This is the second part of a multi part blog, to read part one click here
The following blog provides information on how to gain income from social media. Full disclosure, you should be reporting all of your earnings from Instagram on your taxes. Keep track of what you make and set aside a portion for Uncle Sam (if you’re US based). Some of the companies I am going to recommend will require you to complete a 1099 form in order to receive payment. If you’re outside of the US, please research your tax liability.
If you have researched, “How to make money on Instagram” you will find a lot of people who share how much money they have made but keep the “where” part very secretive and vague. WELL, I hate secrets and there is no reason not to share the where. So, if you’re ready for some cash flow, keep reading.
I am going to group the ways to make money on Instagram into three categories:
- Marketing companies
- Cold calling
- Being recruited by a company
Marketing companies
Partnering with a marketing company may be the first avenue you utilize to make money on social media. Larger companies tend to work with the marketing platforms as they already have a large influencer base. When you sign up as a content creator for any of these companies, they will present you with opportunities to apply to work with a company if your profile fits their particular needs.
There are a number of marketing companies out there, please note that I am only listing companies that I trust and have worked with as those are the only ones I can vouch for. All of these companies are free to sign up for, I do not recommend joining companies that require you to pay them.
AspireIQ
AspireIQ (https://www.aspireiq.com) formerly known as Revfluence is a marketing platform that has a pretty in-depth and all-encompassing dashboard. You can message companies, sign contracts, request product, and check the status of a shipment all within their dashboard. With this platform you can see all of your partnerships in one place, it also allows you to negotiate your compensation.
Mavrck
Mavrck (https://www.mavrck.co) unlike AspireIQ is largely email based. When campaigns open you will receive an email with all of the guidelines, expectation, and compensation outlined in one nice easy to read email. Payouts are usually via PayPal or an e-Visa gift card. You apply via the campaign specific link provided in the email sent to you and complete it. After you have applied, you will only receive an email notice if you have been accepted. Your compensation for these campaigns and the ability to negotiate is dependent upon campaign, some are fixed prices while others are not.
The Shelf
The Shelf (https://www.theshelf.com)is similar to Mavrck and after you sign up, a recruiter will email you with a proposal to work with a company, at least that has been my experience. This is one platform I have the least experience with but definitely recommend signing up for it.
Social Native
Social Native (https://www.socialnative.com) is a blend of AspireIQ and Mavrck. It has an all-inclusive dashboard similar to AspireIQ and lays out all of the guidelines and expectations along with what you can expect for your compensation. You will receive correspondence whether you have been accepted or not to the campaign presented to you. The prices are not typically negotiable.
Cold Calling
While working with marketing companies is an incredibly rewarding experience and can yield a high payout. It can be wildly inconsistent and you may find that campaigns are far and few between. Quite frankly, it just isn’t a stable form of income.
How do you change that? You eliminate the middle man (the marketing company) and reach out directly. Now, that may sound super intimidating and you are worried your follower count isn’t high enough or your photos are not all that great. Here is what I have to say to that, don’t get caught up in that mind set. I live by the philosophy of, “What is the worst they can say? No.”
Sometimes companies do say no, but more often than not they say yes. Now if they are willing to pay for your content is another matter. Here are my tips for reaching out to a company to collaborate:
- Always communicate via email
- Introduce yourself and mention what your Instagram username is
- Do not talk from your pet’s perspective
- Be courteous and professional
I do not recommend including your prices or asking for payment amounts in the initial email because you need to get the conversation started. If you start the conversation off with money you can easily be dismissed.
Being Recruited by Companies for Collaboration
If you’re on Instagram for any length of time you will be approached by a company to collaborate. These requests can be annoying and overwhelming sometimes and the way the request is worded can make you feel obligated to work with them. Remember, this is a business deal and you should remove any personal feelings of guilt; especially if you want to say no or ask for payment.
My response to companies reaching out is always the same. “Thank you for reaching out but at this time I am only accepting paid collaborations.” Which is the truth, I get between one and five requests a day and sometimes more.
From there you’ll most likely get a response along the lines of, “Thanks for letting us know, when we are ready for paid collaborations we will be in contact”. Plot twist-they never do. Or the company is interested and asks for your prices. This
Name your price
“Know your worth”. This phrase circulates periodically throughout the Instagram world. Getting an idea of what to even charge at first can be overwhelming, you can get a rough estimate by using this website, https://influencermarketinghub.com/instagram-money-calculator/ .
However, I recommend setting your prices on the following:
- How long will it take you to take 7-10 advertisement worthy photos?
- How long will it take to edit those photos?
- How many posts are you doing for the company?
- What is your current hourly rate at your job? I know. This one is weird, but I use it as a benchmark for setting my own prices. I am not working for less than what I already make at my normal 9-5. If you make at or around minimum wage, I recommend doubling your hourly rage when taking photos.
You can have one flat price or a couple of varying packages. I prefer offering packages because this reduces a lot of back and forth with the company and they can select a package that meets their marketing needs.
Now you are all set to start making money! Remember, this is meant to be a guide for you, this is what has worked for me. You can always deviate from any of the recommendations if you feel it meets your needs.
As always, if you use my tips or find this helpful please spread the word on Pinterest and Instagram! Pin it or share in your stories, @jaxandthepack on Instagram.
Happy earning!