Moms open up about how they make money on Instagram: 'I try to be really choosy'

— -- Two mothers who are using social media to earn money shared with "Good Morning America" their secrets for how to turn one's Instagram accounts into lucrative businesses.

Texas mother of two Shay Jiles, whose Instagram account, @theprinceandthep, has over 43,000 followers, told ABC News that in order to earn money from her social media accounts she has to "do it all."

"I'm superwoman, I'm magical, I'm like a unicorn," the mother joked when asked about how she is able to work as a creative director, copywriter, photographer, talent wrangler and mom.

Jiles added that when running a business through social media, compensation can come in some non-traditional forms.

"Sometimes things come in the form of vacations or hair products," she said, but adds that she would call her business lucrative.

Arkansas mother of four Hannah Carpenter, whose Instagram account, @hannahacarpenter, has over 100,000 followers, also told ABC News that payments from companies may come in the form of clothing, furniture, or cash.

Carpenter emphasized that it is especially important to be picky when deciding what companies to work with, saying, "I try to be really choosy."

"I don't want to be spam-y," Carpenter said. She doesn't accept "whatever collaboration, partnership, comes along ... just because it's going to be $100 here or $300 there."

Experts cited in the book "Influencer Marketing for Dummies" lay out a rate schedule for Instagram of $250 per post for a user with 10,000 followers or less. Instagram users with hundreds of thousands of followers can earn as much as $3,000 per post, according to the book.

"For a very influential person, you could be talking into the tens of thousands of dollars," Ashley Lutz, deputy executive editor of Business Insider, told ABC News.

Both Carpenter and Jiles said that when advertisers approach them, they must disclose that it is a sponsored post.

Carpenter said that her main goal with Instagram, however, is to inspire her audience.

"I try to find images that portray where reality and inspiration co-exist," she said.