How to Make Money on Social Media: Tips for Small Businesses

how to make money on social media

Social media, be it Twitter, Facebook or YouTube, have become the most popular platforms by hundreds of millions of users across the world. This has opened up opportunities for businesses to connect with customers, allowing them to maximize the income of their business. In addition, you can use social media sites to also make some money on the side. There are also opportunities to make money through social media without the need to sell anything. In this article, we show you things that can help you make money on social media.

Why Small Businesses Should Use Social Media to Increase Income

As part of a marketing strategy, social media can help your small business interact with customers. With social media sites like Facebook, Twitter, Instagram, LinkedIn, and Pinterest you can build brand awareness, increase your customer base, increase sales, and connect with current and potential customers.

The following points further delve into the power of social media:

  • You expand your reach through social media: with an estimated 4.2 billion social media users, companies are capitalizing on it. You can use Instagram or Pinterest to showcase your products or even advertise your products and services.
  • More and more people are Buying on social media: By adding ‘buy’ buttons on their social platforms to generate more sales. This is because customers can buy directly without ever leaving the social media platform they are on.
  • Help create real connections with your brand: Through social media, you can create real human connections with your brand. With it, you can introduce your customers to your brand story as well as showcase the benefits of your products and services.
  • Drive traffic to your website/online store: Through social media posts and ads, you can drive traffic to your website or your online store. By sharing some great content from your website to your social channels you can encourage click-throughs.
  • Generate leads: Through social media, you can help increase lead generation by increasing interest among potential customers.

Here’s a quick word from Learn from Shopify that helps you ‘Learn How to Make Money on Instagram (Whether You Have 1K or 100K Followers).’

14 Best Ways to Make Money on Social Media

Before you start exploring the details of the list, here is a handy table you can reference that summarizies 14 of the most effective methods for earning money on various social media platforms.

#Way to Make Money on Social MediaDescription
1Promote Your Small Business Products and ServicesUse your social media accounts to interact with your audience, promote your brand, and sell your products and services.
2Sell Digital ProductsLeverage your social media channels to sell digital products such as templates, software, eBooks, and more.
3Join Networks and Promote Affiliate ProductsExpand your reach by joining affiliate network programs and earning commission for new leads or sales from your posts.
4Sell Your Music on SoundcloudUse your creative skills to sell your original music on Soundcloud and earn from plays and audience insights.
5Collaborate with BrandsUse your unique niche and large following to collaborate with brands and influence their target audience.
6Sell Coaching ServicesOffer your unique skills and knowledge as coaching services to those interested in self-development or learning new skills.
7YouTube Partner ProgramUnlock your YouTube channel's earning potential by joining the YouTube Partner Program and earning from ads on your content.
8Sell Rights to Your ImagesLeverage your social media account to sell rights to your digital artwork or photographs.
9Join Influencer NetworksUse your influence to market products for brands in an authentic way and earn income from sponsored posts and paid social sharing opportunities.
10Run a Facebook GroupCreate and manage a Facebook group to reach your target audience and build a community around common interests or goals.
11Manage a Social Media Account for Another BusinessUse your social media management skills to help other businesses in their social media outreach and earn an income from it.
12Charge for Sponsored PostsCreate sponsored content for companies and brands in need of social proof to market their goods and services.
13Advertise as a Blog Content WriterUse social media advertising to offer your services as a blog content writer.
14Become an InfluencerBuild a reputation for your knowledge and expertise on a specific topic, become an influencer, and earn from promoting products for brands.

There is a lot of money to be made through employing social media business ideas. People are making a living without selling a single product. Those who have a large social following can use their profiles to get paid by brands, sell their knowledge, offer consultations, and more. Below are some ways where you can learn how to make money on social media.

1. Promote your Small Business Products and Services on Social Media

how to make money on social media - promoting products

Social media accounts can help you interact with others by sharing and creating content through communities. With it, you can promote your brand and business; tell customers about your goods and services; find out what customers think of your business; attract new customers, and build stronger relationships with existing customers.

Promoting your business through social media platforms is cost-effective. You can use it to promote and drive traffic to your online store and also supplement sales to your brick and mortar sales.

2. Sell Digital Products Using Your Social Media Channels

Besides promoting your business social media can be used to sell digital products as well. A nifty way to make money is through selling digital products simply through social media. Unlike websites, social media platforms are designed to help you sell digital products with little fanfare within just a few minutes.

Plus, if the product you sell is digital you don’t have to worry about shipping or even inventory. With digital products such as templates, software, eBooks, photography, music and so you can sell them an unlimited number of times with little effort.

3. Join Networks and Promote Affiliate Products

You can also expand your reach to potential customers by joining networks and make money through affiliate marketing. Through affiliate marketing, you can earn money by just adding tracked affiliate links into the text of your social media content. By joining affiliate network programs, you stand to get paid in commissions for new leads or sales you bring when visitors click on the links.

4. Sell Your Music on Soundcloud

how to make money on social media - sell music

If you are creatively inclined you can sell your music through SoundCloud. Here you can sell your original music through SoundCloud if you sign up on the platform’s SoundCloud Pro or Pro Unlimited subscriptions. You get unlimited upload time, get paid for your plays, access to advanced audience insights, and more.

5. Collaborate with Brands

Social proof is the new word of mouth, more and more consumers today trust influencers over paid advertisements. Thanks to their huge following, bloggers today can talk directly to a company’s target audience. From posting product reviews, hosting video tutorials, bloggers have the power to influence large segments of consumers. If you have a unique niche, you can showcase your expertise to make your blog stand out while also collaborating with brands that might be tied to your niche in the process. Brands will benefit as their customers yearn for honest messages that speak to them from a user’s perspective.

6. Earn Money Through Selling Coaching Services

If you have a unique set of skills or are passionate about something perhaps you can offer coaching services. Many people are looking for self-development or learning new skills. You can tap into this demand if you have a specific niche that is of value to other people.

7. Make Money with the YouTube Partner Program

Through blogging, you can unlock your YouTube channel’s earning potential as well. By joining the YouTube Partner Program (YPP) you not only get a strong platform but also access YouTube’s resources and features which includes getting access to ads being served on your content. However, you will need to keep in mind that you will need to get lots of views and clicks on YouTube to make meaningful revenues from your content.

8. Sell Rights to the Images on Your Social Media Accounts

how to make money on social media - sell images

If you have some great pictures or digital artwork of yours that people are interested in purchasing then you can use social media account to connect with people interested in purchasing your creations.

9. Join Influencer Networks

There are many ways to make money on social media. Sponsored posts are just one way that bloggers can earn an income from their blogs. Brands today are looking for influencers to market their products to their followers in an authentic way. Here influencer networks are a great way to start in sponsored posts and paid social sharing opportunities. If you are early on in your blogging experience it might be easier for you to start with using influencer marketing which are third-party agencies that will do the hard work for you.

These networks will help connect you to brands and acts as a middle man so you don’t have to be in direct contact with them yourselves.  This will potentially help open doors for you and give you sponsored post experience that you can include in your blogger resume. Influencers or bloggers will sign up to work with a network, and brands who work with that network have access to analytics regarding campaigns run within that single network of influencers. Some networks may require you to only work with them exclusively. Some influencer networks include:

10. Run a Facebook Group

how to make money on social media -facebook groups

Facebook offers you a huge reach complements to its over 2 billion active monthly users. By creating Facebook groups of your own can be an inexpensive and effective way to reach your target audience. It helps you build a community around common interests or goals and drive can even help drive traffic to your blog or website.

11. Manage a Social Media Account for Another Business

In today’s market place no business can afford to overlook the value social media presents to your business’ success. If you are a successful blogger and can create content that lots of people enjoy and follow, you can use it to help other businesses in their social media outreach. You can use your talent to make a tidy sum on the side by offering social media management services in some you could earn somewhere between $14 to $ 35 an hour.

12. Charge for Sponsored Posts

Companies and brands are ever more looking for social proof to market their goods and services. You can help them achieve these by producing sponsored content. This is could be by way of product reviews, promotions, backlinks to a sponsor’s website but always remember to let your audience know that you are offering paid content. In terms of payment, several factors can play out that include your reach; your niche, and whether your posts include images, videos, and audio.

13. Advertise as a Blog Content Writer

You can also offer your services as a blogger by opting for social media advertising as well. For example, Google and Facebook ads offer an inexpensive option to get your targeted advertisement for your marketing needs as a blogger.

14. Become an Influencer

how to make money on social media - influencer

You can also try your hand as an influencer. An influencer is someone who has the skillset to influence people’s purchasing decisions through his or her authority, knowledge, or relationship with his or her audience. social media Influencers are people who have built a reputation for their knowledge and expertise on a specific topic and offer regular posts. Brands are more than willing to pay social media influencers as they help create trends and encourage their followers to buy products they promote.

Top Tips to Get More Social Media Followers and Drive Sales

It can be difficult to gather a huge following. As a blogger, you can only monetize your content when you have a huge following. When done right you can easily generate a good following and built a reputation of a captivated audience. Below are some tips to get more social media followers and drive sales.

Choose a Specific Niche and Target Audience

Your blog’s success depends on you finding your passion and create compelling content. Not only that your niche should not have too much competition as your blog will need to compete against highly rated sites. You should also avoid focusing on a smaller niche with little or no demand as it will impact your potential following. Look to strike a balance between an overdone niche and one with little room for growth. Choose a subject that you are knowledgeable about and one that people can take insights from.

Here you will also need to get an accurate picture of your target audience are whether in terms of age, level of knowledge of the subject matter, and other factors to make an impact.

Focus on a Single Social Media Platform

To start you will need to focus your content on a single social media channel or risk not capturing the right amount followers to make your blog worth looking into. You will need to identify your target reader and then identify the social networks that they prefer. If your blog post is geared more towards professionals and businesses you might want to consider using LinkedIn. If your target followers are more visual you may sway towards Instagram or Pinterest.

Increase Engagement Rates

Part of increasing your fan base is to get more engaged followers. Make sure that your content is important enough or interesting enough that people share, link to, like, and even comment on them. Make sure to reply to comments as well as collaborate with other content creators

Build Trust

Building trust takes time. For readers, it is the little things that get them to trust you. It falls on your track record of creating useful content that serves them, and the consistency and reliability of your content.

Offer Free Products

Nothing attracts people more than free stuff. Offer up promotional coupons, free templates, how-to guides, and other useful stuff to ingrate yourself with your audience.

Create Content Regularly to Build Social Media Presence

You will need to regularly churn out content that readers need. Set out a calendar for your content production and regularly and consistently produce content.

Use the Right Hashtags

how to make money on social media - hashtags

Hashtags are important as it helps direct more followers to your blog. Posts with hashtags have higher rates of engagement. Makes sure that the hashtags are funny, interesting, easily recalled, and in good taste.

Provide Valuable Content

Never forget that readers come to you because you offer them something that they need. So create content that is of value to your reader and an easy way to do this is to think from your readers’ perspective.

Use Analytics to Understand Your Audience

Use social media analytics to understand your audience. Through it, you get insights on who your followers are to tweak your content to align with their needs. Also, use Search Engine Optimization (SEO) technics to maximize your audience and income with ad sales.

Have a Social Media Strategy

You will need a social media strategy to help drive more traffic to your own website or blog. If done right a huge bulk of your readers can come from social media networks as such formulate a social media strategy that helps boosts your traffic.

What social media platforms can you make money on?

  1. Twitter: You can make money by tweeting as a ghostwriter for individuals or brands who want to maintain active accounts, engaging in affiliate marketing by promoting products for a commission, selling your own products directly to your followers, or working as an influencer where brands pay you to promote their products or services.
  2. Instagram: This platform allows you to make money by partnering with a brand as an influencer, pushing affiliate links in your posts or bio for a share of the profits from any sales made, or earning revenue from ads played on your IGTV videos – a feature available to users with a substantial following.
  3. Pinterest: On Pinterest, you can make money by promoting a brand’s pins to your followers, promoting affiliate products within the platform where you’ll earn a commission on any sales, or selling your own products directly to users who discover your pins.
  4. Facebook: You can make money on Facebook by promoting other brands through sponsored posts or your own Facebook page, engaging in affiliate marketing where you get a percentage of any sales made through your affiliate links, or selling your own products directly to your followers through a Facebook shop.
  5. LinkedIn: LinkedIn allows you to make money by placing ads for brands as a part of their marketing campaigns, using affiliate links in your posts or articles, and selling your own products or services directly to other professionals who are part of your network.
  6. YouTube: You can monetize this platform by posting video content and earning ad revenue once you reach a certain number of subscribers and watch hours, engaging in affiliate marketing by promoting products in your videos for a commission, making sponsored posts where brands pay you to feature their products, or collaborating with brands on video content.
  7. TikTok: On TikTok, you can make money through brand partnerships, live stream gifts, the TikTok Creator Fund, affiliate marketing, or by selling your own products or services. TikTok also provides an opportunity for influencers to get paid for sponsored posts.
  8. Snapchat: Snapchat offers opportunities for monetization through Snapchat’s partner program, where creators can earn a share of the revenue from ads shown in their stories. Influencers can also make money by partnering with brands for sponsored posts.
  9. Reddit: Though not as traditional as other platforms, money can be made on Reddit by promoting a brand, affiliate marketing, or by driving traffic to your own site or product. Note that Reddit has strict rules about self-promotion, so it’s essential to contribute valuable content and follow community guidelines.
  10. Twitch: On Twitch, users can earn money by becoming a Twitch Partner or Affiliate, which allows them to earn a share of the revenue from ads shown on their streams. Users can also receive direct donations from their viewers, get a cut from the sale of games promoted on their page, or earn money from sponsored streams.

How many followers do you need on social media to make money?

To start monetizing from your social media, you will need to have a huge following. For example, with Instagram, you need a minimum of 5,000 Instagram followers and 308 sponsored posts a year to generate $100,000. Youtubers will need at least 1,000 subscribers and 4,000 watch hours in the past year to start earning. With Facebook, you will need to have at least 10,000 followers and 30,000 +1 minute views.

Image: Depositphotos

Samson Haileyesus Samson Haileyesus is a staff writer for Small Business Trends and has been a member of the team for 5 years. He has several years of progressive experience in media, communication and PR working with government, NGOs and private sector.