I wouldn’t consider 50k followers alone to be something huge. The most important factor is engagement. How many likes, comments, shares, etc. do you get on average for each post or Reel? That matters much more.
I know someone who had only around 8k followers on Instagram and 5k on TikTok. Her niche was mostly dance, fun content, and trending topics. By reaching out to local businesses, she was able to make around €200 per month. It wasn’t enough to cover all her expenses, but it was still a nice passive income.
I would suggest reaching out to local businesses only if you have good engagement. Otherwise, focus first on increasing your engagement.