TikTok is among the most popular and fastest-growing social media platforms worldwide, and it has garnered billion of users since its release. It’s estimated that more than 800 million active users use this platform monthly and they are not all just young kids.

Due to the channel’s increased popularity, some users wonder whether monetizing the platform is possible and whether can you make money on TikTok.

Users on the channel ask whether they can monetize the videos. Well, the straightforward answer is yes. Like other social media channels, such as YouTube, Instagram, Facebook, and Twitter, you can make money on TikTok.

Although TikTok does not offer an established scheme to make money from your videos, several techniques for making money from it exist.

The platform has been in the market for a short time, meaning competition is not stiff. Most users are still trying to recognise how this viral app works. If you want to make money on the platform, then you certainly want to read this post to the end.

An Overview of the TikTok Platform

To understand how to monetize the platform, it’s sensible that you are well-informed about some common terms.

• TikTok Creator Fund: It’s the platform’s way of rewarding specific users for their content. (Subject to certain eligibility requirements)
• TikTok Pro Account: It’s a unique account tool comprising extra analytics for content creators.
• TikTok Coins: These are in-app currency, which users can use to tip their favourite content creators.
• Platform Advertising: Users see ads when launching the application or after watching several videos. (Creators who have 1 million or more followers can get paid $1,000 to $5,000+ a month)
• Creator Marketplace: It’s a TikTok-owned channel, and it assists brands to locate content creators to work with for sponsored content.

Ways to Earn Money on TikTok

Become an Influencer on TikTok

Like other social media channels, you can make money on TikTok by becoming an influencer. Although becoming an influencer is not an easy task, it’s undeniably worth the time and effort. The channel users have generated millions of dollars over the last year, according to Forbes, with almost 54 million followers on the platform.

20-year-old TikTok star Addison Rae has over 82.8 million followers on her account, and she is estimated to be making anywhere from $50,000 to over $80,000 per TikTok post!

The question you may be having is whether you need millions of followers to become an influencer and make lots of cash. Although having a good following is vital, most brands don’t assess the follower count when hiring social media influencers.

Most companies consider the number of engaged followers. For example, an influencer with a mere 30,000 followers may have engaged with a greater audience than an influencer with over 200,000 followers.

The good thing is that most brands prefer to work with micro-influencers because influencers with millions of followers are costly. In conclusion, you need to have engaged followers to become a good influencer.

Grow TikTok Accounts and Sell Them

Another good way of making money with TikTok is by creating new accounts, growing them and then selling them on later.

Like Instagram, you need to pick a niche and then constantly create entertaining content. Ideally, you want this content to go viral and reach the target consumer (to improve engagement).

Remember that themed accounts are the simplest types of accounts to sell. Selling personal accounts can be challenging because new owners find it hard to replicate the previously uploaded content.

A themed account quickly finds buyers because followers willingly engage with the account due to its theme. In this case, they might not even notice once ownership changes.

For instance, if you create an account around popular vehicles, you can quickly sell it to a car dealership company. Whatever theme you pick, it’s recommended that you add high-quality content to your account.

Run an Influencer Agency

You can generate income by handling influencer campaigns. Plenty of influencer agencies for Instagram exist, and you can do the same for this platform. For example, you can start an influencer agency to help companies plan, execute, and manage campaigns for influencers. Here, the agency will serve as a broker that helps brands find the best influencers.

When it comes to starting an influencer agency, you should keep the following in mind:

• Have the ability to create a perfect working relationship with top influencers.
• Recognise the best performing influencers with a good track record.
• Have the ability to develop fruitful influencer campaigns for different marketing.
• Have the skills to run successful influencer marketing and social media campaigns.

Although Tik Tok has an inbuilt internal influencer program, most users don’t like it because it’s pricey. As a result, small brands prefer to work with influencer agencies due to the affordability aspect.

Publish Sponsored Ads

You can upload sponsored posts to your profile and make some cash. For every sponsored view on this application, you can earn between $0.01 and $0.02, as denoted by Business Insider. Simply put, if your video gets 200,000 views, you can earn sponsorships worth $2,000.

So, contact brands and offer your services once you build a good following on the platform. The good thing about social media channels is that you don’t need a mammoth following to start pitching to brands.

In general, all you need is thousands of engaged followers, and you are ready to start making money.

If possible, consider contacting brands that want to build their TikTok presence. You can evaluate influencers in your target market to learn more about their sponsors. This offers you a good idea of the companies to consider contacting. A point worth noting is that it would be helpful to work with small brands when starting.

Sell Merchandise

Another proven way of making money on the platform is selling your custom merchandise. The good thing about this way of generating an income is that you don’t necessarily require thousands of followers. Like other social media channels, you can promote your store or business on this platform.

The key is to create engaging content that lures your target audience. So, even with less than 500 followers, you can begin making sales through the application.

For instance, you may have a brand that sells outfits. In this case, you can upload a 30-second ‘How to wear casual outfit correctly’ video’ on the platform. Consider including an advertising frame promoting your items and how clients can get you in the video\’s last seconds.

Publishing creative and exciting videos will undoubtedly attract attention to your profile, and in the process, generate leads for your business.

Collect Donations

TikTok creators can generate income by collecting gifts and donations from viewers that like and appreciate your content. The platform lets you earn virtual gifts called coins.

TikTok Coins are an in-app currency paid for with real money. Coins are then converted to diamonds, which you can then exchange for real cash via PayPal.

Currently, TikTok is one of the most popular social media platforms worldwide, and there are plenty of ways for making money on the app, from selling merchandise to sponsored ads.

The key is to continually upload high-quality content that your followers will engage with and love. This detailed post should make it effortless for you to get started with monetising your content on TikTok.