How to Make Money on TikTok?

Have you ever wondered how to make money on TikTok? You are not alone. With TikTok's huge popularity, everyone from influencers to corporations is looking for strategies to monetize their content.

TikTok is no longer just about viral dances and catchy trends; it has evolved into a big platform for creators and marketers to earn substantial earnings. Whether you're making content for fun or attempting to grow a business, TikTok offers a variety of opportunities, including brand partnerships and the famous Creator Fund.

You have heard hashtags like #TikTokMadeMeBuyIt or #BookTok, which allow creators to connect with their target audience in creative ways. These aren't just entertaining videos; they're potential cash streams. But where should you start? Do not fear; we have you covered. In this guide, we'll go over the best ways to make money on TikTok in 2024, so you can turn your creativity into an income.

What is TikTok?

TikTok is a popular video-sharing app that was launched globally in 2017. It is owned by Beijing-based software giant ByteDance, which also owns prominent applications such as Douyin, Toutiao, and CapCut. With an amazing valuation of $200 billion, ByteDance has established itself as the world's largest unicorn by 2023. While many social media networks have struggled to maintain their growth, TikTok has defied the trend. In the second quarter of 2023, ByteDance reported approximately $30 billion in revenue, a 40% increase over the same period in 2022. As of 2024, TikTok has 900 million users worldwide, which is expected to increase to 955 million.

How Does TikTok Work?

TikTok allows users to make, share, and discover short-form videos that typically last 15 seconds to 3 minutes. The platform's main strength is its smart algorithm, which creates personalized content for each user based on their viewing patterns, likes, comments, and shares. This material appears on the For You Page (FYP), where viewers may find trending videos and producers even if they don't follow them.

TikTok allows users to easily create interesting videos with several tools such as filters, effects, and a vast music collection. TikTok analyzes video success using early engagement indicators such as views, likes, comments, and watch time. The more engaging the video, the more likely it will be shared with a bigger audience, increasing its chances of becoming viral.

The platform's social features, such as duets, stitches, and the ability to follow, comment, and communicate, promote user connection and collaboration. TikTok's combination of ease of use, viral potential, and interactive features makes it an extremely powerful platform for creators and businesses trying to reach a large audience and grow quickly.

Top 15 Ways to Earn Money on TikTok

Now that you've covered the basics, let's look at the best ways to start generating money on TikTok. Remember, consistency is essential, and combining these approaches will boost your earnings potential.

1. Join TikTok's Creator Fund and Creativity Program

Have you ever wondered, "Does TikTok pay creators directly?" The answer is yes! The TikTok Creator Fund allows you to be compensated based on the amount of views your work receives. To qualify, you will need:

• At least 10,000 followers.
• Over 100,000 video views in the past 30 days.
• Be at least 18 years old.

TikTok pays you 2 to 4 cents for every 1,000 views once you register. Sure, that may seem insignificant, but if you constantly post compelling videos that go viral, those pennies add up quickly! The TikTok Creativity Program provides even more exclusive possibilities to engage with businesses and take part in challenges that might increase your profits.

2. Use TikTok LIVE for Virtual Gifts

Do you enjoy going live and engaging with your audience? TikTok LIVE is a wonderful way to interact with your followers in real time, and guess what? You can earn virtual presents from your visitors! This is how it works.

During live streaming, your admirers can send you virtual presents such as roses, diamonds, and even castles. Once you've collected enough of these gifts, you can exchange them for actual money.

Live streams allow you to interact more personally with your audience, and the gifts they send are a method for them to express their gratitude. Not only do you get paid, but you also form stronger bonds with your audience.

3. Sell Products on TikTok Shop

If you already have your own brand or are just getting started, TikTok's Shop feature makes it incredibly simple to sell things. You can do:

• Link your merchandise to your videos or profile.
• Promote your items naturally and engagingly by demonstrating how they fit into your lifestyle.

In case you are planning to make your own custom brand, you can leverage the Spocket Print on Demand facility to create custom-designed items. Whether you're selling T-shirts, beauty items, or digital services, TikTok Shop converts your followers into consumers with a few clicks. What's even better is that TikTok includes an integrated checkout, so your audience doesn't even have to leave the app to purchase from you!

4. Promote Affiliate Links for Extra Income

Affiliate marketing is an effective method on TikTok that does not require you to have your own items. You can earn commissions on every sale made through your unique affiliate link by advertising the products of others. For example:

• Create a video evaluating a product you enjoy (this works well in the tech, beauty, and fashion categories).
• Include your affiliate link in your biography.
• When followers click and buy, you earn a commission!

What's amazing is that affiliate marketing does not require a large number of followers. You may begin marketing things and making money even with a small, interested following.

5. Earn through Sponsored Posts and Brand Partnerships

Sponsored posts and brand collaborations are among the most lucrative ways to generate money on TikTok. Once you've established a loyal audience, brands will pay you to promote their items in your films. Here is how to start:

• Reach out to brands or join influencer marketing networks such as AspireIQ or FameBit.
• Create material that showcases their items authentically and engagingly.

Brands enjoy collaborating with TikTok influencers due to the platform's high engagement rate. Depending on your following and interaction, you might make anything from a few hundred to several thousand dollars per sponsored post!

6. Create a Patreon for Exclusive Content

Patreon is an excellent tool for providing additional benefits to your most loyal fans. Setting up a Patreon allows you to deliver exclusive material to your fans in exchange for a monthly subscription fee. This content could include behind-the-scenes footage, early access to videos, or personalized Q&A sessions. The goal is to provide something unique that your regular TikTok viewers would not have access to.

For example, a TikTok creator who posts cooking instructions may provide her Patreon supporters with exclusive access to full recipe guides, cooking tips, or live cooking classes. He/she might also give sneak peeks of new content, allowing their most dedicated followers the opportunity to connect.

7. Collect tips and donations from your Audience

TikTok now comes with a tipping feature that allows producers to receive tips from their followers, similar to how platforms like Twitch and YouTube work. The difference with TikTok is that tips can be sent at any moment, whether you're live streaming or have already recorded a video. It's an excellent opportunity for your fans to express their appreciation and support for your content-generating efforts.

For example, if a TikTok creator who posts travel vlogs has a large and engaged following, his followers may wish to contribute to help him continue to create content. 

Following the release of a particularly popular video about a travel place, viewers can choose to send tips to fund their future journeys.

8. Make money using TikTok and Spark Ads

TikTok Ads and Spark Ads are powerful tools for expanding your audience or promoting a product. These ad formats enable you to promote content to specific user demographics, boosting your visibility and engagement. While TikTok Ads are more traditional, Spark Ads go a step further by allowing companies or creators to promote organic posts, resulting in a wider reach.

Let's imagine a small business owner who offers handmade jewelry and wants to market her latest collection. He may make fascinating material showing her products and use TikTok Ads to reach individuals who are interested in fashion, jewelry, or handmade goods. 

With a minimal investment in TikTok Ads, he can increase traffic to his store and increase sales thus earning more money.

9. Create in-feed ads

In-feed advertisements on TikTok are an effective way to monetize your content by marketing items or services directly in users' feeds. These commercials look like typical TikTok videos but with the option of including a clickable call-to-action (CTA) that directs traffic to your website, online store, or product page. In-feed ads are very entertaining and designed for mobile viewing, making them a fantastic approach to boosting visibility and sales.

For example, if you're a fashion brand introducing a new clothing line, you may develop in-feed ads that highlight your latest styles and include a CTA like "Shop Now." 

Users can interact with the advertisement by liking, sharing, or purchasing directly through the link. This strategy is particularly helpful for businesses who want to

10. Crowdfund Project

Have you thought about turning your TikTok fans into your biggest supporters? Crowdfunding is the solution. Whether you're raising funds for a creative project, a new product, or a cause you believe in, you can engage your followers by sharing your story and asking for their help. Platforms such as Kickstarter and GoFundMe make it simple to collect contributions from your supporters in exchange for unique rewards or early access.

Imagine you're a musician trying to fund your next album. You share TikToks with behind-the-scenes footage of the recording process, expressing your concept. Then, you refer your fans to your crowdfunding page, where they can make a donation and help make your record possible. How cool is that? Your followers feel connected, and you get the funding.

11. Collaborate with Influencers and Artists

Collaborating with other TikTok makers isn't only enjoyable; it's also a smart method to expand your audience and increase your earnings! Teaming up with influencers or artists in your niche allows you to tap into their fan base while also giving them access to yours. It benefits both parties equally!

For example, if you are a fitness coach, why not collaborate with a prominent TikTok nutritionist? Together, you may generate workout and food plan material that appeals to both of your audiences. This type of engagement promotes trust, increases awareness, and creates new prospects for brand collaborations or sponsorships.

12. Become a Brand Ambassador

Have you ever wondered how some TikTok makers consistently promote the coolest products? This is because they have become brand ambassadors. As a brand ambassador, you work with a corporation to represent their products for an extended period of time. You might make money with a set salary, commissions, or even free stuff!

For example, if you're a beauty influencer and a skincare business approaches you. They want you to routinely include their items in your tutorials and provide honest feedback. You get paid, you get free items, and your followers learn about skincare from a reputable business. 

Sounds like a dream, right? The goal is to identify brands that are consistent with your content and values.

13. Create Promotional Videos

Promotional videos combine creativity and opportunity. Brands are constantly looking for exciting ways to promote their products, and they will pay TikTok creators like you to make it happen! Whether it's an in-depth review or simply humorously highlighting their goods, promotional videos are an excellent method to earn money while maintaining your content style.

For example, suppose a tech business announces a new gadget and asks you to film a movie demonstrating its benefits. You include the device in your everyday routine and demonstrate how it makes everything easier. 

Not only are you compensated by the brand, but your audience trusts your suggestions because the information is trustworthy.

14. Train Other Creators

Why not impart your knowledge to others if you've figured out the secret to TikTok's success? Teaching other creators how to build their accounts, create viral content, or get brand deals can make you money. Whether via online courses, one-on-one coaching, or workshops, assisting others in their success may be incredibly fulfilling on a personal and financial level!

Consider conducting a TikTok workshop where you instruct potential producers on how to increase engagement, leverage the newest trends, and build a loyal following. Each participant pays you a fee in exchange for learning useful skills that help them increase their TikTok visibility. 

You get paid as well as recognized as an authority in the subject. Win-win!

15. Market Digital Goods

Even when you aren't posting videos, would you like to earn money? Creating passive income through the sale of digital goods is a terrific idea. eBooks, design templates, music, and even online courses are examples of items that you can make once and then sell again and again.

Suppose you are a graphic designer with a large fan base on TikTok. You can make a collection of social media design templates and offer them for sale using the link in your TikTok bio. You get paid each time someone purchases without having to do any more work. 

Your ability to make more sales from your digital product increases its value, which turns it into a reliable source of revenue.