As TikTok spreads across the world, people start to ask, “How can I make money on TikTok?” The platform has grown exponentially since its inception, with 1.5 billion downloads from app stores worldwide and over 800 million monthly active users. Because of this, we think that a “how to make money on TikTok” article is clearly required, and we have gathered some of the best ways to earn money on the platform.
In this article, we’ll cover several ways to earn money on TikTok, including:
- Becoming an influencer
- Sponsored Posts
- Growing and selling accounts
- Managing influencer campaigns
- Working as a TikTok consultant
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Make Money on TikTok by Becoming an Influencer
One way to make money on TikTok is to become a social media influencer and leverage the incredible power of influencer marketing. You’ve probably heard of this before: it’s when a company hires an influencer to promote their products/services/brands, in the hopes of generating sales. We’ve talked about it before with other social media platforms, like Instagram.
Before you start, it’s important to understand that becoming an influencer is no easy task. The biggest question when it comes to influencer marketing on TikTok concerns whether you need millions of followers before you can become a TikTok influencer (like the D’Amelio sisters). While follower count matters, it’s not the most important metric that brands look at, as engaged followers is a more important metric for influencers.
To that end, we’ve put together a list of quick tips to make money on TikTok as an influencer:
- Select your niche
- Use a Pro account
- Set up your profile
- Understand your audience
- Create amazing content
- Be consistent
- Engage your audience
- Declare that you’re interested in brand collaborations
Another way to make money on TikTok is by publishing sponsored posts. According to Business Insider, you can make an average of $0.01 to $0.02 for each sponsored view. Loren Gray, who earned $2.6 million in 2019 with over 45 million followers, landed a major Revlon deal. But to land a big deal with well-established brands, you need to have a following on TikTok.
Similar to sponsored posts, you can use TikTok’s ad platform to earn money on the platform. Making money on TikTok through “TikTok ads,” is very similar to YouTube and Facebook/Instagram and is a very simple process: all you need to do is sign up. It’s pretty self-explanatory if you’ve ever run paid traffic before, so if your market’s on the platform, it might worth it to create a few ads.
Growing TikTok Accounts and Selling Them
Another interesting way to make money on TikTok is by growing and selling TikTok accounts. This is an already established and popular way to earn on Instagram – why not extend it to another popular platform? To get started, find a niche and start creating interesting content around it.
After growing the account to a certain level of followers and engagement, you can reach out to brands in that industry and sell the TikTok profile to them. The key is to create an account with quality content. The more followers and better engagement rate the TikTok account has, the more others will be willing to pay.
Making Money on TikTok from Collecting Donations
Another popular way to earn money on TikTok is to go live on the platform and collect donations from viewers (similar to Twitch). TikTok allows creators to earn virtual gifts with monetary value via Livestream. This is a built-in monetization method for your platform, so you don’t have to do any extra work to reap the benefits.
Every viewer who is 18 or older can purchase gifts and coins from their profile. You can see the price of the coins and gifts at the point of purchase. 100 coins cost $1.39. Gift can be given to content creators by clicking the “Give Gift” button.
Creators can convert the gift to diamonds and exchange the diamonds for monetary compensation. However, there’s a catch: not every TikTok user is eligible to join TikTok’s Livestream Program. If you want to qualify for the program, you can do the following:
- Consistently create quality content
- Increase your number of followers
- Increase the engagement rate, likes, comments, and shares you get on your videos
Manage Influencer Campaigns
Another way to earn money on TikTok is to manage influencer campaigns. This isn’t a new idea, as it’s very popular among Instagram influencers. You can be the middleman or the broker between a creator on TikTok and a brand who wants to work with that influencer.
From creating the agreement, managing both parties, and making sure the deliverables are all met – just being a coordinator – you can charge a service fee to manage campaigns. TikTok has its own internal influencer program already built-in, but that means the influencer has to pay a percentage to TikTok for brokering the deal. That’s where you come in as a service/agency to make that agreement outside of TikTok and save people money.
Make Money on TikTok as a Consultant
If you’re an expert on TikTok, there are tons of brands and even individuals that would pay for your services. If you know how to get thousands, even millions of views on your videos, you can teach others for a consulting fee. Influencers can do this to leverage their expertise and also diversify their income.
A Final Word About Making Money on TikTok
The simple answer to can you make money on TikTok is yes. However, similar to YouTube and Twitch, if you want to make it really big on the platform it takes time and effort. You shouldn’t think of it as a full-time job but something that may bring in some extra cash – and exposure – in the long-run.