Starting a business on Instagram
Running a business on Instagram is easier than it might seem initially. But it’s not easy either – you shouldn’t assume that tens of thousands of users from your target group will subscribe to your profile after you create it.
It would help if you went through several successive stages to make your Instagram business page effective and bring in a solid income that grows every month. The key is to choose a topic and target audience. For example, by touching on betstarexch withdrawal time, you can attract an audience of online casino players. If you work hard and pursue your goals, your Instagram business will start working and generating revenue.
First, you should decide how you plan to develop your business. It’s essential to focus on industries in high demand and of interest to people. The most popular products on Instagram are clothing, shoes, underwear, jewellery, accessories, and food. Other popular services include selling travel packages, delivery, makeup, manicures, other beauty services, and sports services. If you plan to advertise, you should pay attention to the fact that you need an audience of tens of thousands of subscribers interested in your content and products.
Selling special equipment, too-expensive goods, or highly specialized services on Instagram makes no sense. It would help if you created thematic online stores for them.
When choosing a direction, you should also consider your preferences and interests. For example, create a corresponding store if you are well-versed in women’s dresses. Are you looking for ideas for an Instagram business? Think about what you are a real professional at. It will allow you to choose the best niche for your business.
Before you finally decide what kind of business to run on Instagram, you should calculate the profitability of the direction you are interested in. After all, any activity must generate income.
If you are interested in running a business on Instagram and want to sell goods, I will give you an example of calculating profitability. Let’s say you decide to make beautiful bouquets with your own hands and sell them. You want to reach a turnover of $1,000 per month.
Let’s take the following data as a basis:
the average price of a bouquet you make is $5;
the average conversion rate to purchase is 30% (i.e., out of 3 customers interested in buying, 1 will place an order).
Here is an example of calculations: 1000 dollars/5 dollars = 200 bouquets. The conversion rate is 30%. Therefore: 200 * 100/30 = 667 applications. To sell 200 bouquets, you need to receive 667 applications.
Is this realistic? At the initial stage of business, it is not. Therefore, to achieve a turnover of $1,000, you need to work on increasing conversion.
Let me continue to describe examples of calculations for Instagram businesses. Let’s say you are a manicurist. It would help if you immediately understood how many customers you need to recoup your investments fully.
For calculations, you need to take into account absolutely all expenses:
- office rent – $500 per month;
- consumables – $300 per month;
- the average cost of one session is $10.
It is difficult to accurately predict how many clients will come to you at the beginning of your business. Still, it is realistic to calculate how many people you need to see to cover all expenses. We use the following formula: (500+300)/10 = 80. There are usually 22 working days in a month. That is, you should accept more than 3 clients per day. It will only allow you to recoup costs. To reach a net profit, there should be more clients!
Below I will tell you in detail how to run Instagram for business, but for now, let’s talk about such activity as making a profit from advertising. Only those with many followers and an engaged audience can profit from it, i.e., actively liking and commenting on posts and watching stories.
You need to get 10,000 followers. Advertising your profile will cost you $1,000.
The cost of advertising directly depends on the number of followers. Let’s assume that the average price of advertising in a story with an audience of 10 thousand people is $20 (in reality, it is slightly higher). To recoup only the cost of attracting an audience, you need to publish 50 advertising posts.
However, you must understand that this activity takes time to give results. Often, the money received from advertising is re-invested in promotion, which leads to an increase in the number of subscribers and an increase in the cost of advertising. But such a consistent approach to development allows you to count on a steadily increasing income in the future.
To make a business Instagram account profitable, you should conduct a detailed analysis of competitors after identifying a niche. You need to collect as much information about them as possible:
- how their profiles are designed;
- how many subscribers do they have
- what hashtags they use;
- what I post in stories;
- how the feed is intended;
- and much more.
Specialized tools and services are used for analysis. Among them, the following stand out for their ease of use and efficiency:
- and some others.
You can also collect data manually:
- Find profiles that are your competitors;
- Search for competitors by keywords;
- also, use hashtags to search.
Collect the most complete “base” of potential competitors, and then analyze it and eliminate all those who do not compete directly. In particular, at the initial stages of your business, you should focus on something other than niche leaders and accounts with millions of subscribers. Find the same newcomers and those who have already taken the first steps but have yet to go far.