Top 5 ways to make money on TikTok
TikTok has been a great source of additional income for many creators over the past few years. From teenagers dancing around to stay-at-home mums showing off their day-to-day lives, it has proved to be a platform for everyone. Many of them already know how to make money on TikTok, and some of them even consider it to be their full-time job. But how did they turn a social media platform into their main source of income? Below are the top 5 ways to make money on TikTok.
1. TikTok live
This is one of the few options that TikTok has to offer for its creators to make money within the app itself. Anybody with over a thousand followers becomes automatically eligible and gains access to stream live. This, in turn, allows them to receive digital gifts from their viewers. Such donations can then be converted into TikTok coins, which are later converted into the currency of your choice and can be withdrawn as paypal balance.
However, in order to earn a substantial amount of money from TikTok Lives, it is best to first grow your following as your earnings will be determined by the number of followers you have. And as much as seeing 350 TikTok coins might be exciting, it only equates to just under $7. This is where the importance of a large amount of supportive followers comes in.
By streaming live regularly, you can expect to make a good extra couple hundred dollars each month, depending on your follower count as well as how often you go live.
2. TikTok creator fund
This is one of TikTok’s most recent solutions to helping creators with additional ways to make money through the app. Other than continuing to create the content that you love, you do not have to do anything else to enjoy the perks of being paid for your videos! That is assuming you meet their minimum requirements for application: 10,000 followers and 10,000 total views in the last 30 days.
Thereafter the application is subject to TikTok’s approval which might take a few days. Once accepted, you will be able to view your earnings in the “Balance” section within the app. Because of its fairly low CPM, you can expect to make around $15 for every 1 million views. Therefore, the Creator Fund is yet another great source for a passive income from TikTok.
3. TikTok creator marketplace
This is a great newly introduced tool which helps brands connect with influencers. As a creator, it will allow you to connect with businesses for paid campaigns and sponsorship opportunities. To be able to apply for this feature, you must first meet the minimum requirements of 100,000+ followers. Your application will then be reviewed by TikTok and you will get a notification with the result. But not to worry! If for some reason you get rejected, you can re-apply again in 30 days.
This feature gives brands access to thousands of creators available on TikTok. As an influencer, you can either accept, reject or negotiate the offers sent to you by advertisers. Most of the time, brands will have to find you to invite you to their campaigns, but [in selected countries] influencers can also search relevant “open campaigns” and apply to work on them.
As a whole, TikTok Marketplace is an amazing platform full of opportunities for both brands and influencers as it connects thousands of them together and puts them in one place.
4. Product endorsement
There are many ways to make money on TikTok externally. Similarly to above, brands can also approach you directly through other social media platforms to promote their product on TikTok. Now more than ever, advertisers are more open to using social media, specifically TikTok, to promote their brand and product.
For decades, big celebrities have been endorsing products online, therefore interest in influencer marketing has only grown. TikTok has given “normal people” a chance to earn money in ways celebrities have been doing for years. It is often easier for the general public to connect and relate to smaller influencers, making it easier to trust them. This is a great opportunity for many up-and-coming creators to not only receive free products, but also to generate a passive income.
Tip: remember to have your e-mail address and/or another social media platform linked to your TikTok to allow brands to contact you freely.
5. Merchandise
There’s nothing particularly new about selling merchandise. For decades it has been a profitable way for brands to promote themselves and - if done correctly - can be hugely beneficial. The same applies to influencers who can sell their own branded merchandise.
There are numerous automated printing services available online, some of which
are free. Whether it be mugs, t-shirts, bags and whatever else that could be relevant to your audience, it is yet another great way to make a passive income. Such companies often take commission based on your earnings whilst managing all the printing, shipping and handling of orders for you, most of the time with no up-front costs.
However, selling merchandise can be risky if you do not have a substantial amount of followers. It is vital to grow your audience first as well as build a solid understanding of your fans.
Tip: Why not do a giveaway to get product exposure? It will also help with seeing how your fans respond to your merch!
6. More ways to make money
15Talent has more monetisation opportunities for TikTokers than any other TikTok network in service today, this is why on average our influencers generate over $20,000 per month! If you are an influencer looking to unlock your full potential then apply down here.
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