If you're reading this, I'm sure you've already discovered that being a business owner in 2023 also means being a content creator. But is the content you're creating making a maximum impact for your brand? Here are 5 ways to increase your income streams as a business owner.
Monetize Your Social Media
Most social media platforms have evolved to offer ways that you can get paid for creating content. Of course, each platform has a specific set of criteria that you have to reach in order to monetize your account, but the best way to ensure that your account will meet the criteria is to create and share quality content consistently and engage with your audience. But let's break down these social media platforms and ways you can make money from theme:
Instagram: Instagram now pays creators for views on their reels. Reels are also the best way to increase reach to your profile. So, creating great quality reels and posting consistently is a great way to build up your Instagram following and qualify your account for monetization in no time! Once your audience grows, you can also qualify for sponsorship opportunities.
Facebook: In addition to being able to get paid for your reels, you can also get paid through gifts people send through your livestreams on Facebook.
YouTube: Of course, YouTube is one of the highest paying platform for your video content. Not everyone has the time or patience to create and edit long form video content for YouTube and maintain a consistent upload schedule that is required to build up a YouTube channel to the point of being monetized. But now you can also use the YouTube shorts feature to build up your account. YouTube shorts are similar to reels in that they are in vertical format and usually 60 seconds or less. You can also get paid through gifts on YouTube livestreams similarly to Facebook.
Tik Tok: Tik Tok is the perfect place for content creators to create shorter vertical format videos to promote your business. In my experience, Tik Tok has the best algorithm to help push your brand in front of the audience that is most interested. Account growth on Tik Tok can be very fast if you're posting quality videos. Many creators (including myself) experience their very first viral video on Tik Tok. You never know what video will blow up and grow your account essentially overnight. Just like Facebook and YouTube, you can also get paid through livestream gifts on Tik Tok.
Fanbase: You may not be as familiar with Fanbase as the other social media platforms 've named here as it is a fairly new app. What I like most about Fanbase is there is no criteria to meet to begin getting paid for your content. Every creator qualifies to make money on their content immediately upon signing up. Fanbase pays out a half cent for every "love" you receive on your posts. It doesn't sound like much, but the more you post and engage with other creators, the more you'll see those pennies add up. You can cash out after you've made your first $50. Fanbase is also a black owned app which made it very easy for me to want to support it.
2. Exclusive Content
Many apps are now offering member-based portals where you can share exclusive content to subscribers who pay a monthly membership free to access it. There are also platforms that are exclusively for monthly paying subscribers such as Patreon and of course OnlyFans. Although OnlyFans has become widely recognized as a platform for adult content because of their very laxed community guidelines, it can be used to sell any type of content you'd like to sell. One of my favorite features is that you can also make your account free to join and charge a set price to unlock certain content that you don't want to give away. Patreon allows you to set different tiers for your subscribers that can be priced however you'd like depending on the amount of exclusive content you offer on each level. YouTube has tiered memberships as well that your subscribers can sign up for exclusive content that isn't shared to your main subscribers. Instagram has recently introduced subscriptions as well. And Fanbase also has a membership subscription, but unlike the others, it has a set $4.99 monthly subscription fee that you can't change. But it's still a great way to be able to charge your subscribers for content you don't necessarily want to give away for free.
3. Affiliate Marketing
Affiliate marketing & referral programs are an excellent way to make passive income promoting products that you don't personally have to make or ship out. If you haven't signed up for an affiliate program, DO IT TODAY! Most companies provide an easy sign-up process on their website. Growing companies who are looking for more exposure partner with affiliates to bring more attention to their products, with your help. You receive a portion of the commission from sales on the product you advertise. A few great affiliate programs are:
... or directly through companies themselves
Especially for products you buy often or brands that you like, it is easy to market them in your content. For example, I love to wear watches from Seventeenth Watches, so I became an affiliate. Because I wear their watches in a lot of my pictures and videos, when people inquire about my watch, I send them my affiliate link, or I tag it in my post. Easy commission!
4. Create A Blog
Creating a blog is a great way to increase traffic to your personal site and promote your referral codes and affiliate marketing links. You can compile lists of your favorite things, provide instructions for making or completing a specific task, and include links with the products you use for easy access for your readers. Pinterest marketing is another great way to promote your blog and the products you'd like to advertise.
5. E-Books & Online Courses
You would be surprised how many people are willing to pay for you to teach them how to do what you do. E-books and online courses are a great way to monetize information that you're willing to share to help others learn your craft.
There are so many more ways to maximize your income streams as a business owner in this digital world. But these are the top 5 that will help you get started! Good luck!