TikTok is the 7th most-used social platform worldwide, with over 800 million active users according to Statista. Since its release, it has been downloaded more than 1.5 billion times from the app store, with users spending more than 850 minutes per month on the app. The numbers clearly show just how fast the platform is growing in popularity which is why more and more people are interested in turning TikTok into their side gig—or better yet—a full-time career.
Similar to other platforms like Facebook, Instagram, and YouTube, TikTok can be monetized. And since the app is relatively new, there isn’t much competition yet. So, if you’ve been desperately wondering how to make money on TikTok, now is the best time to understand the viral video platform.
Earning seven figures on TikTok doesn’t happen overnight. It begins with creating your account, deciding on your niche, and coming up with a target audience. It’s important to choose wisely and be consistent when showing up for your tribe on TikTok.
Why?
Because generating good engagement levels means doing everything you can so your audience pays attention to what you have. Once you’ve settled your niche and your target audience, you can now focus on creating engaging TikToks and start spinning the wheels of the money machine.
Being an online influencer simply means commercializing your online identity. An influencer is called one because they have achieved success and have a good reputation with their audience by investing time and money in establishing their brand image.
Authentic influencers have an area of specialization; that’s why they have a large organic following of real people who trust and support them. Influencers can affect purchasing decisions and win the favor of people who find value in their content. Advertisers also respect and value them because influencers can start viral trends and spur fans to purchase a product or service.
What’s excellent about TikTok is that TikTok fans are so engaged with their favorite creators that they go as far as “tipping” them on LiveStream. Through in-app transactions, TikTok users buy “coins” using real currency, then use their coins to tip or give gifts to TikTok creators. It’s a sign of appreciation for a TikTok creator’s hard work and creativity in content creation.
TikTok passes 80% of the monetary worth of the tips or gifts to the creator doing a live stream. Although this might not be hundreds or thousands at first, as creators engage more and grow followers, they can earn sums of money in no time. The coins can be traded for diamonds, which are then converted into actual cash through PayPal or other third-party applications.
The most practical way to make money on TikTok is to sell your stuff. You don’t need to have a million followers to do this successfully. The strategy is to have a company or shop line, then use TikTok as your free way to promote and market your goods or services. As you create high-quality video content about your product or service, you attract potential buyers through the views you get on TikTok. You can even cross-promote your merch on other platforms like YouTube, Instagram, or Facebook.
Another effective way to earn via TikTok is through sponsored content. When brands approach you, or vice versa, and feature their offerings in your video content, you can get paid a certain fee for your service. The best way to do this is to start working with smaller brands, then build your way up.
Reach out to local businesses and see if they are interested in getting featured on TikTok through your content. You can charge a fee at the beginning; add to that rate as you go. You’ll then gain recognition as a creator.
An entrepreneurial way to make money on TikTok is to grow a TikTok account and then sell it. Try launching a profile that centers on a specific niche like cosmetics, food, hair products, sports apparel, or anything you are passionate about. Post-high-quality videos consistently about that niche.
As you consistently post about your niche, you’ll realize that you grow followers and engagement rate. Accounts that have a significant number of followers can be sold to interested users.
TikTok also lets you run ads. Among the most common ads are In-feed ads. These ads are the TikTok videos that appear “silently” in viewers’ feeds. The only time anyone will know it’s an ad is through a tiny hashtag, #ad. Since In-feed ads blend into video content seamlessly, not many people notice it’s an advertisement.
Other TikTok ads you can invest in are brand takeovers, hashtag challenges, branded lenses, and Infeed native content.
If you want to be successful in making money on TikTok, focus on being engaging and authentic as a creator. Even if you have as little as 1,000 followers, you can already monetize your content. Just be sure to commit to creating high-quality, engaging videos about your niche that people love and find value in. And, of course, post consistently.
If you approach TikTok with the right mindset and are willing to learn as you go, you’ll be making money in no time!