The margin to be considered an "influencer" on IG is around 30,000. At that milestone–you'll probably get organic traction from brands for sponsored posts.

Another way to monetize it of course is by setting up your own business on the platform (i.e., an e-commerce store).

People are more likely to buy products on Instagram than on Facebook–this is why a large chunk of startups and SMEs are on the platform in the first place.