There are more money-making opportunities on social media than you might realize. Social media, in fact, can be quite lucrative.
Many experts say that social media is for connecting with people, and not for selling, but at some point, you’re going to want to leverage the connections you create. If you’ve built up enough trust with your followers, they’ll be more inclined to check out your recommendations and the links you share.
Here are the top 5 ways on how to make money on social media.
1. Promote your consulting services
Social media is a great place to generate leads for your consulting business. Whether you’re a guitar teacher or a life coach, if you have demonstrated expertise in a specific area, you can create more interest for your services by connecting with your target customer on social media.
Coaching sessions can be conducted over Skype, so this is definitely an opportunity to make money without leaving home. Consulting can be lucrative, so remember not to undercut yourself — charge a fair price for your time and effort.
This strategy can also work in unison with selling information products, as those who want your advice are more likely to be interested in the ebooks and courses you’ve created.
2. Earn Money Through Sponsored Posts
One way your small business can earn money from social media is by promoting the products or services of other businesses. This is known as “sponsored posting” and it’s a direct way to make money on social media. A brand will sponsor posts to show up on relevant pages, and when a user clicks on that ad, you get paid. This is a good way to leverage a large following on social media.
Amazon makes it simple to promote affiliate products through its Amazon Associate program. Each time a sale is made from the link you share, Amazon pays you a small percentage.
3. Sell Digital Products
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.
4. Sell Your Music on Soundcloud
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. 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.
In general, social media isn’t going to produce a huge amount of income. However, it’s a low-cost and relatively low-effort way to build in some extra cash flow. And that’s in addition to all of the less immediate benefits you get from connecting to your customer base, growing awareness of your brand, and building relationships with other brands in related industries. If you’re on social media anyway, why not take the opportunity to make a little extra cash?