a brand or business. These might take the form of sponsored posts, or shoutouts, where you positively shoutout about a brand or product on your Instagram account with a story or post. Reels can also now be used to promote sponsored content or include links to your own website and services.

Instagram promotion works for businesses due to the highly visual nature of its content. Making money on the platform is all about using this visual impact to maximum impact, while reaching hundreds and thousands of potential customers.

Typically, you'll get paid per post, with your follower count and engagement rate setting the price. Nano Influencers, who have 500 to 10,000 followers, get paid between $10 - $100 per post. Micro influencers, who tend to have 10,000 to 50,000 followers earn about $100 - $500 per post.

See the full pricing scale below, published by the Influencer Marketing Hub, showing how much money you can make on Instagram according to type of influencer. 
To find brands to work with, you can join varying Influencer Marketplaces, tag the brands you love, or email them directly with an influencer media kit. Think of a media kit as a digital showcase of your work and insights into your audience demographics, follower count, engagement rates and unique value proposition. You can create a media kit using a portfolio website template or make a PDF with Etsy. 
 
02. Get paid by Instagram as a Creator 
Facebook announced that by the end of 2022, they plan to invest over $1 billion in programs that allow creators to earn money for the content they create. One of these programs is the Creator Fund which allows you to monetize your content through IGTV Ads, Instagram Live Badges and Bonuses.
 
Instagram Live Badges
Being a creator on Instagram is not just about the content you publish but also about your relationship with your followers. You should aim to create an Instagram business account for added trust, form a strong bond with your followers and give them the content they want to maximize your earnings.  

Instagram had this in mind when it created its Live Badges feature, allowing fans to show their support to their favorite creators. Live Badges work like a digital “tip” people can give to Creators during a Livestream. It comes in the shape of a heart and can be bought as packages that sell for $0.99 - $4.99.

To add this feature to your account, go to your “Profile,” click “Professional Dashboard,” tap “Grow Your Business,” and select “Badges.” Once you go Live, click on the “badges” icon on the left side of your screen and turn them on.
Bonuses
Just like the name sounds, Bonuses reward you financially after hitting certain milestones on Instagram as a creator. If you meet a number of Lives, sign up for IGTV Ads or create a required amount of Instagram Reels, then you’ve reached some of the Bonus Programs’ milestones to collect your reward. But before jumping in, you should know that the Bonus Programs are currently invite-only, so stay tuned for updates on eligibility.
 
 
03. Open an Instagram Shop
An Instagram Shop is a lot like running an online store, except it’s all on an app. Their slogan “post, tag, sell” explains how it works. After creating your shop, upload product images, descriptions and prices of your merchandise. Then users can discover your items and check out without ever leaving Instagram.

Take a look at how Wix user Palm & Wild created an Instagram Shop for their elegant art prints. By selling beyond their website, they can reach new users and make money on Instagram. They've also kept their website URL palmandwild.com in their Instagram bio to help potential customers learn more about the other products and drive traffic to their website.

Follow these five steps for creating a shop on Instagram:

Convert to a business account.
Connect your Facebook Page.
Upload a product catalog.
Complete account review.
Turn on Shopping.
 
 
04. Become an affiliate marketer
Unlike becoming an influencer and getting paid per post, as an affiliate you get paid on commission. The average affiliate commission rate to expect is anywhere between 5% - 30%. Your sales will most often get tracked with a unique promo code or UTM link. On Instagram, affiliate programs often go by the name "Brand Ambassador." You can either apply to become one on a company's website or be approached by the brand.

The number of followers you have is not a deciding factor for brands looking to hire affiliates, rather they want to see that you’re a fitting person who connects with their audience.

In advance, you should know that you can only add product links on the app in your Instagram bio or your Story (if you have over 10,000 followers). Since these two places are limited, you might also consider starting a blog with a blog maker and writing SEO-optimized blog posts about the products with trackable links. This is a popular affiliate marketing method. 
 
 
05. Drive traffic to your website
80% of people surveyed said Instagram helps them discover and buy new products or services. Evidently, the more people who see your brand on Instagram, the better chance they will buy from your website. To help you make more money online, you can use Instagram indirectly to drive traffic to your website. With the help of all your Instagram visitors, you can boost sales, grow your email marketing list and expand your loyal community of customers. 
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You might also want to consider how you can create content that will go viral, and be shared by thousands of people, in order to extend your reach and grow your community. From funny memes to viral videos and other types of content—think big within your reach.  goodluck.