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Because of that, well-known celebrities with huge followings grab those big deals while other content creators struggle to build their follower count, reputation, engagement, and much more. But many wonder: What's the secret formula for how to make money on Instagram? And what factors affect how much one can potentially earn? For instance, the nanoinfluencer category has influencers with less than 10,000 followers, the micro category has up to 100,000 followers, the macro category has between 100k and a million followers, and influencers in the mega category have over a million followers. The lower-level influencers, like nanoinfluencers, earn $10 per 1,000 followers, micros earn $100, and macro earns $1,000. Related: Here's How to Create Quality Content in the Age of Social Media 2. Engagement rate Although your Instagram follower count is important, a lower-level influencer with a higher engagement rate may earn more than another with a huge following but few likes and comments on their posts. Followers that engage more are more likely to purchase in the near future, and that's what brands are looking for. If you're ready to try to make money on Instagram, remember: even if you use Instagram as a part-time way to try to make money, there are full-time influencers, athletes, and celebrities out there that you'll have to compete with. win win sport betting

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