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Guest post From Logan Allec With Money Done Right
6 Ways to Make Money on Facebook
You probably don’t think of checking Facebook as a productive habit, but did you know that the platform offers a number of ways for people to make money? This is a great option for anyone looking to make a little extra cash without having to leave their home.
Continue reading to learn more about some of the most effective strategies to earn money on Facebook.
1. Sell Items Using Facebook Marketplace To Earn Extra Cash
Facebook Marketplace is one of the best sources of additional income on Facebook, and it can also help you get rid of anything you don’t need. The Marketplace platform allows you to post almost anything for sale, and you can often get a good price on certain items.
Facebook Marketplace listings are shared with everyone in your area, so you should be able to find a buyer for most items in good condition. Some people may know of friends or family who are interested in the product, so Facebook is the perfect channel for things you couldn’t sell elsewhere.
If you’re looking for a more specialized sales platform, consider searching for Buy and Sell groups in your area. These are designed to facilitate the sale of used goods like cars, furniture, and electronics, connecting you to people who are actively looking for items like yours.
On the other hand, if you’d rather sell to someone you know, you can always make a Facebook post with details about the product. This will limit the audience to your Facebook friends, although they can then share your post with their own friends.
Whenever you hear from an interested buyer, contact them using Facebook Messenger to agree on a price and meeting time. If you’re selling to someone you don’t know, check that their profile looks legitimate and always meet them in a public place.
2. Earn Extra Money With Facebook By Flipping Products
Flipping products can be a time-consuming project, but you’ll sometimes find incredible deals, especially on a platform like Facebook Marketplace.
This is a great option for anyone who has experience fixing up things like cars or electronics, as you can often substantially increase an item’s value with a few quick repairs and aesthetic improvements.
Many of the tips for selling your own things on Facebook Marketplace apply equally when you’re buying and reselling.
Always ask for the chance to double check an item’s condition before handing over any money, and don’t be afraid to walk away at any time if something seems suspicious or off.
When you’re trying to increase the value of a used product, you should do everything possible to get it sale-ready and assure your buyers that they’re getting a good deal.
- Take detailed pictures of every item and thoroughly explain any damages or defects.
- List each product at the highest price you could imagine receiving for it, then wait for a few offers before making a decision—you could be leaving money on the table if you list it too low or accept the first offer.
3. Earn Money From Your Facebook Account by Creating Content
Many individuals and businesses use Facebook as a content creation platform, and popular pages can earn substantial revenue in a variety of ways including charging subscription fees, driving website traffic, and leveraging their following to become an influencer.
While you can’t earn money from ad revenue on your Facebook page, there are many options for making money once you’ve reached a large enough audience. That said, this process takes much more time and effort than simply selling something you no longer want on Facebook Marketplace.
You’ll need to become an authority in your niche in order to build a profitable Facebook page.
Becoming an authority in your niche requires consistent, high-quality content that goes above and beyond what similar content creators are doing, so you’ll need to spend time learning more about your readers and top competitors.
One of the benefits of this approach is that you can have success on Facebook in nearly any field.
If you have knowledge or experience in a popular area, consider converting that into sustainable income by running a Facebook page and creating exceptional content.
Facebook Ads are a great way to gain exposure for any Facebook page, and they can also drive traffic and sales during any limited-time events. Remember that it’s important to strike a good balance between organic posts and promotional content—your users will lose interest if you stop offering a unique and engaging perspective.
You can also capitalize on your Facebook following by creating a website and linking to it from your Facebook profile.
Facebook is one of the best ways to promote a blog or informational website, and its powerful audience segmentation tools make it easy to target the right users.
4. Earn Extra Money On Facebook By Entering Giveaways
Countless e-commerce and traditional brands are running Facebook giveaways every day, and it’s easy to search for the best prizes and odds using websites like WildFire or even a local sweepstakes group.
These resources can also help you learn more about successful strategies for making money through Facebook giveaways.
Giveaways might not seem like a reliable source of income, but most Facebook contests are free and take very little time to enter—you should be able to get your name in a lot of giveaways in just ten or fifteen minutes each day.
There are even Facebook groups dedicated to this way of earning money, and these are a great resource for anyone interested in learning more.
While different users have different strategies for making money on giveaways, the best way to increase your chances is simply to put your name in as many drawings as possible. Giveaway prizes can be anything from cash and Amazon gift cards to a wide range of household items.
You can also get better odds in giveaways by looking for contests that involve skills like writing, photography, or drawing. If you’re talented in any of these areas, you should be able to win a high rate of contests—especially if you focus on giveaways by lesser-known brands.
5. Make Money On Facebook By Referring Products To Your Friends
Referral bonuses are an incredibly easy way to bring in more money on Facebook, and a number of businesses offer cash or other rewards in exchange for referring new customers.
You can refer friends without spending any time or money on marketing, and you can do this as often or as little as you’d like.
Most companies allow you to share their referral links on Facebook along with other channels, and the process becomes second nature once you’ve been through it a few times. You’ll often be able to make money simply by promoting products that you already use and would recommend anyway, especially if you have a large network of friends on Facebook.
Similar to content creation, it’s crucial to avoid being overly promotional when referring people to new brands.
If you look at this simply as a way to make money, your friends might lose trust in your recommendations over time. They’re much less likely to accept your referral if they think you’re just trying to earn some extra cash, so only do referral work for products that you think people will really appreciate.
One of the best referral program’s I’ve found is through grocery shopping type apps. People are always looking for ways to save money and grocery apps when used correctly can save you a lot of money.
My two favorites are the Walmart Grocery App (You’ll get $10 of your first order and I’ll get $10 of my next order if you sign up though this link) and the Ibotta Grocery App. Ibotta changes their promotions, but you’ll typically earn anywhere from $3-10 per sign up.
6. Make Money On Facebook By Purchasing Facebook Stock
Facebook shares have continued to increase in value even over the last few years, and it’s unlikely that people will lose interest in the platform anytime soon.
The platform’s stock has become more than four times more valuable since its initial public offering in 2012, but it’s not too late to start investing.
While Facebook’s recent privacy issues may turn you off, it’s still the most popular social media website worldwide and is working on a number of exciting projects. The Facebook Portal, for example, was a great demonstration of the company’s potential in hardware.
You might also be intrigued by Facebook’s recent move into the world of cryptocurrencies with the announcement of a new currency known as Libra. A number of cryptocurrencies have seen incredible levels of success in recent years, and it’s important to get in early on if you believe in the project.
Users can send Libra within messaging applications like WhatsApp and Messenger, making it a convenient new option that could be more accessible than other cryptocurrencies. A number of large businesses have a stake in Libra, so it’s likely to receive regular updates and a very high marketing budget compared to most cryptocurrencies..
Libra might not be as safe of an investing option as Facebook itself, but it has a substantially better chance of dramatically increasing in value if it becomes a popular currency. Facebook, on the other hand, has already reached most of its audience and no longer has as much room to grow.
Can You Make Money On Facebook? Yes!
Making money probably isn’t the first thing that comes to your mind when you think of Facebook, but you can start earning more income by spending just a little extra time on any of these projects.
You’ll learn more about the platform and develop your skills over time, and each of these six choices can be surprisingly lucrative if you put in enough time and effort.
If you are serious about making money on Facebook you need to take a little bit of time to think outside the box.
What products could you promote, what items can you sell, what area can you develop a following? These are all questions you can ask yourself to get started.
Special Thanks to Logan Allec from Money Done Right For this Guest Post!
Bio: Logan Allec is a CPA, personal finance expert, and owner of Money Done Right. After spending nearly 10 years helping big businesses save money in his role as a tax adviser, he launched Money Done Right with a mission to help everybody — from college students to retirees — make more money, save more money, and grow more money. Logan lives in the Los Angeles area with his wife and son.