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How to make money like your favourite influencers

We love Instagram influencers because they’re just like us but they look flawless. They do cool things, they live amazing lives, and they get paid to do it. So how do you get on their level and make a profit?

We spoke with two influencers to find out what it really takes so you know what you’re getting yourself into if you decide to pursue this as a side-gig or career path.

 

Influencer marketing: A super-quick intro

Influencer marketing is a fairly new marketing strategy that has seen significant growth in the past year. What is it? Basically, brands seek out partnerships with everyday people and celebrities to gain exposure in their community of social media followers. It’s an effective marketing strategy because people trust influencers.

Here are three main traits of successful influencers:

1.They have a following. If you have at least 500 followers and you’re pretty tight with them (meaning an engagement rate of 1-6%, where engagement = likes + comments / number of followers x 100), then you could potentially become a paid influencer.

2.They produce great content. Influencers are creators who produce high quality videos, artwork, stories, and photos. It’s one of the main reasons why we follow them.

3.They devote a lot of time to it. A single photo or video could take hours to stage, shoot, and edit. Influencers need to produce a consistent stream of content.

 

The down-low from actual influencers

So, what’s it like being an influencer, how do you become one, and what does it take?

We spoke to two growing influencers to learn more about how they got to where they are today.

Anna Kate (@kissmysthrnsass), is a fairly seasoned influencer who uses it as a regular side-gig, and Erica (@ericaweidelich), is a micro-influencer just starting out and getting her first taste of the perks of the job.

Check out their stories:

Instagram Influencers - How to make money - Planswell and Hashtag Paid

So… how much money can you make?

Influencer earnings depend on niche, followers, and engagement, and comparable influencers in different industries can make wildly different salaries per post.

If you’re an influencer who needs a hand developing a pricing strategy, then take a look at #paid’s handy influencer salary calculator. This chart gives a very general idea:

 

Influencer Tiered Chart - How to make money like an influencer - Planswell

 

 

Is being an Influencer a legit career?

It depends what you mean. Here are some numbers to ponder:

Let’s start with the minimum wage, which is $14/hour in Canada, or right around $29,000 annually. To replace that income with influencer money, you’d need to haul in more than $500 per week. Keep in mind you’d have some tax advantages as an influencer, since many of the expenses you’d incur will be tax-deductible.

If you wanted to make the average Canadian full-time wage, which is almost $58,000 per year, you’d need more than $1,000 per week in influencer income. That’s a tough number to hit until you have a sizable audience of engaged followers. Remember, this is a long-term project.

 

What should you do with the money?

If you have a knack for social media, love producing your own content, and have solid  followers and engagement, then you could use influence marketing to set up a successful financial future.

Of course, as a financial planning company, we generally recommend putting at least some of your earning in a TFSA or RRSP so you can really maximize your efforts over the long term.

Whether you’re brand new to influencer marketing, well on your way, or just considering it from the safety of your current job, it’s always a good time to start working on your financial plan so you can retire early. 😏

 

Influencer infographic

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