Are you an influencer on social media?
Are you passionate about social media?
Do you want to make money on TikTok?
If you answered ‘Yes’ to one of the questions, then continue reading the article.
Many social media influencers and gurus have pointed out how to capitalize on new and emerging social media platforms and make a living out of them, and TikTok is not an exception.
Why is TikTok the next social media platform that needs your attention?
TikTok is catching up with the other social media giants in the industry, and as you can see now, TikTok is gaining the interest of the masses but has less content to march up with the content demanded on the platform.
The early adopters are having success with their content going viral overnight and attracting many followers and views.
We can attest that, when Instagram and Facebook started, the early adopters were able to grow their accounts very fast and had their content go viral without any hard work or push. These gave them the advantage to monetize their channels and make a living out of it before things became a bit saturated and complicated.
Now, marketers, influencers, and social media managers want to jump on TikTok as early as possible so that they can also capitalize on views, getting their content go viral and easily grow their following and start to make money on TikTok before it becomes saturated.
If you are part of the people looking to capitalize on TikTok and make money on the app before it gets saturated, then keep reading this article.
I will talk about how people are making money on TikTok and how you can also take advantage of it and make a living out of it.
At the end of the article, you will see the potential TikTok has over Instagram regarding monetization.
Let’s get started.
Before we talk about the ways to make money on TikTok, we have to make sure that our TikTok account meets the basic terms that a TikTok account needs to meet before thinking about monetization.
Step 1: Build Your Brand. Any marketing class or topic you enroll in will tell you that the basic conditions you need to satisfy when building or starting a business are defining and building your brand. What do you want people to recognize you for? Who are you going to attract to your account (followers)? What type of content are you going to post (entertaining, educational, romantic, etc.)? How do you want other brands to see you? Which companies do you want to work with?
Step 2: Post Relevant Content. Every social media platform depends on content for growth, so to be successful on TikTok, you need to create and share relevant and engaging content that your followers are going to love and interact with. For people to stay with your brand, you need to give them the best content every day so that they keep coming back for more.
Step 3: Attract Followers. The third step is the most important step when it comes to TikTok monetization. To get to the level of monetization on TikTok, you need to have as many followers as possible. To attract more followers and build a strong brand, you have to understand your target audience and create content that will engage them and keep them coming back for more.
You can use the TikTok money calculator to check the amount of money any public TikTok account can make or is making.
After meeting the basic requirements, you can now proceed to make real money on TikTok. Let’s look at 6 ways to make money on TikTok.
1. Going Live
The first way to make money on TikTok is to go live on the platform. This is how it works; once you go live on TikTok, you will be able to get gifts from your viewers which you can convert to money.
Before you go live on TikTok, you need to have 1000 followers or more. Once you reach the requirement to go live on the app, you can broadcast to your followers, and your followers can chat with you and engage. It’s basically the same with going live on YouTube or Instagram.
How do you make money with TikTok live?
Users can buy coins on the platform, which can convert to gifts.
How to buy coins on TikTok
- Tap on the top 3 dots from your profile
- Tap on balance
- Click on recharge
- Choose the number of coins you want to buy and pay for it.
Once a user buys coins, he/she will be able to send them as a gift when you go live on TikTok.
Here is the catch, once you go live, make sure you provide quality educational or entertaining content so that your followers will willingly give you gifts from their purchased coins.
To withdraw the live gifts as money, go to live gifts, select it, and you will see your balance and a withdrawal button. Select your payment method, which is PayPal.
NB: Minimum withdrawal is $10.
If you like going live a lot on TikTok, you will make a lot of money from your followers. It will also help you attract more followers, build relationships, and engage with your existing followers.
The second way to make money on TikTok is through sponsorships. When you grow your account following to a certain number, brands will be willing to partner with you for sponsorships.
This strategy is common on other social media platforms. Once you agree to partner with the brands that will approach you for sponsorships, they will give you their products and ask you to either review them or create content around it and show them to your audience.
How do you attract brands for sponsorships?
To get sponsorships, you need to create a media kit. A media kit is a digital document containing information about your brand, services, how many views and followers you have, and what you can do for brands.
You can add a rate card to it, which shows your pricing for your various offerings. For example, the price you charge for YouTube, Instagram, TikTok, blog posts, etc., and share them with brands to see if they would be willing to work with you.
NB: Make sure that the brands you will be working with have offerings that relate or brings value to your audience so that you don’t drive them away by showing unrelated offerings to them.
3. Create and Sell Accounts
Another way to make money on TikTok is to create niche accounts and sell them to brands.
Creators have already adopted this concept on other social media platforms, so it is a great opportunity to start using it on TikTok because the app is still young, and not many people are doing it.
To grow a niche based TikTok account and sell, you need to:
- Choose a niche
- Create niche-related content, content that will go viral and attract views and followers to your account.
- Be consistent and engaging.
When growing this account, all you need to do is choose a profitable niche and grow the account by creating relevant content that will attract followers who have a similar interest to your niche.
Once you build your account to a certain stage and have some quality following of over 1000 followers, you can reach out to brands in your industry or whose niche is similar to your TikTok account and sell it to them.
They can use the account to sell their products or announce the launching of a new product through live streaming on the TikTok platform.
If you are the kind of person who enjoys creating content on TikTok for different interest groups, then give it a try and make some money from your hustle.
4. Tiktok Consulting
TikTok consulting is another way that users and creators are making money on TikTok. Once you master the platform and can get some videos to go viral on the platform or increase views on new and existing videos, you could be on your way to cashing out on your expertise.
People may need your expertise to create a great TikTok marketing strategy or how to create videos that get massive views on the platform.
Once you gain massive knowledge about the platform, in addition to your expertise in getting videos to go viral on the platform, other users and creators who want to get hundreds of views on their videos will contact you to help them with your expertise.
If you can help them get what they want, they will be referring others to you, and you could even stand a chance of getting some percentage if you help them get influencer deals.
5. Tiktok Ads
TikTok ads platform is also another way you can leverage to make money on the social network platform.
TikTok ads are similar to Facebook and Twitter ads; it is very easy to sign up and run ads immediately.
It is very easy to understand and set up ads when you finish going through the ads setup process.
You can start using it to run ads for your products and services to reach a wider audience or teach people how to run ads on TikTok. Some people are really busy and won’t have time to learn how to run TikTok ads from the platform so you could learn and teach people at a fee.
6. Tiktok Influencer Campaigns Manager
As an influencer campaign manager, you will work similarly to how influencer agencies work for Instagram influencers. Many people on TikTok can achieve overnight success with the number of followers they get and getting some of their videos to go viral.
When it happens like that, the creators will not be able to handle brand deals and partner sponsorships on their own due to lack of experience. This is where you come in to be a middle man between the brands and the TikTok influencer.
There is an internal influencer management system on TikTok, but it’s a little expensive, so you can step in and do that outside the TikTok platform and charge a small service fee for that.
What you will be doing is to draft the agreement document between both parties and coordinate activities between them.
When it comes to making money on social platforms like TikTok, Instagram, and Facebook, the opportunities are endless. You have to be open-minded, innovative, and smart.
So, you now have 6 ways by which you can make money from TikTok, now go and put it into practice; you can only be successful when you practice what you learn on the internet.
Drop your questions and suggestions in the comment.