Nowadays, making money isn’t a tough deal. One such way where you can earn money is through social media. TikTok is one of those social media apps to showcase your creativity and earn money in return. Suppose you aren’t sure how to make money on TikTok. Here’s what you need to know.
TikTok offers many ways to make money — including selling merchandise, brand sponsorships, and creating in-feed ads. Multiple income streams provide greater security, but the biggest factor is your audience when deciding how you’ll make real money on TikTok.
First, make your audience understand that they can make money on TikTok. On TikTok, your audience is likely the younger ones. Most users (62%) are under 30, and 32.5% are below 20. Many think of TikTok’s popularity with Gen Z as its defining characteristic, but this could transform soon.
Recent surveys from Fortune magazine show an increasing number of millennials joining the platform, and social media networks are prone to be famous with teens at their initiation. So, a head start on serving TikTok’s older users could give you a huge advantage in a few years.
Coming to the topic, here are the best tips on how to make money on TikTok.
Tips on How to Make Money on TikTok
1. Growing your accounts and selling them
The first and best way people make money from TikTok is by growing and selling their accounts. Post engaging content, challenge your audience, and follow the trend to pull people to follow you. You don’t have to look back once you gain a good number of followers. Brands automatically reach out to you for business or to buy your account.
2. Join the TikTok Creator Fund
Users with a substantial following on TikTok might be making money through the TikTok Creator Fund. The revenue can vary from user to user from the creator fund. TikTok will calculate your revenue based on factors like your user engagement quality, audience size, and frequency of your posts.
You’ll need to meet the following criteria to join the TikTok Creator Fund:
- At least 18 years of age.
- Based in the US, UK, Germany, France, Spain, or Italy.
- Have a minimum of 10,000 followers.
- Your videos must have had 100,000 video views in the last 30 days.
- Your TikTok account must adhere to the TikTok Community Guidelines and terms of service.
The TikTok Creator Fund is an excellent idea if you’ve already established a following, but it can be exclusive, and steady pay is not always guaranteed.
3. Sell merch to your fans
Selling your products is excellent for monetizing nearly any type of content. Whether they’re a dancer, singer, or comedian, any creator can make and sell merch to their most loyal fans. There’s a lot of merchandise to choose from with a wide variety of print-on-demand companies. You might sell t-shirts, tote bags, pillowcases, hats, coffee mugs, notebooks , or any combination of products.
Selling print-on-demand products even has advantages beyond revenue. Owning branded merchandise gives your fans a more personal association with your work. In addition, every follower who wears your merch in public makes new opportunities to spread the word about your brand wherever they travel.
4. Go live and collect virtual gifts
Live gifting is one of TikTok’s most valuable features for creators to monetize their content through live streaming. Most social networks have a live-streaming feature. Still, TikTok is unique because it allows followers to exhibit their appreciation in real time by sending virtual gifts, which you can redeem for payment.
Here are a few tips to get the most out of going live on TikTok:
- Pick the right time. Choose those times when most of your followers will be online. Check your audience insights by heading to your profile settings and opting for the analytics tab to understand when your audience is most active.
- Stay live longer. Not every member will watch your live stream stick around for the full duration, but staying live longer will permit more users to log on and grab a glimpse of your broadcast.
- Post your live stream. When you post a video while live, TikTok notifies users who see the video during their stream with a link to your live stream that helps grow your live audience.
- Use TikTok hashtags. Use TikTok’s hashtags to increase your video’s reach, as TikTok users frequently search hashtag pages looking for new accounts to follow.
- Test your internet connection and other equipment. Ensure that your broadband connection, lighting, and sound equipment can be used for prolonged periods.
Engaging with users in real-time is essential for building valuable relationships with your fans. Audiences with a solid connection to a creator are inclined to build a personal stake in their success, which means going live can help boost other monetization streams.
5. Become an Influencer or try trying partnering with
Brands hire influencers to use their videos to promote their products/services/brands to generate sales. A specific theme or topic for one’s account and posts holds good for becoming a successful influencer. By doing so, brands can identify if you’re a good fit to promote their products and services.
6. Make use of the TikTok creator marketplace
The creator marketplace is one of TikTok’s most innovative money-making methods. The creator marketplace helps unite the right brands with influencers, promoting fast and easy partnerships for both parties.
Brands looking to run an influencer campaign can browse the marketplace and easily shuffle through content made by creators, and they can be sure to partner with brands.
The TikTok creator marketplace acts as an influencer agency by letting both sides show their willingness to work together, relieving some of the awkwardness of reaching influencers that marketers might experience with influencer marketing on other platforms.
7. Create your in-feed ads with the TikTok ads manager
TikTok has tons of great organic marketing opportunities. However, if you only have a limited budget to expand the reach of your content, consider creating your in-feed ads with the help of the TikTok ads manager. TikTok ads appear in users’ “For you” feed and auto-play like any other TikTok video. However, with paid ads, you can ensure your videos reach audiences most interested in your products.
8. Crowdfund projects by collecting donations from fans
Crowdfunding is one of the most effortless ways for creators to make real money. You invest much time and effort into creating content for your followers, so offering an easy, no-pressure way for them to pay back is great for securing a regular income stream.
Crowdfunding can take many forms, depending on the type of funding you are looking for. For example, if you are looking for startup funds for your project, you could rally your followers by building a funding goal and hosting live fundraising events.
Here are some crowdfunding sites to explore if you’re looking to fund a specific project:
9. Collect “tips” from your followers
If you don’t have a specific plan in mind or aren’t ready to provide equity to investors, crowdfunding platforms may not be the ideal option. Instead, consider using a tipping platform for a fast and easy way to accept donations.
Tipping platforms are a personal finance option. They work just like a real-life tip jar. This option is available to fans but not compulsory, and they can donate any amount they like.
Here are some great tipping platforms to check out if this sounds more appealing to you:
10. Management services
Some creators gain millions of followers overnight on TikTok, like a business lands in their lap. You could step forward and offer services to help others with their content and creative strategies and maybe manage deals and offers that come their way. So, if you have that knowledge in production or storytelling, you could try offering management services to TikTok creators.
11. Consulting services
You can offer consulting services to creators once you become a pro on TikTok. When you understand how to take a video that gets 100 views straight to 100,000 views, you can surely opt for this way of earning money.
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Final Thoughts
The tricky part of choosing social media to make money is not overdoing the amount of promotional material. Fans understand that creators need funding to keep creating the content they love, but no one prefers to follow an account that feels like it’s constantly advertising. This is particularly true with TikTok since the platform is geared toward forming personal connections with your fans. Users appreciate good content, so take a “content-first” approach. For example, make the content first and let it stimulate the best ways to monetize your account rather than starting with a sales pitch and building content around it.
