Becoming a social influencer seems so glamorous and fun! But the career comes with money challenges. Managing finances wisely is super important. You don’t want money stress ruining the dream!
Having an inconsistent income stream is tough at first. Brand deals and sponsorships vary monthly. Budgeting gets tricky without steady paychecks. It’s wise to live modestly while starting out.
As your audience grows, so do money-making opportunities! However, popular influencers still struggle without guidance. Hiring money pros like accountants is smart. They ensure proper taxes get paid.
Building an emergency fund provides security, too. Influencer popularity can quickly rise and fall. You need savings for lean times! Diversifying income through investments or businesses is advised.
Revenue Generated by Influencers in Ireland
| Year | Average Revenue per Influencer | Top Influencer Earnings |
| 2020 | €15,000 | €200,000 |
| 2021 | €18,000 | €250,000 |
| 2022 | €22,000 | €300,000 |
| 2023 | €26,000 | €350,000 |
1. Invest in Your Brand
As an influencer, you’re not just an online personality – you’re a full-blown brand. And just like any successful business, you need to invest in growing and promoting that brand constantly.
That means allocating funds specifically for things that will level up your content and reach.
It’s also worth budgeting for marketing tools and ads to expand your audience actively.
Taking a promoted post or running ads on Instagram or YouTube can exponentially grow your platform when done right. You’re essentially investing in your future earning potential.
Here are some key things to consider investing in:
- Professional camera/lighting/audio gear
- Editing programs and tools
- Hiring photographers/videographers/editors
- Social media marketing/ad platforms
- Online courses and workshops
- Personal branding coaches
- Software and productivity tools
- Website design and hosting
Having bad credit can really make you feel stuck and shut out from getting loans when you need them. But here’s the thing – there are lenders out there who specifically offer bad credit money loans for people in that situation.
These loans are designed to give folks a second chance, even with a spotty credit history. They make it possible to get the cash you need without being instantly denied.
And you know what’s great? By responsibly paying back one of these bad credit loans on time every month, it actually helps rebuild your credit score over time.
2. Growth Trends in Influencing as a Career
| Year | Total Number of Influencers | Growth Rate (%) | Average Follower Count | Most Popular Platform |
| 2020 | 1,200 | – | 10,000 | |
| 2021 | 1,500 | 25% | 12,500 | |
| 2022 | 1,800 | 20% | 15,000 | TikTok |
| 2023 | 2,100 | 16.70% | 18,000 | TikTok |
3. Budgeting for Irregular Income
One of the toughest parts of being an influencer? The income rollercoaster! Dealing with those major ebbs and flows in your monthly earnings is no joke. One minute, brand deals are pouring in; the next, it’s a total drought. It makes budgeting a real challenge.
But here’s the thing – if you want to turn influence into a true career instead of just a fun side hustle, you’ve got to get smart about managing that unstable income.
4. Save During High-Income Months
The savvy move is banking as much of that excess cash as possible. Save it away in a dedicated “income irregular” savings account to use as a financial safety net later.
Having an emergency fund is also key for peace of mind. With such unpredictable earnings, you’ll want at least 6 months’ worth of basic living expenses set aside in that fund.
As for handling the monthly budgeting roller coaster, here are some simple tips to follow:
- Review past earnings to spot any seasonal income patterns
- Set a bare-bones “worst case” budget for low times
- Increase fun spending only when higher income arrives
- Automate savings by funnelling funds instantly
- Revisit and flex budgets regularly as income shifts
5. Funding
You know, sometimes unexpected expenses pop up out of nowhere. When cash is tight, a cash loan from a trusted lender in Ireland can really help bridge that financial gap.
Instead of stressing and scrambling to come up with the full amount right away, you can get that emergency fund you need upfront. Cash loans in Ireland allow you to borrow a smaller sum, like a few hundred or thousand euros, to handle the urgent situation at hand.
It’s a safe, responsible way to stop those little financial headaches from becoming total migraines.
6. Diversify Income Streams
The reality is that relying solely on sponsorships and brand deals can be risky. Those opportunities can dry up overnight if your engagement drops or you fall out of favour. That’s why it’s smart to explore multiple income avenues to create long-term financial stability.
7. Sponsorships and paid partnerships
This is probably your biggest income source starting out. But be proactive about lining up a steady stream of these deals across different brands and industries.
- Research brands/products aligned with your niche
- Pitch collaboration ideas tailored to each one
- Negotiate fair long-term contract rates
- Disclose sponsorships per FTC guidelines
- Analyse content performance to optimise for engagement
8. Merchandise and digital products
Leveraging your personal brand can create passive income streams. Design and sell merch, digital downloads, online courses, etc.
- Use sites like TeePublic or Printful for merch
- Sell info products like ebooks or videos on Gumroad
- Offer online courses through platforms like Kajabi
- Look into drop shipping apparel and accessories
- Promote products across all your platform
8. Paid subscriptions
Develop exclusive premium content that superfans will happily pay for. This can include premium social feeds, private community access, personalised coaching calls, and more.
- Offer a free sample to hook new paid subscribers
- Create premium content like behind-the-scenes, tutorials, Q&As
- Provide bonus perks like merch discounts or Zoom hangouts
- Promote subscription via your free platforms
Conclusion
When you’re just starting out, the income can be really unstable and all over the place. One month, you might have multiple brand deals, and then the next month, you’ll have barely anything at all. It makes it super tough to budget and plan ahead.
The smart ones build up an emergency fund, enough to cover their expenses for like 6 months at least. And they invest a bunch, too, so their money can keep growing. That financial safety net allows them to truly commit to influencing long-term instead of just treating it as a temporary gig.
Caleb works as a senior content writer at Financealoan for the past 3 years. He is a writing enthusiast and invests a good time in exploring and writing about financial trends. His keenness in exploring a topic to create a research-based piece is simply unmatched. He believes in including a texture of authenticity with real-time examples and facts.
Caleb’s blogs and articles reveal deep-seated knowledge and expertise. His educational qualification forms the base of his excellent command over the industry and Jargon. He is a postgraduate in Finance and is currently involved in exploring the world of the stock market.
