TikTok, a short-form video hosting service owned by ByteDance, has rapidly become a global phenomenon since its launch in 2017. If you’re already spending hours a day on TikTok, you might want to consider how you can make money on Tiktok.
Surpassing 2 billion mobile downloads worldwide by October 2020, TikTok is not just a platform for entertainment but also a burgeoning search engine for Generation Z. Not surprisingly, African countries are among the top consumers of Tiktok.
In this article, we will explore diverse strategies on how to effectively make money on Tiktok, catering to both content creators and business owners.
17 ways to make money on Tiktok
1. Join TikTok’s Creator Fund
Unlock the potential to earn by joining TikTok’s Creator Fund. Once you amass at least 10,000 followers and 100,000 video views in the last 30 days, you can apply for the Creator Fund.
Your earnings will however depend on factors such as views, authenticity, and engagement.
2. Partner with a Brand You Trust
Monetize your TikTok presence by partnering with brands aligned with your values.
Reach out to your favorite brands and pitch potential partnerships, especially if you’re a skilled specialist, providing an opportunity for mutually beneficial collaborations.
3. Sell Products through TikTok Shopping
Utilize TikTok Shopping, an e-commerce solution within the app, to promote and sell products directly. TikTok Shop allows creators to reach a broader audience, linking products featured in videos.
The TikTok Affiliate Program also offers a commission on relevant brand promotions.
4. Drive Sales with TikTok Ads
Leverage TikTok’s Ads Manager to target and reach new audiences. With a reported 1 in 3 users making purchases influenced by TikTok, Ads Manager provides creative tools, templates, and performance metrics for effective ad campaigns.
5. Participate in Affiliate Programs
Promote and sell products or services through affiliate marketing, earning a commission when your audience makes a purchase. However, focus on authentic partnerships with brands you genuinely trust.
6. Promote Songs
Earn money by featuring songs in your videos through TikTok’s PlaylistPush program. Record labels pay users to use specific tracks, with potential earnings up to $250 (Ksh 40,000) per video, based on the generated views.
7. Publish Sponsored Posts
Collaborate with brands to create sponsored posts, especially if you fall within the influencer range (10,000 followers or more). Create engaging content to promote the brand’s products or services in exchange for compensation.
8. Become a Brand Ambassador
Differentiate yourself by becoming a brand ambassador, representing a company over the long term. Compensation methods may include short and long-term agreements, affiliate links, and free products.
It is however worth noting that benefits may not come overnight so it is important to be patient.
9. Build and Sell TikTok Accounts
If you can organically grow a substantial TikTok following, consider building and selling niche-specific accounts. Focus on a specific market that can be seamlessly handed off to a buyer.
10. Work with Influencers
Market your product or service to a broader audience by collaborating with TikTok influencers relevant to your industry. Identify influencers with content aligned to your brand and approach them directly or through talent agencies.
However, it is wise to conduct background checks on some of these influencers to avoid corrupting your associations.
11. Receive Donations through Live Gifting
Collect Diamonds through Live Gifts on TikTok, TikTok’s digital currency. Eligibility requirements include being 18 or older, having at least 1,000 followers, and an account that’s at least 30 days old.
12. Raise Money through Crowdfunding
Utilize TikTok to promote crowdfunding opportunities for new startups or product launches. Share your idea, sell preorders, and use the funds to develop and deliver the product.
13. Collect Tips
Allow your viewers to show appreciation by sending tips directly through your TikTok profile. Eligibility requirements include being over 18 years old and having at least 100,000 followers.
14. Boost Your Business
For those with established businesses, they can use TikTok to market and attract new clients or customers. You can also share short videos showcasing your expertise and services to expand your reach.
15. TikTok Rewards
Earn rewards by recommending TikTok to friends through the TikTok Rewards referral program. Accumulate rewards by sharing your unique referral link.
16. Monetize Using the Series Feature
If using a personal TikTok account, charge viewers for premium content through the Series feature. Create collections of up to 80 videos of 20 minutes each, setting prices for access.
Business and political accounts however cannot use this feature.
17. Use Multiple Strategies
Combine various tools, from sponsorships to selling on TikTok Shop, to create a potentially profitable platform. Consistency in content is key for audience familiarity and anticipation. No single way is enough.
How to choose the best way to make money on TikTok
Choosing the best monetization method on TikTok depends on your goals, follower count, niche, and content consistency. Evaluate these factors to determine the most suitable strategy and maximize your earning potential on this rapidly growing platform.
With so many ways to make money on TikTok, how do you decide which method is right for you? To narrow down your options, consider the following questions:
What is your goal?
Do you want to get paid to promote a brand, or do you want to use the platform to market your own business? When trying to choose the best way to make money on TikTok, you need to consider what you are ultimately trying to do.
It is however easier to monetize a skill or product you are familiar with rather than attempting new ventures.
How big is your following?
Without some sort of following, your money-making options are more limited. To make money using TikTok’s Creator Fund, as an influencer or brand ambassador, you need a considerable amount of followers. You will also need to grow the number of your video views.
What is your niche? What is your focus on TikTok?
Are you all about beauty, comedy, dancing, clean living, or fitness? Your niche will likely lend itself to certain money-making opportunities more than others. For instance, if all your videos feature you dancing, song promotion might be an easy fit.
How are TikTok Creator Fund earnings calculated?
The amount you earn is based on a number of factors, including the number of views, the authenticity of views, and level of engagement on your content. The amount you can earn can also fluctuate depending on what is being posted by the TikTok community on a particular day.
So how about you leverage on your creativity in 2024 and make money on Tiktok today? Tiktok is not only a platform for entertainment but can also be a source of income.