How to Make Money on TikTok in 2024

The straightforward answer is yes, you can make money on TikTok – quite a lot, in fact, depending on your dedication. Today, TikTok has become a lucrative platform for content creators and influencers who have amassed a large following.

With over 1 billion active users worldwide, brands and businesses are eager to tap into TikTok’s massive user base while having content creators promote their products and services. Although making money on TikTok isn’t guaranteed, it’s possible if you’re willing to put in the effort and create engaging content that resonates with your audience. 

How Much Do TikTokers Make?

The amount of money you can make on TikTok can vary drastically depending on different factors, and one of the most important ones is engagement rate. Influencers usually earn roughly $36k to $100k per post-campaign. 

There are five categories of TikTok influencers, which also determine how much one can make on TikTok: 

• Nano influencers (10,000 or fewer followers) can earn an average of $5-$10 per post.
• Micro-influencers (10,000 to 100,000 followers) can earn an average of $60-$90 per post.
• Mid-tier influencers (100k-500k followers) can earn from $200 to 400 per post.
• Macro-influencers (500k-1 million followers) can make $400-600 per post.
• TikTok royalty (1 million or more followers) can earn from $750 – $1,000 or more per post.  

11 Ways to Make Money on TikTok

So, let’s get to the question of how to make money on TikTok. There are many different ways, some of which also include incentives from the TikTok platform itself. We’ll provide a holistic overview of the types of strategies you can engage to start making money and growing a successful TikTok account.

1. Join the TikTok Creator Fund or Creator Rewards Program

The TikTok Creator Fund provides financial aid to eligible creators dedicated to positively contributing to the community. The fund helps creators continue pursuing their passions and promoting creativity on TikTok. To be eligible for the fund, creators must meet the following criteria: 

• Live in the US, UK, France, Germany, Spain, or Italy.
• Be 18 years or older.
• Have a verified account on your personal TikTok account.
• Have at least 10,000 followers.
• Create original content that is engaging and promotes creativity.
• Comply with TikTok’s community guidelines and Terms of Service.

Additionally, you could also join the Creator Rewards Program. As TikTok reports, this program is a giant leap forward as it allows creators to earn up to 20 times more than with the Creator Fund.

The rewards formula for the Creator Rewards Program was completely reformulated, offering higher average gross revenue for qualified video views. Additionally, this program is available in more regions.

2. Sell Merchandise to Your Fans 

If you want to make money on TikTok, one of the best methods is to sell merchandise to your fans. You can do this in several ways, such as setting up an online store where fans can purchase your products or partnering with a company that sells merchandise for influencers.

No matter what approach you take, it’s important that you have a plan in place for how you’ll promote your merchandise. One way to do it is by creating videos showing your products and linking to where your followers can purchase them. 

You can also run ads on TikTok that feature your merchandise or partner with other influencers who will promote your products to their followers.

With some creativity and effort, you can easily start making money by selling merchandise to your fans on TikTok. Ensure you create a solid plan before starting, and remember to promote your products engagingly and effectively. 

3. Earn Bonus Money Through Virtual Gifts 

Another approach to making money on TikTok is by offering virtual gifts. You can set up a store within the app where users can purchase gifts for you, which you can redeem for cash. Gifts can be anything from virtual flowers to digital gift cards. To start with this approach, do the following: 

• Open the TikTok app and navigate to your profile page.
• Tap the “Edit Profile” button and scroll to the “Payments” section. You’ll need to enter your PayPal information so that TikTok can send you money when you receive a gift.
• Once your TikTok account is set up, start creating videos! 

Let your viewers know they can buy gifts for you in the app. You can mention it in your videos or include a link to your store in your bio. You’ll receive a notification when someone buys a gift, with the funds going straight into your PayPal account.

4. Partner With Other Influencers 

Partnering with other influencers on TikTok is an effective method of making money on TikTok in the TikTok Creator Marketplace. You can reach a wider audience and tap into new markets by partnering with other creators.

Choosing the right partners with a similar follower base is essential when partnering with other influencers. This will help ensure your content is seen by people interested in what you have to offer. It’s also important to consider the type of content that each creator produces. You want to partner with someone whose content complements your own.

Once you’ve found the right partners, reach out and collaborate. You could do anything from a duet video to a common challenge. Collaborating with other creators is an excellent way to cross-promote your content and grow your following on your TikTok account. 

5. Crowdfund Projects   

Another popular approach to making money on TikTok is through crowdfunding projects. This approach involves collecting donations from fans to finance a project. Several platforms allow you to set up a crowdfunding campaign, like Kickstarter and Indiegogo. Once you set up your campaign, you can start promoting it on TikTok.

To promote your campaign on TikTok, you will need to create engaging videos that encourage people to donate. You can also use TikTok’s duet feature to collaborate with other users and promote your campaign.

Make sure to thank your donors for their contributions and keep them updated on the progress of your project. If you successfully raise the necessary funds, deliver on your promises, and produce a quality product or service. 

6. Collect “Tips” From Your Audience 

If you’re still pondering how to make money on TikTok, collecting “tips” from your audience is one of the best ways. The influencer can do this in many ways, such as setting up a tip jar or PayPal link in their bio or creating videos to solicit tips.

While collecting tips can be a great way to add an additional revenue stream to your TikTok account, it can also quickly become obnoxious. Here are some pointers to make sure you get tips and stay connected to your audience:

• Be clear about what you’re asking for. Explain how you will use the tips, and be specific in your request.
• Be genuine in your request. Viewers are more likely to respond positively (and financially) if they feel they’re contributing to something worthwhile.
• Offer something of value in return. Whether it’s exclusive content, shout-outs, or anything else your fans would appreciate, giving them something in return for their generosity is always a good idea.
• Make donating easy. Set up a tip jar or PayPal link in your bio so viewers can easily donate without leaving the app.
• Thank your donors. Show your appreciation by thanking those who have donated and highlighting their generosity. 

Collecting tips from your audience can be a great way to monetize your TikTok account, but it’s important to do so ethically and respectfully. By following these tips, you can collect tips from your audience while building a strong relationship with them.

7. Leverage TikTok Ads

Whether you’re just starting your TikTok account, or you have several business accounts, everyone can get stuck in a rut. Organic content is wonderful, but with the hoards of new TikTok posts being posted every second, it can become difficult to promote your content and products on this social media platform.

One of the best ways to get out of this situation is to run TikTok ads. Yes, this is also another classic case of spending money to get money, but it’s an important method that can help your account grow. With TikTok ads, you can easily turn a TikTok video into an ad to promote your online business, products, or anything else.

8. Utilize TikTok Shop

Perhaps you’re an aspiring entrepreneur but you’re very early in that process and feel overwhelmed with all of the things you could do. Well, why not use TikTok, or rather, TikTok Shop? This latest feature was introduced in September 2023.

This amazing tool allows users to set up their own ecommerce shops directly within the TikTok app. This makes it incredibly easy to showcase your products, run ads, and sell them straight from TikTok Shop.

Plus, for your audience, this also means that the shopping experience is optimized to the maximum as they can access your shop, view the kind of content you produce, and buy products without ever leaving the app.

9. Engage in Affiliate Marketing

Affiliate marketing is another popular method for earning money on social media platforms, and that includes TikTok. Essentially, affiliate marketing allows you to earn a predefined commission by promoting products or services in your TikTok content.

The market is huge, so you can be sure you’ll find a suitable partner to work with. Just keep in mind that this method of earning money on TikTok requires you to have some sort of a follower base. Other than that, once you start engaging with companies (or they approach you), you’ll be able to earn a commission for every affiliate link click or product purchase.

10. Create Sponsored Content

You might be wondering how sponsored content is different from affiliate marketing. Well, while the two concepts are similar, affiliate marketing is about content creators partnering up with specific brands and companies to promote their products. With this model, content creators receive a commission for every sale or click.

Sponsored content is different as content creators get paid for their participation rather than successful conversions (sometimes for both). Brands usually pay influencers to feature their products or services in videos, allowing creators to profit from the content itself, while brands get to be mentioned in a seemingly more organic way.

11. Use the Series Feature for Premium Content

Last but not least is the TikTok Series feature. If you want to know how to make money on TikTok in a more stable and long-term way, this feature allows creators to offer premium paid content to their audience. Basically, you can create a portfolio of different videos for a single topic, and package those videos into a premium collection, or series. To get access to your premium content, your followers have to pay a certain amount.

TikTok allows you to package up to 80 videos for your series. And to make it even better, you can also make each video as long as 20 minutes. This essentially allows you to go deeper into specific topics, and offer unique insight to your audience.

The series feature is one of the best ways to make money on TikTok because the platform allows you to monetize your work by providing a direct revenue stream. As a bonus, with the flexibility of the TikTok Series feature, you can both diversify your earnings and engage with your audience in a more meaningful way.

Conclusion

TikTok offers a range of opportunities for content creators to make money on TikTok through sponsorships, merchandise sales, virtual gifts, and collaborations with other influencers. While the amount of money you can earn varies depending on your follower count and engagement rate, it’s possible to make a good income if you consistently produce high-quality content that resonates with your audience.

However, there is no specific formula for success on TikTok. So find what works for you and run with it. Now go out there and start making some videos! Alternatively, if you want to start slow and take your time earning money online, you can try completing surveys on our very own Pawns.app platform.

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