Do you love creating TikTok videos and growing your following? How would you like to make money on TikTok? Well, good news—it is indeed possible, and it’s becoming easier and easier to make some serious cash with this social platform.
Social media is an excellent revenue source for people who want to, or have to, work from home. TikTok is one of the fastest-growing apps for earning potential, so let’s explore how to make money on it (you don’t necessarily have to be an influencer).
Before monetizing your account, you will first need to follow these three steps (really well!):
Step 1: Create your brand
Like any business you want to start, you will need to have a niche, whether you have something to sell or not. Read: Too Many Ideas? The Journey to Finding Your Business Niche.
Step 2: Create engaging content
Post videos multiple times a day that are fresh, original, and unique. The aim is to share content that potentially goes viral to attract your target market. Be prepared to put in some work; reaching large-scale popularity won’t happen overnight.
Step 3: Grow your audience
Try to get into the heads of your target market, and if you’re doing steps one and two exceptionally, then your audience will come to you. To monetize your account, you may need a minimum of 10,000 followers depending on the niche, and some estimates are even a minimum of a million followers.
10 Ways to Make Money on TikTok
There are many ways to make money on TikTok, but it’s best to diversify your income sources with at least two or three of the following options. Since TikTok is quite young, it’s also a good idea to grow your other social channels to create a strong portfolio.
1. Influencer marketing
If you’ve had any social media account before, you’ll know exactly what it means to be an influencer. A brand hires you or gives you free products to promote them with the purpose of generating sales.
2. Grow accounts and then sell them
This is becoming a popular option for people, wherein they grow an account around a niche topic and then reach out to brands in that industry to sell them to. Brands then find it easier to start selling their products to a ready-made account and audience.
3. Sponsored content posts
If you’re lucky, you could land a deal with a company in which you create content for them. To get brands to notice you, focus on your followers. Create genuine content, be yourself, engage with your fans, use humor, and don’t forget trending hashtags and music.
4. Sell your own products
One way to sell something is by using TikTok Live. You can launch a new product live or hold an auction while live streaming it. You will just need to include a link to the products, your website, or other e-commerce platform in your bio.
5. Launch your artistic career
Use the platform to share your talent in music, acting, or art with a wide-reaching audience.
6. Audio sponsorships
Being a platform that emphasizes audio, you can get paid to include an artist’s audio clip in your videos. Start reaching out to artists as another way to monetize your audience.
7. Collect donations from your followers
Yes, you can receive money from your fans. It’s their way of thanking you for all the effort you put into producing amazing content. How does it work? TikTok users can purchase ‘coins’ through their profile (read more about how it works here) and then send them to you. You then convert the coins into ‘diamonds,’ which can then be turned into cash via PayPal.
8. Manage influencer campaigns
This is ideal if you have a background in or a flair for marketing. You can get paid to manage a brand by coordinating their collaborations with influencers. You promote your service, reach out to both parties, create the agreements, make sure the brief is met, and manage both the brand and influencer.
9. Get paid by TikTok
TikTok will directly pay its users for making videos. Their ambition is to help its biggest creators succeed, so they have launched a $200 million creator’s fund, although they haven’t confirmed how much a creator can earn and how many followers they need to receive the funding. You can apply through your profile, and you’ll receive an invitation if you meet the requirements.
10. TikTok Consulting
Now that you’ve become quite the TikTok expert, you can offer your consulting services to the many who will pay you to guide them through this relatively new platform. You can help them build their brand, grow their audience, and get them deals on influencer agreements.
How much money can you make on TikTok?
The amount you can earn varies and depends on your profile, niche, location, engagement, target audience, and industry. You can find out an estimate of earnings on any public TikTok account using the TikTok money calculator.
Most popular creators don’t release their earnings on TikTok, but economists have estimated that those with more than 100,000 followers make between $500-$2,000 per sponsored video.
Many people are enjoying fame and making money on TikTok, and if you’re willing to put in the work and time, you can join them. It’s not going to be a way to make money fast, but as you can see here, there are plenty of opportunities to reap financial rewards.
Comparing TikTok to other social media platforms, one standout feature is that your videos won’t disappear as they do on Snapchat. This means that you don’t necessarily need a lot of followers to have a large number of eyes on your content because it’s still being pushed out months after you’ve posted it.
TikTok is new, so you have that on your side. There’s a lot of interest but still not a lot of content. The algorithm works in your favor that way, which is a powerful way to get traffic.
One final note is to keep in mind that TikTok has been criticized for censorship, privacy, and child safety concerns. Like with any business venture, do your research and become familiar with its culture and nuances.