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How to Make Money on TikTok in 2024 (7 Proven Ways)

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If you thought TikTok is all about posting dance or prank videos, you’re living inside a bubble, and it’s time to bust it down!

The fact is, ranked as the 7th most used social media platform, TikTok is a great place that supports creators to earn big bucks.

Many influencers have already figured out how to make money on TikTok and started treating the platform as their full-time job. 

And if you’re not familiar with the monetization opportunities of TikTok, here in this post, we’ll show you how to make money on TikTok using seven proven strategies.

So without wasting any further time, let’s dive right into the post.

Is it Possible to Make Money on TikTok?

Yes, it’s absolutely possible to make money on TikTok. In fact, there are tons of influencers out there who are already making a fortune on the platform. 

For example:

  • In 2020, TikTok’s highest earner was Michael Le, who earned $20,378,000  from 92 ads. 
  • Charli D’ Amelio, TikTok influencer with highest followers who earned $18,224,000 in 2020.
  • One of the highest-paid beauty & style influencers, Abby Roberts, made around $1,736,500 from ads in 2020. 

But, making money is not a piece of cake, meaning you’d require a lot of strategies and effort to earn money on TikTok. 

Although there isn’t any direct pay policy for video creators on TikTok, you can still make money from the TikTok creator Fund (we’ll get to this point in detail later). 

Also, like any other social media platform, there are plenty of different ways to help you earn money on TikTok, for instance, selling merchandise, creating ads, or partnering with brands.

Let’s discuss these methods in detail.

How to Make Money on TikTok (7 Strategies)

There are various streams of income on TikTok, but to use them successfully, first, understand who your audience is. 

On TikTok, most of the users are millennials. In fact, according to a study, most of the users on the platform are under the age of 30.

And, 32.5% of TikTok users are under the age of 20. 

Having a deeper understanding of your audience will help you monetize your TikTok account successfully and earn the highest. 

So, once you’ve gained a knowledge of your target audience, practice these seven easy yet effective strategies to earn a fortune on TikTok.

1. Sell Your Own Digital or Physical Products

You can earn money by bringing your brand online and selling your own digital or physical products on TikTok. Selling your product on TikTok allows you to showcase your product in front of a diverse audience with the buying power of $150 billion

You can use the platform to sell digital products like PDFs, eBooks, courses, audio files, website templates, etc. 

How to make money on tiktok - sell products

TikTok is a perfect place to sell physical products as well. You can use TikTok as your eCommerce home page to sell merchandise like t-shirts, artistic work, and memorabilia.

For example, if you sell merchandise like leggings, you might want to visit Hannah Schlenker’s TikTok feed for future product selling ideas.

Here are a few ways to sell your own products on Tiktok:

  • Your TikTok bio is the first thing your audience will notice. So, it’s crucial to provide accurate information about your products and brand in your bio.
  • Make sure to use a clear CTA to drive followers to your website, eCommerce page, blog, or other social channels where you sell your digital or physical products.
  • Create branded hashtags and ask your followers to share user-generated content to tag you in their reviews. Also, using hashtags makes it easier for your audience to find your Products on TikTok. 
  • The can Shopify app has a lot of built-in features that help you sell products on TikTok. So, leverage Shopify the right way to drive more sales.
  • Leverage TikTok’s paid advertising features to sell your products effectively. However, to create ads on the platform, you must follow certain criteria, for instance:
    • Image files: JPG or PNG 
    • Video files: MP4, MOV, MPEG, 3GP or AVI
    • Video resolution: 720×1280 pixels, 640×640 pixels, or 1280×720 pixels
  • Use your TikTok profile’s bio to include your eCommerce shop’s link. This will lead your audience to a relevant landing or promotion pages. 
  • Lastly, make sure to install the TikTok Pixel on your site, eCommerce site, and ads. This will help you analyze the sales you’re getting through the platform. 

For example, if an audience of yours searches for a product, makes a purchase, adds billing information, downloads your content, or views a product, you can easily track it. 

Recently TikTok launched Seller University to offer more monetization opportunities for creators. You can sign up for the program to sell your own products in different ways. 

2. Partner With Brands In Your Niche

According to a survey conducted by Influencer Marketing Hub, in 2020, 45% of their respondents have been using TikTok for their influencer marketing. Moreover, in the U.S, TikTok influencers had a nearly 18% engagement rate, which was higher than the global average. 

Brand partnership

Based on the stats mentioned above, it’s easy to understand that TikTok is one of the best platforms to leverage influencer marketing. And particularly, a brand partnership is the most effective influencer marketing tactic to boost brand awareness and earn a great deal of money. 

When you partner with a brand in your niche, you get paid for providing value to your audience. For example, if you create TikTok videos on recipes, a bakery brand might pay you to make money on TikTok talking about how tasty or great their bakery products are. 

Now you might think, do you have to be an influencer to partner with a brand on Tiktok? Well, like any other social media channel, you must have at least 10,000 followers for companies to consider you. 

Also, to get money from brands, you need an actionable strategy.

Here are some valuable tips to look out for before partnering with a brand on Tiktok:

  • Your TikTok profile is your brand’s face. So, make sure to make it interesting by adding a profile picture, tagline, links to your site or other platforms, your business emails, and a clear CTA to tell you’re open for brand partnership. 
  • Before earning money, focus on building a loyal fanbase. If they notice organic engagement on your TikTok’s content, brands will invest money in you.
  • Creator marketplace helps you connect with partners based on data. So, ensure to leverage the Creator Marketplace to collaborate with brands on your niche.
  • Be sure to engage and build relationships with potential partners or brands in your niche. 

Here we should talk about Gymshark’s influencer partnership strategy on TikTok. The fitness brand partnered with six influencers to promote its brand in 2019 and it was a massive win for them.

3. Start Consulting

Probably the most popular way to make some bucks on TikTok is to become a consultant. Tiktok consultants are in huge demand right now, and already many users jumped on the bandwagon to monetize their profile. 

TikTok consultants are experts that brands hire to help them understand TikTok and how to leverage the platform to grow their traffic or businesses. 

If you’re a pro-TikTok user and know how to create trendy content, you can share your secrets with others for a certain fee. It’s the best way to build a business and monetize your skills. 

But to start consulting first, you’ll need to prove your authority by getting enough views on videos. You’ll also need to hold knowledge about the different features and benefits of the app. 

A great example of earning monetary success through consultancy is Sean Young. You can find Sean’s account in TikTok under the username @seansaucetv. 

He works as a consultant for brands and celebrities looking to build a name on TikTok. Sean is known for managing popular accounts like America’s funniest Home Videos. As of 2020, Sean makes around $10,000 a month for being on TikTok for four hours a day. 

4. TikTok Creator Fund

As we mentioned earlier in this post, TikTok’s Creator Fund is a great way to make money. In 2021, TikTok launched Creator Fund with an initial investment of $200M USD and a promise to reach $1 billion within 2023

TikTok creator fund

The main purpose behind this investment was to encourage more creators to pursue their creative careers while doing what they love and are passionate about. From dancers to fitness enthusiasts, TikTok’s Creator Fund has opened a new world of opportunities for every creator out there. 

Although TikTok hasn’t disclosed its payout structure, the basic idea is that your well-performing videos will be compensated if you meet their requirements. TikTok calculates the payment based on various factors like views, engagement, region-based performance, etc.

When you join the fund program, you’ll easily get endorsements and sponsorship deals. Also, this will make you stand out in the creator marketplace and gain the opportunity to become a high-authority TikTok influencer.

If you live in the US, UK, Germany, France, and Italy, you can apply for the Creator Fund. Also, you need to meet a few other criteria to apply for the fund:

  • You should have a TikTok pro account to avail the Creator Fund. 
  • You have to be located in the US, UK, France, Germany, Spain, or Italy. Creator fund isn’t available in Canada and Australia for now, but if you believe the rumors, the fund will launch later in the upcoming years for these countries.
  • You should have at least 10,000 followers. 
  • Your videos need to have received a minimum of 100,000 views in the past 30 days. 
  • You have to be 18 or older in order to leverage the Creator Fund.

If you meet all these criteria, you can make money on TikTok. 

For example, Influencers like Charli & Dixie D’Amelio, Addison Rae Easterling, Michael Le are some of the popular names who are part of the creator fund program and earning a handsome amount from their content. 

5. Accept Donations

Another great way to earn money through TikTok is the donation feature. You can collect money from your loyal followers if you’re allowed to live stream on TikTok. 

However, the only twist is you won’t get cash directly from your followers. You’ll receive the donation money in the form of in-app coins. Later you can exchange these coins for money. 

For instance, let’s say during a live stream on TikTok,  your most loyal follower purchases 1,000 coins, which is worth $139.99. You can turn these coins into diamonds and convert them into cash using PayPal. 

Not just coins donations, with TikTok, you can get awarded with gifts while doing a Live and cash out later. You can see the coin balance in your Settings>> Balance>>Recharge tab. 

Your followers can send you coins from $1.39 to $139.99. No matter how small the donations appear, never forget to give a shout-out every time someone sends you gifts. This small gesture will make your fans feel appreciated, and they’ll spend more on your content. 

However, not everyone can go live on TikTok; first, you have to meet some criteria. For example, you have to be at least 16 years or older. Second, you’ll need a minimum of 1,000 followers to Livestream. 

6. Build And Sell TikTok Account For Huge Money

Selling TikTok accounts is the new way to make money on the internet. Not just TikTok, many people on Instagram, Linkedin, Snapchat, and Twitter have started doing this. 

To build and sell TikTok accounts for money, first, you’ll need to create a TikTok account from scratch. Also, your account should have good followers and high engagement. Once you reach a specific follower base, you can reach out to different brands or people who need a TikTok profile in your niche. 

Build And Sell TikTok Account

If you want to sell your account, make sure to build it around one niche. Brands in that niche who are unwilling to grow a profile from the start can buy it from you easily. Most importantly, your viewers won’t even notice that someone else is running the account after they take over. 

For example, if you build a digital marketing-based profile, any digital marketing agency might show interest in buying that account from you. 

When you advertise your content, brands on the marketing niche will notice your profile, and eventually, they’ll want to buy your account in exchange for huge money. 

There are multiple third-party marketplaces available online where you can find such buyers. 

7. Start Selling Services

If you know the ins and outs of TikTok, start selling Tiktok management services. Most brands and influencers have a lot of things to take care of. So, managing their TikTok account is probably the last thing they’d want to do every day. 

This is where your services can help you. You can provide them with management services to grow their account with a consultation.  

Here are some of the services you can offer to your audience:

  • Panning TikTok content and marketing strategy. 
  • Coming up with unique content ideas.
  • Creating and editing video content.
  • Engaging with your followers. 
  • Reaching out to brands and influencers for collaborations.

How Much Can You Potentially Earn From TikTok?

One of the easiest ways to earn money on Tiktok is to partner with brands or influences. Companies will reach out to you if you post quality content and gain engagement. 

However, you can also monetize your profile once you build thousands of followers. According to Influencer Marketing Hub, companies on TikTok mostly pay around $200 to $20,000 per branded video promoted by influencers. The amount of money is completely based on the number of followers and influence. 

Do TikTokers Get Paid for Views?

The short answer is yes. TikTok does pay you based on your video views. But to get paid per view, you have to be enrolled in the Creator Fund. 

If you have more than 10,000 followers and you’re meeting all the other requirements needed for the fund, TikTok can pay you based on the views of your videos. 

And the money you’ll get will be real cash, not coins or rewards. You can cash out the money using PayPal once a month. 

However, according to the sources, the payout is a little low. For example, per 1,000 views, you’ll earn between 2-4 cents. That means, to earn serious money you have to get lots of views.

That’s why it’s best to turn to other sources of income (seven strategies mentioned earlier in the post) to monetize your TikTok profile. 

The Bottom Line

There you go! We’ve covered almost every great strategy you need to try to earn money on TikTok. 

The main criteria you’ll have to meet is creating amazing content that drives engagement. And you need to focus more on growing your follower base as well. 

And remember, one size doesn’t fit all. So, you must have the mindset to experiment and learn along the way. This will help you earn money on TikTok in no time. 

Before signing off, what steps have you tried from our list of top seven strategies to make money on TikTok? Don’t forget to share with us in the comment. 

Author

  • Jennifer Smith

    Jennifer Smith is a writer at Famoid.com specializing in social media and digital marketing. She likes to make complicated things easily understandable for everyone. Her writing expertise includes how-to guides, social media tips and tricks, and digital marketing. When she's not writing, she is either traveling in some part of the world or painting in her house. She has been writing for the past 7 years and has written dozens of blog posts and articles around various digital marketing and social media topics.

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