Published March 27, 2020
With over 26.9 million users worldwide, Instagram is a great way to gain fame without appearing on live TV. But if you’re an entrepreneur, the platform also offers a huge potential for making money. Take a look below at some great Instagram business ideas.
But first, we need to do a little reality check. Despite and because of its huge user base, building a successful business on Instagram is not a walk in the park. Those who are making millions from the platform spent years cultivating their brand and gaining followers. Though it’s not impossible to gain fame overnight, those people are the exception rather than the norm.
If you already have a large number of followers, then you’re halfway there. But if you’ve just started exploring the platform, you have a lot of catching up to do. So better start building your follower base today.
But what business should you build on Instagram?
As many successful entrepreneurs will tell you, when starting a business, play to your strengths. What skills do you have? What can you offer that you think has potential in the market?
It’s also important to consider the demographics of your followers. How old are they? What are they interested in? Where do they live? The answers to these questions will help you figure out what business to start.
If you’re still not sure, here are the top Instagram business ideas this 2020:
1. Sell Products
Instagram is more than just a platform to share selfies. It’s also one of the largest online marketplaces. Do you have products that you think will make it big in the market? Take a winning picture of it, create an attention-grabbing caption and post it on your page. When someone wants to buy it, they can send you a message. You can make shipping and payment arrangements from there.
Don’t forget to add hashtags to increase your post’s visibility. Instagram usually gives out a list of related hashtags so you won’t have a hard time thinking of one.
For those who don’t know what dropshipping is, it’s just like having an online store. Except, you won’t hold any inventories nor would you have to worry about shipping. The supplier ships the products directly to your buyer.
All you need is to post the products on your page with a price slightly higher than that of the supplier’s. When an order comes in, you just need to inform your supplier. Collect the payment and then pay the supplier while keeping a portion of the profit for yourself. It’s a win-win situation. The supplier sold a product and you make a profit.
3. Be An Influencer
If you’ve been on Instagram (or on any social media) for some time, then you know what an influencer is. And being an influencer on Instagram can be a lucrative source of income depending on how many followers you have.
Instagram influencers earn through brand sponsorships and participating in advertising campaigns. If you have at least 30,000 followers and have a strong engagement rate, you can earn as much as $350 per post. While influencers like Kylie Jenner with 4 to 20 million followers make around $6,000 to $17,500 for each sponsored post. (Based on data taken from the Financial Times)
4. Affiliate Marketing
Affiliate marketers are like influencers, except that they earn per successful referral. Basically, they post about a product with an affiliate link. When someone clicks that link and buys that product, they earn a referral fee.
But before you can start promoting affiliate links on your page, you need to sign-up with affiliate marketing programs like these. Find ones that are in your niche as your followers are more likely to buy if it fits their interests.
5. Sell Photos
What good is a photo-sharing platform if you can’t sell your photos on it, right? Thankfully, even if you’re not a professional photographer, you can still sell your pictures on Instagram.
There’s a wide range of demands for photos on the platform. You can sell stock photos and videos of just about anything. Or if you happen to chance upon celebrities doing unexpected things, paparazzi photos can fetch a high price too.
6. Sell T-Shirts
Got a knack for coming up with witty shirt sayings? It’s time to make some money out of it. You can design shirts and sell them on Instagram. Even if you’re not a pro in graphics design, there are a lot of drag-and-drop design apps you can use.
Sites like Teespring and Amazon even print the design and ship the shirt for you. So you only have to worry about promoting it on your IG account.
7. Review Products and Services
Reviews can make or break a product or service. And some brands are in desperate need of good reviews. While new businesses are keen on building their reputation through tailored reviews.
This is where you can make use of your large follower base. You can team up with brands to post reviews of their products. Remember that, as an influencer, it’s important to post honest reviews. Otherwise, your followers may not believe you the next time you post a review.
8. Sell Digital Products
Ebooks, online magazines, songs, ringtones, short films, and documentaries are also in-demand commodities online. If you produce one of these, Instagram is a great venue for promoting it to the world.
9. Promote Your Blog
Almost all bloggers use Instagram to promote their content. Having lots of followers not only increases traffic. It also improves your blog’s engagement rate. Though you won’t earn directly from Instagram this way, it will help you make money from your blog.
10. Promote Your Skills
Are you an events photographer? life coach? yoga instructor? Promoting your skills and services on Instagram allows you to reach a bigger audience.
Many successful life coaches and inspirational speakers use Instagram to build a following and build their content. The same is also true for small businesses that offer personalized services.
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