Should i monetize a smaller IG?

Hi i have around 3.5k followers with around 30% or more engagement rate. I have a couple people wanting me to promote their stores and im wondering if doing shoutouts this early will kill my page. Any advice and how much would i charge?

How old is your account and whats your niche?

3.5K followers wouldn't be worth monetizing at all in my opinion. Unless the niche is something super competitive like insurance, lawyers, etc. Which I doubt it is.

You should try to get at least 20K followers before you consider monetizing in my opinion - and even then you probably won't make much.
In order to make good money with IG shoutouts you need to be talking 100K + minimum. As mentioned though the niche plays a big factor.

The main point of pages is to run shoutouts to make money. I would run the shoutout at a higher price if you're afraid it will lower your engagement rate, but in my experience the engagement rate overall doesn't go down just the engagement rate of the ad does.

In my opinion, you can monetize your account from 50k. Or even better from 100k. Prior to this, you need to work on the quality of your audience. But this is just my opinion.