With the online business boom this past decade, it’s no surprise that people are constantly looking for new ways to make some serious money online.
From blogging, affiliate marketing, to app development, countless people have already struck gold monetizing what they’re passionate about online.
Want to know a little secret?
Try googling “how to make money on social media” and you’ll get about 2 million results.
While the number may seem staggering, that’s only half of what you’ll get if you googled “how to make money online”, which yields almost 4 million results.
So, why is it that there are fewer results for making money on social media?
Well, the answer is simple. It’s because most people have this misconception that in order to make some real money online, you need to have your own website.
Most people only look at their social media accounts as an extension of their personal lives, and not really as a business entity.
But just how lucrative is it to put yourself out there on social media?
With over 800 million users on Instagram alone, that number should already be enough to convince you to find viable opportunities to make money on social media.
If you’re ready to give it a try, here are 4 ideas to help you get started.
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Join an affiliate program and promote the products
We’ve all heard of affiliate marketing before, but how exactly does it work? It’s simple really.
For every purchase that goes through your referral link, the affiliate program gives you a small commission or gratuity for your ‘hard work’.
The great thing about using social media to promote your products is that you are limited by your creativity.
You can take your own product shots, pictures of you personally using the products, or you can also write your own full honest review and post that on social media.
Just remember that promoting a product doesn’t always mean taking the hard sell approach. Try to still be objective and include the pros and cons of the products you’re promoting.
Also, don’t forget to disclose that you’re an affiliate of the company. Your social media followers will appreciate the honesty.
Get rid of things you don’t need and sell them online
They say one man’s trash is another one’s treasure. And with the Marie Kondo ongoing fever, now is the time to declutter and turn your used but not abused items into extra cash.
You might be sitting on a fortune without even knowing it.
So, where’s the best place to sell your unwanted valuables?
On social media of course.
All you have to do is post creative descriptions with beautiful photos to get people interested in your used items.
You can post it on your personal accounts, or if you have tons of items to sell, set up new business accounts or pages on Instagram and Facebook.
But what about receiving payments online?
Facebook now has a feature that allows people to send and receive money on Messenger so you don’t have to worry about setting up an e-commerce website just to sell a few items online.
All you have to do is post your items online and wait for the cash to come in.
If you’re more interested in helping other businesses run their social media campaigns, then you can earn some money by working as a freelance social media manager.
With so many algorithms changes being introduced across multiple platforms, businesses are looking for social media savvy managers who can keep up with the changes.
Being a social media manager is pretty much like working as a virtual assistant, but with the creative freedom to create content that will resonate with different audiences.
So, if you like crafting stories and posts for different social media platforms, then this can be your step towards a fulfilling career.
And the best part about working as a freelancer is that you can work on your own time and take on different clients, as long as they’re not in direct competition with each other.
You can even set your own service menu and pricing structure depending on your skills set and interest.
Sell your services
Don’t worry if you don’t exactly see yourself as social media savvy.
The money making opportunities online aren’t just limited to social media management.
The truth is, you can sell whatever service you can offer by putting your portfolio on social media.
Are you a great photographer?
Do you have the talent for graphic design work?
Are you skilled at making any form of handmade craft that people would like to buy?
Then you can connect with your target market by showcasing your work and selling your services on social media.
But try not to turn your accounts into a catalog. When promoting your services on social media, nothing turns off people more than a blatant hard sell.
The trick to selling your services without overselling it is to produce engaging content that you’re confident your target audience would love.
If you have a clothing business, update your audience of the latest trends. When you’ve gotten your followers’ attention, that’s the right time to post your pitch.
Once you’ve decided on which of these opportunities is best for you, the next step is to build your brand’s social media profiles.
Here are 5 tips to help you build your business using social media.
1. Decide on your branding
Your chosen branding is what will ultimately set you apart from your competition.
Do you want to be seen as fun and quirky?
Or stable and reliable?
Think of how you’ll be able to get your message across using your brand’s logo, its colors, and the kind of content that you post.
Your brand should be authentic and reflect your personality to keep your audience engaged.
2. Find your niche
Part of finding your niche is deciding who you want to be doing business with.
Try to be as specific as possible when targeting a demographic so that it will be easier for you to understand and meet their needs.
While confining your brand to a box may seem counterintuitive in the beginning, it will help you focus on just one audience.
This will allow you to create a brand that is tailor-fit to your target market.
The more targeted your efforts are the more chances for conversions.
3. Do your research
Even if you have a thousand and one good business ideas, it will be difficult for you to launch any of them without doing your own research.
You need to check if your business idea is actually viable, with a steady demand for it on social media. One way to check is to investigate the competition.
Don’t be discouraged if there are businesses that seem similar to yours. It just means that there’s an actual market for your idea.
While it may seem necessary to establish your brand on all available social media platforms, it’s not always the wise decision.
Maintaining several social media channels means spreading your time and resources across different platforms, which can be tiresome if you’re the only one doing all the work.
Cut your losses and decide to be where the action is. There’s no point posting on social media platforms if your target audience isn’t there.
5. Have a plan
They say that when a person fails to plan, they ultimately plan to fail.
Even if your social media account doesn’t look like a legitimate business at this point, having a plan will help you get to where you want to be – faster.
It’s as simple as writing down your goals on a piece of paper and enumerating the steps you need to take to achieve them.