TikTok, poised to take the crown of short-form videos, is a force that must be reckoned. The platform generated almost $500 million of global revenue in the first quarter 2023.
Understanding how to make money with TikTok is a rewarding experience. Gen Z relies heavily on the app for their latest news on culture, fashion, politics and much more.
Are you ready to turn your video editing skills, camera expertise, and creativity into money? The potential of TikTok is huge, thanks to its massive user base.
This blog will provide you with the information that you need to know about how you can make money with TikTok.
How Can you make money on TikTok?
Social media influencers are a lucrative career choice, with a lot of money to be made.
What’s the best thing about it?
It’s not necessary to be a famous person to earn money with a platform such as TikTok. Many TikTok users have already reaped the benefits of high engagement with their videos.
Charli D’Amelio (@charlidamelio) is a TikTok influencer. She is among the highest paid influencers of the platform. Her estimated annual earnings by 2022 was around $17.5M.
She began by posting dance videos. Her popularity on the platform led her to perform with some of the most renowned artists including the Jonas Brothers and collaborate with brands like Dunkin Donuts and Morphe Cosmetics.
Then there’s @bellapoarch. Another creator who has found success on TikTok. Bella’s TikTok video was the most-viewed video of 2020. Her annual earnings are approximately $5 million. Bella, like Charli has partnered with a number of popular brands.
We know that you can earn money with TikTok. This brings us to a second important question: What is the best way to make money on TikTok?
How many followers do you need to make money on TikTok?
You may be surprised to find out that you don’t need a certain number of followers to earn money on TikTok.
When you’re thinking about how to make money with TikTok it’s important to focus on the engagement rate. A good engagement rate will help you earn money through affiliate marketing, even if your following is only a few hundred.
If you want to be eligible for the TikTok Creator Fund, you will need at least 10,000 subscribers. If you prefer to make money with TikTok by converting virtual gifts into Diamonds then 1,000 followers will suffice.
Sponsorship deals and brand collaborations are the real winners.
Brands are looking for a high level of engagement that is hard to find elsewhere. You can seal a deal with a brand if you have a large enough audience that engages and sticks with your content. This can work with anywhere between 10,000 and 100,000 followers.
This brings us to our most important question…
What is the average amount of money you can make from TikTok per day?
You’ll be disappointed if you want to know how you can make money from TikTok views. Ads on your videos will not make you money. It’s important to note that the platform still has a lot of potential, due to the huge number of viewers it enjoys.
This table summarizes average earnings on TikTok, based on number of followers.
How can you make money on TikTok?
When you know your audience and have the ability to create content, it is easier to identify how you can make money with TikTok. You might consider incorporating multiple income streams to avoid sticking with one method.
Take a look at the easiest and most effective ways to earn money with TikTok.
1. Brand Partnerships and Sponsored Posts
Brand endorsements and sponsored content can be a great way to generate revenue with TikTok. You can earn anywhere from $5 to $1,000 per post, depending on the number of your followers.
Alex Ojeda is a TikTok Influencer known for his videos of waterparks. He charges $20,000 for one sponsored post.
2. TikTok Creator Fund
announced in July 2020, TikTok Creator Fund encourages budding creative voices to build inspiring careers . To be eligible for the $1 Billion fund, however, you will need to tick the following boxes:
- You must be at least 18 and live in the US, UK or France.
- You must have at least 10,000 subscribers and 100,000 views on your videos in the past 30 days.
Victory Rhyder decided to try TikTok during the pandemic and was soon earning $2.89 on average per day via the TikTok Creator Fund. Kyd Mike reported that he earned $23.97 a day through the TikTok Creator Fund.
3. Affiliate Marketing
TikTok influencers are able to make money through affiliate marketing. You can advertise a product, service or affiliate link in your video description. You earn a commission every time someone purchases a product or service through your affiliate link.
Vi Lai, a TikTok Influencer who speaks about skin care, is an expert in the field. She can earn over $5000 a month through her affiliate links.
4. Sell Your Own Products and Services
After you have built up a following on TikTok you can showcase your products and services. TikTok Shop makes it easy to make purchases. All you have to do is to create engaging and compelling content that your followers will relate to.
Dasha Derkach is the founder of Enchanted Scrunch and uses TikTok to market her products. She used to receive two orders per week before she began marketing her products through TikTok. Now, that number has risen to 500. Dasha has a six-figure business thanks to TikTok.
Kat Norton is an example of a creator who has made it big through software coaching courses. She markets them on TikTok. Kat Norton, also known as Miss Excel on TikTok, has used the platform to create a business which generates six-figure revenue each day.
5. Offer Consulting or Coaching Services
You can earn money by providing coaching or consulting services to your fans if you have enough expertise in a certain field. You would be surprised at how many people are willing to pay for mentorship and personalized advice.
Jen Ruiz, the creator of TikTok, uses TikTok as a platform to share tips and insights about working remotely. Her informative and helpful content has helped many. She now makes money through her personal brand and one-on-one consulting.
6. Receive virtual gifts and live stream while you watch
Live streaming on TikTok can be a great way to earn extra money without much effort. It also helps to increase your profile’s visibility. TikTok Live lets viewers send virtual gifts to their favorite creators. These gifts can then be redeemed for Diamonds.
Jakey Boehm, a TikTok influencer is known for live streaming while he sleeps. (Yes, you heard it right!) According to reports, he made almost $34,000 in just one month from TikTok Live!
There are many ways to earn money using this platform, from selling affiliate links to streaming live while you sleep.
Want to get on the bandwagon? You only need…
TikTok: 5 Tips for Making Money
You may find these tips helpful if your goal is to earn money with TikTok.
1. Build an engaged following
To make money on TikTok, you must first build a loyal following. Understanding your audience is key, and you need to create content that will resonate with them.
Consistency is also important . The more you post, you will gain more followers. Engage your audience by replying to comments made on your videos or participating in current challenges. It’s not only about the number but also the quality of engagement you have with your audience.
2. Brands Collaborate with Each Other
Collaboration with brands can be a great way to earn money on TikTok. Influencers can help brands reach a larger audience.
Brands may approach you if you have an established following. Do not wait for brands come to you. Be proactive in reaching out to brands who align with your audience and content. When pitching brands, emphasize your engagement rate, your follower demographics and how your content fits with their brand.
3. Utilize TikTok Features
TikTok has a number of features which can be used to monetize. TikTok’s Creator Fund rewards content creators, while TikTok Live offers real-time interactions and virtual gifts that are convertible into cash.
TikTok Affiliate Marketing can give you a commission on every sale made via your affiliate link. TikTok ads can reach a wider audience and increase sales. Duet and Stitch can also increase visibility and provide potential monetization.
Effective use of these features requires that you align them with your content strategy, audience preferences and target audience.
4. Cross-Promote Your Site on Other Platforms
Cross-promotion involves promoting your TikTok videos on other social media sites. This will help you to reach a wider audience and gain more followers for your TikTok profile.
can be used to share your TikTok video on Instagram, Facebook or Twitter in order to increase traffic to your TikTok profile. These platforms can be used to promote brand collaborations, affiliates links, and any products or services that you are selling.
5. Social Media Management Tools
Social media management software like SocialPilot is a great tool for managing your TikTok. SocialPilot has a number of features to help you manage your audience, schedule posts and analyze your performance. This tool offers a calendar for social media, RSS feed automation and integrations. It also has a bulk scheduler, a content library, team management and RSS feed automation.
These features will help you save time and improve your content strategy. This will make it easier to monetize the TikTok app.
The conclusion of the article is:
TikTok, as a whole, is undoubtedly one of the most effective platforms for creators who want to build a personal brand while making money.
It is a favorite among creators because of its huge user base, constant evolution, and the wide range of options available for monetizing content.
By leveraging tools for social media management like SocialPilot and following the tips above, you can also take your content-creation game to a new level.
Now is the time to unleash creativity. TikTok is the place to be if you want to make money.
The first time you saw the post Making Money with TikTok 2023 appeared on SocialPilot.
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