Social media has allowed everyone to carve out their own space on the internet. While some prefer to keep their thoughts and content to a small circle of people they trust, others choose to widen their reach and establish credibility in a particular area or industry. Also known as influencers, these people get paid to create content and give businesses access to their audience.
Being an influencer can be a lucrative career. Fox Business reports that the average influencer can earn anywhere from $30,000 to $100,000 per year through affiliate marketing, display advertising, and sponsored posts. However, this doesn’t automatically mean that influencers have a steady source of income. There are times when businesses slow down on influencer marketing, which means that those who choose the influencer life may have gaps in their income.
So without that in mind, let’s discuss how you can find financial stability as an influencer.
As an influencer, you should determine your content pillars or the subtopics that you’ll constantly focus on. If you’re a travel influencer, for example, your content pillars should include travel tips, food, and lifestyle. Having content pillars allows you to streamline your content and helps you be more consistent on social media. Consistency is key in finding success as an influencer as this allows you to generate income, especially if your choice of social media platform pays you for displaying ads on your page or content.
Do try to batch your content and dedicate a few days in your week to take photos, write posts, or make videos in advance. This prevents your social media page from becoming stagnant and helps you generate income without having to rely on brand partnerships.
Because influencers have fluctuating income streams, you should have an idea of your probable monthly expenses. This allows you to create a comprehensive budget and avoid spending beyond your means. Be sure to create a list of your absolute essential expenses and rank them according to importance. After that, you can move on to prioritizing payments and make a mechanism for receivables. Business Insider lists some apps that you can use to manage your finances and create a budget, such as Mint and Charlie. By creating a budget, you can keep your finances in-check even if your monthly payout varies.
While you may not have influencing as a career for the rest of your life, it’s still important that you start saving for retirement as early as now. Because you are technically self-employed and generate income from freelancing, you can open a Simplified Employee Pension plan (SEP IRA). What’s great about a SEP IRA is that your contributions can be tax-deductible and the amount you’re required to put in depends on your income. Furthermore, a SEP IRA is inexpensive and easy to set up and maintain.
In addition, you should also start investing for retirement. AskMoney features guides on investment options that you can include in your retirement portfolio. The guides include things like advice on stocks, cash investments, and bonds. Investing allows you to secure your financial future and ensures that the money you’re earning now can grow into something more in the future.
Many consider influencing as a full-time career. However, finding success and financial stability as an influencer can be extremely difficult, especially because trends and personalities constantly change on social media. If you want to capture the attention of your audience and get more brand partnerships, be sure to check what we offer here at Gillian Sarah.