7 Best Ways To Make Money With TikTok
Can you make money with TikTok? And if so, how exactly does it work? We want to address these questions in this article.
Have you ever dreamed of getting a lot of money for fooling around on your phone all day?
This is exactly what seems to be the case when delving into how to make money on TikTok. We see it every day: There are countless influencers who earn millions with their TikTok accounts.
And that’s no secret. TikTok has grown incredibly fast since its debut in 2016 – it’s the first non-Facebook app to reach three billion installs.
Monetizing your TikTok account is certainly not an easy task. But if you have the commitment, strategy, and willingness to learn, it’s definitely doable.
In this article, we look at 7 ways to make money on TikTok.
Become a TikTok influencer
By building a TikTok presence with a loyal and engaged following, you can form influencer partnerships with brands around the world who want to connect with your audience.
As part of an influencer marketing agreement, a brand asks you to promote their products or services in your TikTok videos. The most common payment method is a previously agreed amount of money or free products from the respective partner company.
One example is Charli D’Amelio, one of the biggest TikTok influencers, who has a partnership with global conglomerate P&G.
Building and selling TikTok accounts
Many businesses would love to have a presence on TikTok but don’t have the time or resources to create and maintain an appropriate presence.
So why not offer them a fast way to grow on TikTok? You can do exactly that by growing and selling TikTok accounts.
For some time now, users have been building their own social media accounts and selling them to make money. 23-year-old Ramy Halloun makes around $30,000 annually using this TikTok money-making strategy.
To successfully sell TikTok accounts, you need more than just an attractive selection of videos on your account. You also need a purposeful focus and a dedicated following.
Theme or niche accounts are easier to sell as the buyer can continue to create the same type of content after purchase to keep followers.
If you e.g. For example, if you sell an account with short unboxing videos, the brand you sell to can continue to publish these types of videos in the future.
Personal accounts are far more difficult to sell as followers are often drawn to the person rather than the style of the content.
Selling TikTok accounts means developing a strong content strategy, engaging with your followers regularly, and providing tips to your buyers on how to continue using their newly acquired account.
Posting Sponsored Posts
Another way to make money on TikTok is through sponsored content. This is when brands contact you (or you contact them) to feature their offerings in one of your videos. In return, they pay you a fee as compensation for your service.
You can start by working with smaller brands to expand your portfolio. Check with local businesses in your area to see if they’re interested in applying on TikTok. At the beginning it could be a good approach to ask for a rather low compensation. Then, once you’ve gradually built up a reputation as a TikTok influencer, you can ramp up your prices accordingly.
But if you prefer to charge high prices directly and let brands come to you, you should check out the TikTok Creator Marketplace (TCM). The TCM is a collaboration platform that allows brands to connect with TikTok users and run marketing campaigns.
However, you must have over 100,000 followers, be at least 18 years old and have received over 100,000 video likes in the last 28 days to apply for the platform.
So if you’re just getting started, you should focus on creating creative TikTok videos to attract brands to sponsor.
Sell your own products
If you’re from the US, Canada, or the UK and have a TikTok business account, you may be able to add a shopping tab and product links to your profile.
The Shopping tab is basically a new feature that’s the result of a partnership between TikTok and Shopify. The solution is designed to help TikTok users with a Shopify store to promote their products through the app. Users who click a product link are redirected to the retailer’s Shopify store and can shop there.
Although it is not a direct way to make money on TikTok, you will generate attractive income by selling on the platform.
Pro tip: If you don’t have many followers on TikTok, you can promote your products by creating unique TikTok videos. If you e.g. For example, if you have a business that sells groceries, you could create 30-second recipe videos and share them on TikTok. Get creative!
To collect donations
TikTok has an interesting feature called Coins. If you are eligible for live streaming, your most loyal followers can send you such coins as a small donation. You can then exchange them for money.
Here’s how it works: Suppose your biggest fan buys coins that start at $1.39 for 100 coins (and go up to $139.99 for 1,000 coins).
When you stream live, that user can send you coins or use those coins to buy you gifts. You can then convert these coins and gifts into diamonds and exchange diamonds for cash via PayPal.
The only catch is that live streaming is not accessible to every user. TikTok handpicks users for live streaming. So you must have an established presence before you can monetize TikTok using this option.
The Chinese version of TikTok, Douyin, has a similar feature: during a live stream, an account owner can offer a “shopping cart” option so that they can sell their products and services directly during the stream.
Some people are predicting that this feature will eventually come to TikTok as well. That would be another great approach to make money on TikTok.
Become a TikTok Advisor
TikTok is one of those platforms that many companies find difficult to navigate. The uniqueness of the channel means that trends tend to change very quickly.
Anyone can become an overnight viral sensation here. At the same time, you can quickly lose some of your followers.
Because of this, TikTok consultants are in high demand.
TikTok consultants are specialists who help brands build their presence and drive traffic to their TikTok accounts.
If you know how to create trending TikTok videos and build a presence, you can teach others the same for a fee. This approach is a great way to monetize your skills and build business relationships.
To be successful as a TikTok consultant, you need to show that you can get thousands or even millions of video views. You also need to know how to get the most out of the various features of the video sharing app.
If you have a lot of success on TikTok, you should master these things.
Foundation of a talent management agency for TikTok
Do you have talent management, social media marketing or production experience? You could start a business that advises well-known TikTok users and manages their accounts.
It’s similar to actors who have their own talent managers.
This is an especially helpful service for users who have gone viral overnight. You shoot a great video, wake up in the morning and BAM! They have more followers than ever but have no idea how to keep that momentum going.
This is where you come in as a talent manager. You can help influencers with the following things:
- Researching possible partnerships that match their image and the interests of their followers
- Negotiating deals and agreements on their behalf
- Advice on a content strategy to maximize their visibility and engagement
- Explore new and interesting ways to make money on TikTok
How much money can you make on TikTok?
Of course you don’t have to have 20 million followers to make money with TikTok. However, what absolutely needs to be there is a strong, dedicated fan base.
With strategies like influencer marketing, the amount of money you can make usually depends on the number of followers you have. It’s no secret that well-known accounts can bring in anywhere from tens of thousands of dollars to even a million dollars in a single post.
There are some tools that can help you estimate how much money you can potentially make based on your account statistics. Influencer Marketing Hub’s TikTok Money Calculator is a good place to start.
Take, for example, famous TikTok personality Kody Antle, who is best known for his father’s appearance on the viral show Tiger King.
With 28 million followers and a 0.75% engagement rate, Kody could make as much as $27,800 per post.
How many followers do you need to make money on TikTok?
Technically, you can start making money on TikTok with just 1,000 followers. However, you need to find brands that are willing to sponsor your content.
Another option is to engage with your audience in live video, becoming a fan favorite and earning the gifts mentioned above.
TikTok allows users to support their favorite accounts by sending gifts of various shapes and amounts. Once you receive a gift, it will turn into a diamond on your TikTok profile. When you’ve collected enough diamonds, you can exchange them for cash and withdraw the money through PayPal or another supported payment service.
The minimum withdrawal amount is $100. TikTok allows users to withdraw up to $1,000 per week.
Besides these two options, you can also apply for the TikTok Creator Fund. With this program, TikTok rewards users who regularly publish quality content and create value for their audience.
Here are the requirements for the TikTok Creator Fund:
- Your TikTok account has at least 10,000 followers.
- You have generated at least 100,000 video views in the last 30 days.
- You are at least 18 years old.
This option is best for users who have built up a sizable following over the past few months.
Summary: Make money with TikTok
Making money with TikTok doesn’t have to be complex or difficult.
The most important thing is that you need great content that people will enjoy. Also, you should work hard to continuously grow your following.
If you approach it with the right attitude and are willing to learn little by little and pay close attention to what works and what doesn’t, you’ll make money faster than you think.
Here are 7 ways to make money on TikTok:
- Become a TikTok Influencer
- Building and selling TikTok accounts
- Posting Sponsored Posts
- Sell your own products
- Collect donations
- Become a TikTok Advisor
- Foundation of a talent management agency for TikTok