TikTok is currently one of the fastest-growing social media networks in the world. And recent reports estimate that the company will surpass 1.2 billion active monthly users in 2021.
This kind of rapid growth means that there are plenty of opportunities to build a following on the platform. And once you’ve made a name for yourself, you can start to monetize that following.
7 Ways To Make Money on TikTok
Best of all, you can use TikTok to start creating multiple revenue streams. Let’s look at seven ways you can start making money on TikTok.
If you have at least 1,000 followers on TikTok, then one of the easiest ways to start making money is by accepting donations from your followers. TikTok has its own currency, and users can buy coins and donate them to their favorite influencers.
Relying on donations is not a reliable way to make money on TikTok because you’re at the mercy of your followers and whether or not they feel like donating. But it is an option, and it’s an excellent way to make a little bit of money in the beginning.
2. TikTok Creator Fund
The TikTok Creator Fund is a program where TikTok pays you directly for the content you create. Essentially, the program is a revenue-sharing model where TikTok pays you a portion of the money they earn on advertising. The amount you make is based on your total audience and engagement.
The Creator Fund is the only way you’ll get paid directly by TikTok, but the program has received mixed reactions. For one thing, you need to have at least 10,000 followers to even be eligible. And it’s not entirely clear what factors payment is based on.
And some users have complained that their engagement dropped after signing up for the program. But it may be worth your while to sign up and see if utilizing the TikTok Creator Fund is right for you.
What if you’re not interested in creating content for TikTok but still want to find a way to make money using the platform? Well, if you have your own products and services you want to promote, you might consider paying for TikTok advertising.
TikTok ads last 9 to 15 seconds and are a great way to promote your brand. It will help you reach a younger audience that is often less receptive to other forms of advertising.
4. Affiliate Marketing
Affiliate marketing is one of the most popular ways to earn money through TikTok. As an affiliate, you promote the products and services of other companies. When a subscriber follows one of your links and makes a purchase, you’ll earn a percentage of the money they spent.
Many people like affiliate marketing because it doesn’t require that you create your own products and services. And regardless of the type of niche you’re in, there are endless products and services you can promote.
And if you get a large enough following, you can build up a hefty income through affiliate marketing. However, affiliate marketing is most effective when you’re promoting companies you love and fully support.
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5. Brand Sponsorships
If you’ve built up a significant following on TikTok, brands will be willing to pay you good money to feature them in one of your videos. You’ll create a video for your audience endorsing that company’s product or service to your followers.
Unlike affiliate marketing, you’ll be paid for the content you create, whether anyone buys the products or not. And brand sponsorships can be very lucrative depending on how many followers you have. If you have a large following, you could earn thousands of dollars for a single video.
If you’re interested in pursuing brand sponsorships, just make sure you’re selective about the companies you work with. Just like with affiliate marketing, it’s the most effective when you promote companies you’re passionate about.
6. Offer Consulting
If you’ve cracked the code on how to build a following on TikTok, many people will be willing to pay you good money to learn that information. So you may be able to utilize your insights and offer TikTok consulting services.
Before you move forward with any type of consulting arrangement, make sure you outline the terms and deliverables in a contract. And it may be worth your while to negotiate a revenue-sharing agreement. That way, if any of your clients see massive success on the platform, you’ll receive a piece of their earnings.
7. Sell Your Own Products
And finally, one of the best ways to make money on TikTok is by selling your own products. It may take time for you to get to this point, but selling your own products will give you more control over your brand and income.
When you sign up for the Creator Program or use affiliate marketing, you’ll only get to keep a portion of the money earned through your content. And that company could change the terms of your agreement at any time.
But when you sell your own products, you get to keep 100% of the earnings. And this will allow you to build your own brand and set yourself up for success in the long run.
TikTok can be a great way to build a following and start making money as an influencer on the platform. But just like any other business, you’ll have to put in the work first. Take the time to develop a relationship with your followers, and be thoughtful about your monetization strategies.
And only promote products and services that you really believe in. This will give you the best chance of success in the long run.