5 ways to make money on Instagram

Can you make money on Instagram in 2023? Instagram’s visual design and active users have made it a lucrative money-making app. You could work with unique brands or sell your services. 

 

However, there is fatigue that comes with social media. One may argue that there is a saturation of service providers on Instagram. Does that mean there is no scope for making money on Instagram now?

 

Here’s what we found out.

Can you still make money on Instagram?

Yes! Instagram may have more video content now. But it still rewards content creators by providing them with unique opportunities. You will always find young brands teaming up with creators on the app. Moreover, Instagram itself monetarily rewards creators. 

 

Even without aesthetics, Instagram offers a deep connection with the audience. It helps create communities, thereby allowing you to sell a product. Thus, even with fatigue and saturation, Instagram offers you monetization opportunities.

 

Here are five ways you can make money on Instagram.

 

Foster Partnerships with Brands

The most obvious way to earn on Instagram is through brand partnerships. Up-and-coming brands team up with creators for a mutually beneficial partnership. However, paid partnerships with brands nowadays require a more careful content strategy. You may otherwise lose engagement or worse, credibility as a creator. Additionally, it requires a pre-existing follower list. Thus, while the brand partnership is the most obvious way to earn on Instagram, it is also difficult. Furthermore, people want credible sources of information. For instance, many users are now aware that a fashion influencer may not always recommend the right products.

 

Become a DSA Loan Agent

DSA stands for Direct Selling Agent. Becoming a loan DSA on Instagram is an underrated side hustle. It requires very little investment and has no qualification bar. You can be a high school graduate and still become a DSA partner. For instance, becoming a loan agent at Andromeda Loans does not require any professional degree. You can become a Direct Selling Agent provided you have great communication and persuasion skills.

 

A loan agent finds potential clients for the lending institution. You become a point of contact between the lender and borrower. You anticipate the needs of prospective clients and help them find the most suitable loans. The best part? You enjoy perks even at a low follower count. Unlike brand partnerships, becoming a DSA allows you to sell to a small but loyal number of followers. You can also personalize the loan as per the loan applicant’s needs. 

 

Open an Instagram Shop

You don’t need a website to run a small business if you have Instagram. It allows you to do business transactions without spending on a website. This is a handy feature as most small businesses can do without the additional cost. The app also offers a professional dashboard to business owners. You can also automate replies for prospective customers on Instagram. Additionally, the reel feature on Instagram allows you to display videos of your products. The only con of opening an Instagram shop is the lack of stability. For instance, a small business may often have a drop in sales. It is not the same for say, a DSA, as they can also conduct their work offline. 

 

Start an Affiliate Program

Amisha makes a reel on her favorite Amazon finds. The reel goes viral on Instagram and her DMs are flooded with demands for the Amazon links. But Amisha does not have an affiliate link and loses out on earning a commission. 

 

An affiliate program is similar to a DSA program in terms of commission. However, as an affiliate, you must have a significant number of purchases to earn a hefty commission. Furthermore, most affiliate programs have stiff competition. The Amazon Affiliate Program for instance is one of the largest affiliate programs. There is also a chance of extra investment, especially if you purchase the products first to review them.

 

Sell a Service on Instagram

Instagram is a visual platform that allows you to showcase your skillsets. For instance, for a freelance graphic designer or video editor, Instagram acts as a portfolio. Selling a service on Instagram is easy if you have a content strategy and a few followers. It does not require extreme reach – though the number helps for inbound leads. The downside, however, is the lag in inbound leads. Even on other platforms, it is not easy to receive leads. Moreover, it has the same disadvantage a small business has on Instagram – a lack of stability.

 

Tips for Making Money on Instagram in 2023

While Instagram is a solid platform for making money, here are a few tips to remember before using it as an income source:

 

  • A brand collaboration in India is now taxable after a certain amount.
  • To build a strong Instagram community, you must maintain credibility on the internet. This means you need to be careful about the kind of collaborations you do. It is also applicable to the affiliate programs you join as a creator.
  • Avoid sales-y posts that may cost you your community’s interest.
  • Plan a solid content strategy and batch-create content before posting on Instagram. This will help you narrow down your intent and improve consistency.
  • Before applying as a Direct Selling Agent, consider talking to an expert. Every lender has different eligibility criteria for their DSAs. Andromeda Loans, for instance, does not discriminate on the basis of gender or profession. Even professionals and homemakers can become a DSA with Andromeda Loans.

Wrapping Up

Instagram does not allow you to receive ad revenues like YouTube. However, there is no cap on the amount you can earn if you have a few followers. One of the biggest advantages of Instagram is there are fewer copyright issues. Furthermore, Instagram has been monetizing creators lately to encourage more participation. You get paid to conduct Instagram Live sessions and Reels. In India, this feature is yet to be rolled out. That being said, Instagram is still a major source of side income in India. It is especially helpful because some side hustles like loan agents do not have an age bar or rigid qualifications. 

 

If you’re interested in a no-nonsense side hustle, sign up to be a DSA loan agent with Andromeda Loans!