Becoming an influencer has become big business, with celebrities and social media stars commanding large fees for sponsored posts to promote a product or service to their followers on websites such as Facebook, Instagram and YouTube.
Actor Dwayne Johnson and reality star Kylie Jenner are reported to charge $1m for a sponsored Instagram post.
Influencers fall into two broad camps. There are those who regularly review products such as makeup or video games and celebrities or personalities promoting their own brand.
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There can be a crossover between the two and some of the main ways influencers make money is through sponsored posts, brand partnerships and income earned through ads on their own website or YouTube videos. They may also use their posts and websites to sell their own products and services.
For example, Sophie Hinchcliffe – better known as Mrs Hinch – has built a 4 million Instagram following sharing cleaning tips and now has her own range of products.
Not everyone can attract $1m per post but Tribe, which runs a platform matching brands with influencers, says someone with between 3,000 to 10,000 followers could get £50 to £100 per post, rising to more than £350 for followings above 100,000.
With more followers comes more financial responsibility and experts warn that influencers could easily fall into tax traps and money mazes as they start to earn more.
“These are often young influencers who suddenly are getting lots of cash and don’t realise they are now responsible for the tax,” says Antony Smith, a director at tax advisers Hillier Hopkins, which advises several influencers.
“That is the biggest mistake I see. You could have years of loads of money coming in and then HMRC comes along with a big tax bill if income hasn’t been declared.”
Consider your business structure
Like any business, an influencer can setup as a sole trader or limited company.
Mr Smith says there is a whole level of compliance that comes with being a limited company such as keeping accounts and paying corporation and dividend taxes, while a sole trader’s main fiscal worry is income tax.
“How you are structured isn’t just about tax, it is also about protection,” he adds.
“Everything is at risk if you get sued for saying something in a video or post as a sole trader, but a company provides a protective shield. Only whatever the company owns can be targeted.”
Watch out for the perks
Influencer marketing is already a billion-dollar industry as global brands lavish celebrities and social media stars with free products or holidays to promote to their followers to boost sales.
The industry is expected to grow to more than $13.8bn this year, according to the Influencer Marketing Hub.
But Mr Smith warns that HMRC may view freebies as income and to be cautious about how items are expensed.
“If you are getting paid by a brand to advertise a product and they gift you the products, that can be seen as part of your compensation for providing those paid-for posts so it could be taxable and need to be declared in your tax return,” he adds.
“Additionally, an influencer may take pictures wearing clothes they have purchased and then put the items down as an expense in their accounts but HMRC won’t see it that way as the garment isn’t just being used for work.”
Use professional support
As well as tax and keeping on top of their finances, influencers also have to follow rules on advertising products clearly.
Love Island star Molly-Mae Hague was reprimanded by the Advertising Standards Authority earlier this month for failing to make clear how the winners were chosen in an £8,000 competition for some of her own products such as tanning foams.
Influencers should also be clear about what they are agreeing to promote.
“Check your contract to see what you are getting paid, what you have to do and any restrictions such as non-compete clauses that stop you promoting similar products,” says Mr Smith.
“Also consider how much it may cost to do a promotion such as travel as this could reduce your fee.”
Mr Smith says having a business manager as well as access to an accountant and legal team can ensure you are operating lawfully and help keep on top of your income.
‘My social media success is boosted by scone sales’
Charlie Gray, 40, has built a 7,000-strong social media following as life and home skills influencer Ask Charlie after realising many people haven’t learned how to do traditional domestic chores such as planning family meals, cleaning or the best way to put on a tie.
Her Facebook, YouTube and Instagram followers regularly watch her demonstrate practical tasks such as cooking a Sunday roast or doing French plaits from the home she shares with her husband and three children in West Sussex.
Her followers doubled during the pandemic as more people found themselves at home and having to cook or run a household, which they may not have been used to or didn’t learn from their parents or grandparents.
Once her content was getting monetised from online courses and YouTube views last year, Charlie knew she needed to change her setup as she was previously a sole trader.
She launched her own company, opened a business account and got an accountant.
“It makes it easier to keep things separate once money is coming in and to leave it to the professionals,” she says.
“I am also careful about freebies.
“You have to be really clear about items that are gifted. It’s one of the reasons I don’t like accepting too much and I will only promote items I have used and like.”
Charlie says one of the biggest challenges is funding everything yourself so she sells homemade items such as jam and scones through her website to keep money coming in.
“I think I made and posted thousands of scones last year,” she adds.
‘Partnerships have helped me grow’
Financial adviser Emmanuel Asuquo, started making his own videos explaining subjects such as pensions, investments and money habits four years ago and has amassed more than 24,000 followers on Instagram.
The 35-year-old grew up on a council estate in the shadow of Canary Wharf in Tower Hamlets and felt people from his background are underrepresented and underserved as clients and colleagues in financial services.
His financial coaching posts have proved popular and he can now use it as a platform to help those who need help such as with setting up a pension.
But the father-of-four says it can take a while to get to a level where being an influencer is self-sufficient so it is important to budget and try it part-time until you generate enough income.
He says one of the biggest shifts is the lack of a regular payday and warns you have to be clear and careful what you talk about.
“Financial advice has to be individual, what I put online is education, I am just trying to make people aware of what’s available,” says Emmanuel.
“I have loads of companies wanting me to promote forex and Bitcoin but I won’t as I know the risks.”
Social media partnerships can also help your brand grow, he says.
“I used to pay huge amounts on Instagram marketing but realised it was more effective to work with other influencers or people with larger audiences and doing stuff in partnership to get my name out there.
“That worked out a lot cheaper than paying for social media.
“It doesn’t feel like a business when you are doing your passion.”
LinkedIn Makes its 20 Most Popular LinkedIn Learning Courses Freely Available Throughout August
Looking to up your skills for a job change or career advancement in the second half of the year?
This will help – today, LinkedIn has published its listing of the 20 most popular LinkedIn Learning courses over the first half of 2022. In addition to this, LinkedIn’s also making each of these courses free to access till the end of the month – so now may well be the best time to jump in and brush up on the latest, rising skills in your industry.
As per LinkedIn:
“As the Great Reshuffle slows and the job market cools, professionals are getting more serious about skill building. The pandemic accelerated change across industries, and as a result, skills to do a job today have changed even compared to a few years ago. Professionals are responding by learning new skills to future-proof their careers and meet the moment.”
LinkedIn says that over seven million people have undertaken these 20 courses this year, covering everything from improved communication, project management, coding, strategic thinking and more.
Here are the top 20 LinkedIn Learning courses right now, which you can access via the relevant links:
- Goal Setting: Objectives and Key Results (OKRs) with Jessie Withers
- Excel Essential Training (Office 365/Microsoft 365) with Dennis Taylor
- Interpersonal Communication with Dorie Clark
- Cultivating a Growth Mindset with Gemma Leigh Roberts
- Project Management Foundations with Bonnie Biafore
- Using Questions to Foster Critical Thinking and Curiosity with Joshua Miller
- Essentials of Team Collaboration with Dana Brownlee
- Unconscious Bias with Stacey Gordon
- Learning Python with Joe Marini
- Communicating with Confidence with Jeff Ansell
- Speaking Confidently and Effectively with Pete Mockaitis
- Learning the OWASP Top 10 with Caroline Wong
- Power BI Essential Training with Gini von Courter
- Strategic Thinking with Dorie Clark
- SQL Essential Training with Bill Weinman
- Developing Your Emotional Intelligence with Gemma Leigh Roberts
- Communication Foundations with Brenda Bailey-Hughes and Tatiana Kolovou
- Agile Foundations with Doug Rose
- Digital Marketing Foundations with Brad Batesole
- Critical Thinking with Mike Figliuolo
If you’ve been thinking about upskilling, now may be the time – or maybe it’s just worth taking some of the programming courses, for example, so that you have a better understanding of how to communicate between departments on projects.
Or you could take an Agile course. If, you know, you don’t trust your own management ability.
The courses are available for free till August 31st via the above links.
Instagram Is Rolling Out Reels Replies, And Will Be Testing A New Feature Which Informs …
Instagram has added a few more social features to the platform, with Reels Replies being rolled out. Along with the Replies, anew feature is being tested that shows when two users are active together in the same chat.
Reels has been performing much better than perhaps even Instagram ever anticipated. The TikTok-inspired new video format (which officially claims to have absolutely no relation to the former) had some trouble really finding its footing initially. However, Reels has grown massively and while it may not be a source of the most direct competition to TikTok, it is indeed a worthy alternative.
Reels has grown to the point that it has a massive creator program attached to it, and the video format has even been migrated to Facebook with the goal of generating further user interest there. Naturally, with such a successful virtual goldmine on its hands, Instagram has been hard at work developing new features and interface updates for Reels, integrating it more and more seamlessly into the rest of the social media platform. Features such as Reels Replies are a major part of such attempts at integration.
Reels Visual Replies are essentially just what they sound like: A Reel that is being used to reply to someone. It’s a feature that’s been seen frequently across TikTok as well. Reel Replies essentially take a user’s comments, and reply to them in video format. The comment will then show up within the Reel itself as a text-box, taking up some amount of space, and showing both the user who issued said comment along with the text. The text-box is apparently adjustable, with users having the ability to move it around and change its size depending on where it obstructs one’s Reel the least.
Overall, it’s a fun addition to the Reels format, even if the credit should be going to TikTok first. At any rate, it’s an example of Instagram really utilizing Reels’ social media capabilities, outside of just serving it up as a form of entertainment.
Speaking of social media capabilities, a new feature might help alleviate one of the most common frustrations encountered across all such platforms. Isn’t it annoying when you see that a friend’s online, but isn’t replying to your chat? Sure, they’ve probably just put their phone down to run a quick errand, but there’s no way for you to know, right? Well, there sort of is now! Instagram is beta testing a new feature via which if both users are active within a chat, the platform will display that accordingly. It’s a work-around, sure, and one that’s currently being tested for usefulness, but it’s still a very nice, and even fresh, addition to the social media game.
— Yash Joshi (@MeYashjoshi) December 10, 2021
5 apps for scheduling Instagram posts on iPhone and Android
Alright, we get it. You’re an Instagram Nostradamus.
You know exactly what you want to post and when you’re gonna want to post it. Maybe there’s a meme or comment you want to make that you know will be totally relevant for a future moment or event. Or it could be that you’re an influencer and you want to make sure you keep a steady stream of content coming, so you want to schedule posts for times when you know you won’t be active (or won’t have internet access).
You’ll be happy to know there are apps that are specialized for just such situations. So listen up, InstaNostradamuses…Instagrostra…Instadam…Insta…uh…you guys (we’ll workshop it. No we won’t. We’ll probably just abandon that effort completely. You’re welcome) — these are the Instagram-post-scheduling apps for you.
While all of the iPhone apps below are free to download, they all have some in-app purchases.
We’ll start with “official partner” of Instagram, itself, Planoly — an Instaplanner that uses a grid to let you plan, schedule, and publish posts (as well as Reels) on Instagram. The app also lets you see post metrics and analytics so you can make sure your post didn’t flop.
Credit: buffer / app store
Buffer is another Instagram post scheduler that helps you plan your posts and analyze feedback once they’re published. Use a calendar view to drag and drop posts into days/time slots for easy scheduling.
Credit: preview / app store
Preview offers typical post-scheduling tools and analytics along with a few helpful extras. Get caption ideas, recommendations for hashtags, and more.
Credit: content office / app store
An Instagram post scheduler with a visual boost, Content Office allows users to plan and schedule Instagram posts while learning “marketing and visual guides to grow your brand on Instagram.” Like aesthetics and using visuals to create cohesive themes? Maybe this is the Instaplanner for you.
Content Office is available for iOS on the Apple App Store.
Credit: plann / apple store
You’ll never guess what “Plann” lets you do…
Aside from scheduling posts, get content ideas and recommendations, as well as strategy tips to ensure you’re maximizing your Instagram engagement. Ever wonder when the best time to post something is? Plann can offer you some help with that.
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