How to Make Money on Social Media in 2023: 18 Profitable Tips

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If you’ve ever wondered how to make money on social media, you’re not alone. These platforms are more than just spaces to share vacation photos—they’re bustling marketplaces where skills, expertise, and creativity can lead to real income.

Whether you’re just starting out or are looking to expand your current online business, there’s something here for everyone.

In this guide, we’ll walk you through 18 tried-and-true ways to turn your social media accounts into profitable assets. So let’s dive in!

What is Social Media and How It Affects Everyone

Social media is a digital universe where individuals, organizations, and brands interact through platforms like Facebook, Twitter, and Instagram. It’s more than just sharing an Instagram post or tweeting; it’s a dynamic space for communication, marketing, and social networking. Whether you’re a regular user sharing vacation photos or an affiliate marketer promoting free products, your actions on social media contribute to a broader digital ecosystem.

The influence of social media is vast and affects everyone, from personal relationships to global politics. It can shape public opinion, catalyze social movements, and even redefine the way we conduct business.

For instance, businesses now use social media to reach potential customers directly, offering personalized solutions and even free products as a marketing strategy. Love it or hate it, social media has woven itself into the fabric of our daily lives, reshaping how we communicate, consume, and connect.

18 Ways To Make Money On Social Media

1. Affiliate Marketing

Affiliate marketing is one of the most accessible ways to earn money on social media. If you have a strong presence and a loyal following, especially in a specific niche, this is a low-hanging fruit.

By promoting brands or products that resonate with your audience, you can earn a small percentage of each sale made through your unique affiliate link. Even social media platforms have their own affiliate programs.

This is a win-win because it helps your followers discover useful products while earning you passive income.

Strategies for Affiliate Marketing:

• Use Instagram Stories: Tag products in your Instagram stories and direct people to swipe up for more details. This resonates well with Instagram users.
• YouTube Channel: Make product review videos and include your affiliate link in the description.
• Optimize Social Media Posts: Regularly update your social media posts with current affiliate offers.

What we also recommend:

• Amazon’s Affiliate Program: Choosing a good affiliate network is good for a wide range of products.
• ClickBank: Perfect for digital products and online courses.
• ShareASale: A variety of niches including home and garden, fashion, and more.

2. Sponsored Content

Sponsored content is content you create in collaboration with brands. It’s an excellent revenue stream for social media influencers, especially those with a targeted audience demographic.

To be effective in sponsored content, you need engaging content that seamlessly incorporates the brand’s message in the sponsored post.

Brands are willing to pay a premium for sponsored posts that resonate with their potential customers, so it’s essential to choose partnerships wisely.

Strategies for Sponsored Content:

• Media Kit: Prepare a media kit to showcase your reach and engagement, making it easier to find brands for partnerships.
• Influencer Marketing Agency: Join one to connect with brands looking for sponsored content.
• High-Quality Content: Always produce high-quality content for your sponsored posts to attract more brands.

What we also recommend:

• Sponsored blog posts on your own shop or site
• Sponsored Instagram posts or stories for fashion brands
• YouTube Partner Program for tech gadget reviews

3. Sell Digital Products

Digital products are a fantastic way to make money on social platforms. From e-books to online courses, your expertise can be turned into downloadable assets that require no inventory.

Using social commerce features, you can sell directly through social media sites, streamlining the process for new customers.

Promoting your digital products on social media posts can not only give you more sales but also add value to your followers.

Strategies for Selling Digital Products:

• Social Commerce: Use features that allow you to tag products within the social platform.
• User-Generated Content: Encourage satisfied customers to share their experiences and tag your social media profile.
• Exclusive Content: Offer a sneak peek or exclusive content to entice your audience.

What we also recommend:

• A downloadable 90-day goal-setting planner
• An e-book on how to build a location-independent business
• Online video course like The Solopreneur Success Formula

4. Dropshipping

Dropshipping on social media platforms like Facebook Marketplace has its perks. It allows you to create a virtual storefront without holding inventory.

Social media users already engage with brands and shops directly on the platform; why not make it easier for them to shop?

With the right marketing campaigns, this can become a full-time job that you can run from anywhere in the world.

Strategies for Dropshipping:

• Instagram Account: Use Instagram to showcase your products with well-curated posts and stories.
• Facebook Ads: Use these to target specific audiences and drive more sales.
• Engaging Content: Create content that tells a story about your products, making them irresistible to potential customers.

What we also recommend:

• Fashion items from a dropshipping service like AliExpress
• Customized mugs or print-on-demand t-shirts
• High-demand gadgets or electronics

5. Print on Demand

For those with a knack for design and a strong presence on social media platforms, Print on Demand (PoD) is a lucrative option. You create the designs; companies handle the printing and shipping.

This way, you focus solely on creating engaging content and promoting your brand. It’s an excellent revenue stream, especially if your designs resonate well with a specific niche.

The great thing about PoD is that it allows you to have your own shop directly linked to your social media profile.

Strategies for Print on Demand:

• Instagram Stories: Use the ‘Swipe Up’ feature to direct followers to your PoD shop.
• Sponsored Posts: Collaborate with micro-influencers to feature your products in their posts.
• Social Commerce: Enable the ‘tag products’ feature for easy shopping directly from your posts.

What we also recommend:

• Custom t-shirts or hoodies
• Personalized coffee mugs
• Artistic canvas prints

6. Consulting Services

If you’ve got years of expertise in a particular area, why not monetize that knowledge? Social media can act as your online resume, attracting potential customers who need advice in your field.

Your social media posts can showcase your skills and invite people to schedule a one-on-one consultation. You can make this a full-time job or a side hustle for some extra money.

Strategies for offering Consulting services:

• LinkedIn Posts: Regularly publish high-quality content showcasing your expertise.
• Instagram Account: Use the platform to offer ‘free tips,’ driving interest towards your paid consulting services.
• YouTube Channel: Create long-form videos that provide value, subtly promoting your consulting services.

What we also recommend:

• Career coaching sessions
• Marketing strategy evaluations
• Financial planning consultations

7. Online Workshops

If consulting isn’t your thing, how about hosting online workshops? Social media can be a powerful tool to market these events, and if done right, you can earn a significant income.

Workshops can be in any field where you have expertise. Promote them heavily across your social media channels to generate buzz and attract new customers.

Strategies for offering Online Workshops:

• Facebook Ads: Use highly targeted ads to attract attendees.
• YouTube Partner Program: Offer preview lessons to entice sign-ups.
• Instagram Stories: Use countdown stickers to create urgency.

What we also recommend:

• A photography editing workshop
• A social media marketing crash course
• A cooking class focusing on a specific type of cuisine

8. Lead Generation

Companies are always on the lookout for new, high-quality leads, and with a sizable and engaged following, you can act as a middleman.

By crafting content that speaks directly to a business’s customer profile, you can gather leads and sell them to businesses.

Given the sheer number of social media users, this has the potential for significant revenue generated.

Strategies for Lead Generation:

• Survey Posts: Use social media posts to conduct informal surveys, collecting data as leads.
• Exclusive Content: Offer exclusive content as an ‘opt-in’ to gather email addresses.
• Partner Program: Partner with companies looking for leads, using their tools to collect data.

What we also recommend:

• An eBook offered for free in exchange for email sign-ups
• A webinar requiring registration, collecting attendee information
• A coupon code for a product in exchange for filling out a short form

9. Virtual Events

Virtual events are an incredible way to engage your social media followers and earn income simultaneously.

The beauty of online meetups, seminars, and parties is their universal appeal—you can attract participants regardless of geographical location. This makes them particularly fitting for digital nomads who want to make money on social.

Promote ticket sales via your social media platforms, and you’ll find it’s a potent way to add to your revenue streams.

Strategies:

• Sponsored Posts: Partner with brands to include their products in your events.
• YouTube Channel: Record segments of your event and upload them to your YouTube channel for additional ad revenue.
• Instagram Stories: Use countdown features and ‘Swipe Up’ options to create buzz.

What we also recommend:

• Virtual Wine Tasting Party
• Web Development Seminar
• Digital Nomad Networking Event

10. Fan Subscriptions

Platforms like Patreon allow you to offer exclusive content for a monthly fee to your most loyal followers.

By setting up a fan subscription service, you can provide bonus material, behind-the-scenes footage, or specialized advice in your specific niche.

The key is to offer content that’s both exclusive and engaging.

Strategies for Fan Subscriptions:

• YouTube Partner Program: Offer Patreon subscribers access to exclusive YouTube videos.
• Invite Only: Use Instagram or TikTok to announce invite-only sessions for subscribers.
• High-Quality Content: Maintain a consistent stream of premium material to keep subscribers happy.

What we also recommend:

• Exclusive Vlogs
• Personalized Q&A sessions
• Special how-to guides

11. Social Media Management

For those savvy with social media platforms, offering social media management services can be a profitable business model.

And the best part? You can run this entirely online, perfect for the digital nomad lifestyle.

You can help businesses strategize their online presence, create content, and engage with their audience.

Strategies for Social Media Management:

• Portfolio Posts: Use your social media accounts to showcase your success stories.
• Influencer Marketing: Partner with mega or micro influencers to endorse your services.
• New Program Announcements: Use social media to introduce new services or promotional deals.

What we also recommend:

• Content Creation Packages
• Audience Engagement Plans
• Analytics Reports

12. Sell Stock Photos

If you have a flair for photography, selling stock photos could be an incredible way to make money.

Platforms like Shutterstock can host your photos, while your social media accounts serve as promotion channels.

This can generate a small percentage of revenue initially but can build up over time.

Strategies for Selling Stock Photos:

• Tag Products: Use relevant tags to increase the discoverability of your photos on social platforms.
• Instagram Account: Regularly post your stock photos to attract potential customers.
• Promoting Brands: Partner with brands that could use your photos, making your portfolio more appealing.

What we also recommend:

• Nature and Landscapes
• Corporate Stock Photos
• Event Photography

13. Content Creation

Creating high-quality content, be it articles or videos, can set the stage for substantial revenue streams.

Share samples of your work on social media platforms to attract a wide range of clients. For example, you could become a part of the YouTube Partner Program and use it as a platform for showcasing your skills.

Businesses are always on the lookout for creative minds who can articulate their brands in engaging ways.

Strategies for Content Creation:

• YouTube Channel: Use it to showcase your portfolio.
• Sponsored Content: Partner with brands to create specialized articles or videos.
• Social Media Posts: Consistently share your content on all your social media channels to maintain a strong presence.

What we also recommend:

• SEO-focused blog articles
• Product review videos
• Infographics

14. Virtual Assistant Services

The demand for virtual assistants has soared, offering you an opportunity to capitalize on your organizational skills.

From email management to scheduling social media posts, the scope is vast. Being a virtual assistant is almost like running your own shop, where you cater to the specialized needs of your clients.

Strategies for offering Virtual Assistant Services:

• Sponsored Posts: Promote your services through sponsored posts on social media platforms.
• Instagram Stories: Use them for client testimonials and to highlight your services.
• Own Affiliate Programs: Create partnerships with other service providers to cross-promote.

What we also recommend:

• Email Management Service
• Content Calendar Planning
• Data Entry and Analytics

15. Artistic Commissions

If you have artistic talent, social media platforms can serve as a canvas to showcase your work and attract commissions.

Use Instagram or Pinterest to showcase your portfolio, and you could soon be selling your art to those who appreciate it.

Tag your products well and create engaging content to attract a loyal following.

Strategies for promoting Artistic Commissions:

• Instagram Account: Use it to showcase your portfolio.
• Social Commerce: Use tools to allow potential customers to purchase directly through social media.
• Promoting Brands: Collaborate with brands to use your art in their marketing campaigns.

What we also recommend:

• Custom Portraits
• Graphic Design Packages
• Original Artwork

16. Niche Subscription Boxes

Subscription boxes are a fantastic way to curate and sell products in a specific niche. Whether it’s a monthly box of gourmet teas or specialized dog treats, this business model taps into recurring revenue.

Social media is perfect for spreading the word and attracting new customers.

Strategies for Niche Subscription Boxes:

• Find Brands: Partner with brands to include their products in your subscription boxes.
• Influencer Marketing: Utilize micro or mega influencers to unbox and review your products.
• Social Media Ads: Use targeted ads based on audience demographics to promote your boxes.

What we also recommend:

• Gourmet Food Box
• Wellness and Self-Care Box
• Hobbies and Craft Supplies Box

17. Crowdfunding

Ever had a business idea that you’re passionate about but didn’t have the capital to launch? Social media can be your lifeline through crowdfunding.

Platforms like Kickstarter and Indiegogo can help you find like-minded individuals willing to contribute to your vision. Sharing your campaign on social media channels can provide that crucial visibility to attract potential investors.

You can even use sponsored posts to gain a wider reach.

Strategies:

• Sponsored Content: Promote your crowdfunding campaign through sponsored posts on social media platforms.
• Influencer Marketing: Partner with social media influencers to tap into their loyal following.
• High-Quality Content: Create compelling videos and posts that clearly outline your business idea and its benefits.

What we also recommend:

• Tech Gadgets
• Eco-Friendly Products
• Artisanal Crafts

18. Online Masterminds

The concept of online masterminds is booming, and for good reason. These are exclusive, invite-only groups where people pay to discuss specific topics, network, and gain insights.

Whether you’re an expert in digital marketing, e-commerce, or any other niche, you can set up your own mastermind group and promote it across your social media accounts.

Use tools like the TikTok Creator Fund to create exclusive, high-quality content around topics discussed in your mastermind to lure in new members.

Strategies for Online Masterminds:

• Exclusive Content: Create engaging, exclusive content that can only be accessed by mastermind members.
• Instagram Stories: Use these for real-time updates, testimonials, or snippets from the mastermind discussions.
• Affiliate Program: Partner with other experts to cross-promote each other’s mastermind groups.

What we also recommend:

• Business Growth Mastermind
• Wellness and Self-Improvement Mastermind
• Tech and Innovation Mastermind

How to Make Money on Social Media: Summary

Navigating the digital landscape to make money on social media is no longer an option; it’s a necessity. Platforms like Instagram, TikTok, and YouTube offer a plethora of monetization tools, from the YouTube Partner Program to the TikTok Creator Fund.

Whether you’re an individual with a strong presence on social media platforms or a business looking to tap into new revenue streams, sponsored posts, and influencer marketing can be game-changers. Importantly, revenue generated from these efforts isn’t just about ‘making money’—it’s about creating a sustainable, long-term business.

For those focusing on a specific niche, the power of targeted marketing campaigns can’t be overstated. Engaging content is the currency of the digital age.

So, whether you have a million followers or are a rising micro-influencer, the quality of your social media posts can make or break your earnings potential. Consider diversifying your efforts by selling merch through your own shop or by entering affiliate relationships to increase revenue.

If you’re looking to expand your knowledge further and discover actionable ways to increase your earnings, we invite you to explore the rest of our blog, such as;

• 15 Social Media Marketing Tips to Increase Engagement
• 10 Ways to Drive Sales With a TikTok Marketing Strategy
• How to Get Started on Instagram

The opportunities for making money on social media are vast, but they require strategy, consistency, and a keen understanding of your audience demographics.

The keys to your financial freedom could be a few clicks away.

How to Make Money on Social Media: FAQs

Which social media is best for making money?

The best social media platform for making money largely depends on your specific niche and skill set. Platforms like YouTube and Instagram are excellent for visual content and have their own monetization tools like the YouTube Partner Program and Instagram’s “tag products” feature. For short-form videos, TikTok and its Creator Fund could be ideal. Make sure to establish a strong presence where your audience hangs out.

Can you get paid on social media?

Absolutely! From sponsored posts and exclusive content to affiliate marketing and digital products, there are numerous ways to earn money on social media platforms. Monetization tools are readily available to help users turn their following into a revenue stream.

How many followers do you need to get paid on social media?

The number of followers needed to get paid can vary. Some micro-influencers start earning as few as 1,000 loyal followers. More important than ‘how many followers you have is the engagement rate and the relevancy of your audience demographics to potential brands partnering with you.

How to make $100,000 a year on social media?

To make $100,000 a year, you’d need to diversify your revenue streams. Sponsored content, ad revenue, and brand partnerships are usually the most lucrative. High-quality content is key, but you also need to actively promote brands and products aligned with your brand to secure more sales.

How do I start my own affiliate programs?

Starting your own affiliate programs involves creating a system where you provide marketing campaigns or products that affiliate marketers can promote. You then offer a small percentage of the revenue generated to those who bring in new customers.

How does selling merch work?

Selling merch involves creating your own shop with products that resonate with your audience. This could be anything from t-shirts to digital planners. Social commerce is becoming increasingly popular, so leveraging social media accounts for promotions can lead to more money.

What are the benefits of long-form videos?

Long-form videos, especially on your YouTube channel, give you more room to provide value, engage your audience, and hence, increase your ad revenue. Platforms like YouTube prefer longer engagement, which in turn can make you more visible to new users.

What is an influencer marketing agency?

An influencer marketing agency connects social media influencers with brands looking for a partnership. These agencies handle the logistics and contracts, making it easier for you to focus on creating engaging content.

Is it necessary to focus on one social media platform?

Focusing on a single social media platform initially can help you build a more loyal following. However, cross-promotion over various social media sites can help maximize your reach and earning potential.

What types of sponsored posts are there?

Sponsored posts can range from a simple social media post or Instagram story to more complex endeavors like long-form videos or interactive campaigns. The idea is to create content that subtly, yet effectively, promotes a brand to your followers.

How can you earn income through user-generated content?

User-generated content involves encouraging your audience to create content that features your products or services. This not only provides you with free promotional material but also strengthens your brand’s community and trust, potentially leading to more sales.

How can I increase my followers on social media?

Growing your followers involves a combination of consistent posting, high-quality content, and engaging with your audience. Leveraging social media channels like Instagram Stories or TikTok videos can also help improve visibility and attract more followers.