Poised to claim the throne of short-form video content, TikTok is a force to be reckoned with. In the first quarter of 2023 alone, the platform raked almost $500 million in global user revenue.
With a large chunk of Gen Z relying on TikTok as their primary source for the latest in culture, fashion, politics, and more, understanding how to make money on TikTok can be unexpectedly rewarding.
So, are you ready to convert your video editing prowess, camera skills, and creativity into cash? With TikTok’s massive user base, the potential is enormous.
Stay with us as we discuss tips and tricks on how to make money on TikTok, equipping you with all the relevant information you need in this blog.
Can You Make Money on TikTok?
Carving out a career as a social media influencer has become a highly profitable venture, thanks to the substantial monetary rewards it brings.
And do you know what’s the best part?
You don’t even have to be a celebrity to make good money on a platform like TikTok! Numerous TikTok users are already reaping the rewards of high engagement on their videos.
Take Charli D’Amelio, @charlidamelio on TikTok, for instance. She is one of the highest-paid influencers on the platform. Her annual earnings in 2022 were estimated to be around $17.5M.
She started by posting dance videos, and eventually, her popularity on the platform paved the way to perform for some renowned artists, including the Jonas Brothers, and even collaborate with brands such as Dunkin Donuts, Morphe Cosmetics, and more.
And then there’s @bellapoarch, another creator who has struck gold on TikTok. Bella’s video was the most viewed TikTok video in 2020, and her annual earnings are around $5 million. Like Charli, Bella has also partnered with several popular brands.
So, we know you can make money on TikTok. Now this brings us to another important question, which is…
How Many Followers Do You Need To Make Money on TikTok?
You might be pleasantly surprised to learn that there’s no set follower count you need to hit to start earning money on TikTok.
If there’s a number you should focus on when contemplating how to make money on TikTok, it’s the engagement rate. Even if your follower count is just a few hundred followers, a good engagement rate can help you make money on the platform through affiliate marketing.
However, if it’s the TikTok Creator Fund that you’re looking to benefit from, you’ll need at least 10,000 followers. And if your preferred way of making money on TikTok is converting virtual gifts into Diamonds, you’re good to go even with a mere 1,000 followers.
But here’s the real kicker: sponsorship deals and brand collaborations.
Brands want to see that you can deliver a level of viewership that’s hard to achieve elsewhere. If you’ve managed to build a big enough community that sticks around and engages with your content, nobody can keep you from sealing a deal with your dream brand. Anywhere between 10,000 to 100,000 followers is a good enough number for this to work.
And this brings us to the most important question…
On Average, How Much Money Can You Make From TikTok?
If you’re wondering how to make money on TikTok views, you’ll be disappointed because you cannot make money by running ads on your videos. However, it must be noted that there’s still immense potential in the platform, thanks to the massive number of eyeballs the sponsors enjoy.
Here’s a table that summarizes the average earnings on TikTok based on the number of followers:
How to Make Money on TikTok?
Identifying how to make money on TikTok becomes easier when you clearly understand your target audience and your content creation capabilities. Instead of sticking to a single method, you might want to maintain a few complementary income streams.
Let us take a quick look at some of the most common yet effective ways to make money on TikTok.
1. Sponsored Posts and Brand Partnerships
Sponsored content and brand endorsements are among the most effective ways of generating revenue on TikTok. As discussed above, you may be able to make anything between $5 per post to $1,000 (or even more) per post depending upon the number of followers you have.
Alex Ojeda, a TikTok influencer known for his waterpark videos, charges a whopping $20,000 for a single sponsored post.
2. TikTok Creator Fund
Announced in July 2020, TikTok Creator Fund is a step to encourage budding creative voices to build inspirational careers. However, in order to be eligible for the $1 billion fund, you must tick off the following checkboxes:
- Be at least 18 years of age and a resident of the US, UK, France, Germany, Spain, or Italy.
- Have at least 10,000 followers and a minimum of 100,000 video views in the last 30 days.
Victory Rhyder, a former creative director, decided to give TikTok a shot during the pandemic, and soon, he was earning an average of $2.89 per day through the TikTok Creator Fund. Another TikTok creator, Kyd Mike, reported earning around $23.97 per day from the same fund.
3. Affiliate Marketing
Affiliate marketing is one of the most popular ways TikTok influencers make money. All you need to do is acquire an affiliate link for a product or service and advertise it in your video description. Every time someone makes a purchase through that link, you earn a commission.
Vi Lai is a TikTok influencer who talks about skin care. Her affiliate links on the platform enable her to make over $5000 per month.
4. Selling Your Own Products or Services
Once you’ve built a decent following on TikTok, you can use the platform to showcase any products and services you offer. TikTok Shop facilitates making purchases a breeze; all you need to do is create compelling and engaging content your followers relate to.
Dasha Derkach, the founder of Enchanted Scrunch, uses TikTok as her main marketing tool. Before she started marketing her products on TikTok, they’d receive around two orders a week, and now, the number has crossed 500 orders a week. Thanks to selling on TikTok, Dasha now owns a six-figure company.
Kat Norton is a great example of creators who’ve managed to make it big by offering software coaching courses and marketing them on TikTok. Popularly known as Miss Excel, Kat has leveraged the platform to build a business that generates up to six figures of revenue every day.
5. Offering Consulting or Coaching Services
If you are sufficiently skilled in a particular domain, you can make money on TikTok by offering consulting or coaching services to your followers. You’d be surprised to know how many people happily pay for personalized advice and mentorship.
TikTok creator Jen Ruiz uses TikTok to share tips, insights, and more on working remotely. Many have benefitted from her informative and helpful content. Now, she makes additional money by leveraging the personal brand she has created and offers one-on-one consultations.
6. Live Streaming and Receiving Virtual Gifts
Live streaming on TikTok is an effective way of making extra money with little effort. In addition to that, it also brings more attention to your profile. TikTok Live allows viewers to send their favorite creators virtual gifts, and these gifts can be redeemed further for Diamonds.
Jakey Boehm is a popular TikTok influencer who live streams as he sleeps (yes, you read that right!). Reportedly, he earned almost $34,000 from TikTok Live in one month!
From selling affiliate links to live streaming while sleeping, there are clearly a number of ways to make money on this platform.
Do you want to join the bandwagon too? All you need are…
5 Helpful Tips to Make Money on TikTok
Here are some tips you may find helpful if you’re looking to make some money on TikTok.
1. Grow an Engaged Following
The first step to making money on TikTok is to grow an engaged following. The key to this is understanding your audience and creating content that resonates with them.
Consistency is also crucial – the more frequently you post, the more likely you are to gain followers. Engage with your audience by responding to comments on your videos and participating in trending challenges. Remember, it’s not just about the number of followers but the quality of your engagement with them.
2. Collaborate With Brands
Collaborating with brands is a lucrative way to make money on TikTok. Brands are always on the lookout for influencers who can help them reach a wider audience.
If you have a substantial following, brands may approach you for collaborations. However, don’t just wait for brands to come to you. Be proactive and reach out to brands that align with your content and audience. When pitching to brands, highlight your engagement rate, follower demographics, and how your content aligns with their brand image.
3. Utilize TikTok Features
TikTok offers a host of features that can be leveraged for monetization. The TikTok Creator Fund rewards creators for their content, while TikTok Live allows real-time interaction and the receipt of virtual gifts that can be converted into cash.
Affiliate marketing on TikTok can earn you a commission for every purchase made through your affiliate link. TikTok Ads can help reach a larger audience and boost sales. Lastly, Duet and Stitch features can increase visibility and offer potential monetization opportunities.
Aligning these features with your content strategy and audience preferences is key to effective utilization.
4. Cross-Promote on Other Platforms
Cross-promotion is a strategy where you promote your TikTok content on other social media platforms. This can help you reach a larger audience and attract more followers to your TikTok account.
For instance, you can share your TikTok videos on Instagram, Facebook, or Twitter to drive traffic to your TikTok account. You can also use these platforms to promote your brand collaborations, affiliate links, or any products or services you’re selling.
5. Use Social Media Management Tools
Social media management tools like SocialPilot can be incredibly useful for managing your TikTok account.
SocialPilot offers a range of features that can help you schedule posts, analyze your performance, and manage your audience. The tool also offers a social media calendar, team management, RSS feed automation, integrations, bulk scheduling, and a content library.
These features can help you stay organized, save time, and optimize your content strategy, making it easier for you to monetize your TikTok account.
Conclusion
To wrap it up, TikTok is undeniably one of the best platforms for creators to establish a personal brand and make money!
Thanks to its massive user base, constantly evolving features, and a plethora of options for content monetization, it is the creators’ absolute favorite.
Following the tips discussed above and leveraging social media management tools like SocialPilot, you, too, can take your content creation game a notch up.
It’s time to unleash your creativity. It’s time to thrive on TikTok and make money!
