A brief history of TikTok
TikTok is a social media network created by ByteDance that was released to the public in 2018. Since then, it has managed to increase its popularity to the point of being a tough competitor for recognized media such as Facebook and Instagram.
It is often viewed as a younger generation app, but a wide variety of ages make up its whopping 3 billion subscribers.
Can I really make money on TikTok?
In short, yes, you can make serious money on TikTok!
There are a number of ways to make some extra cash on the popular social media platform. In this blog post, we will discuss some of the best ways to make money on TikTok. So, whether you're a beginner or a pro, read on for the top 4 ways you can make real coin through TikTok.
#1 Active the TikTok creators' fund
If you have 10,000 subscribers or more and have received at least 100,000 views in the last 30 days, you are eligible to use TikTok’s creator's fund.
TikTok released its creator's fund in 2020. The fund rewards creators for highly viewed content.
How are my funds calculated?
A number of factors influence how funds are calculated for videos under the program. These elements include video views, video engagement, as well as ensuring the videos adhere to the Community Guidelines and Terms of Service.
Please keep in mind that not all videos on your account are considered as qualifying for the Creator Fund – videos made pre-acceptance are not considered, nor are Livestreams, Duets or Stitches.
It is important to note that The TikTok Creator Fund is focused on compensating creators for organic content rather than sponsored content.
So the exact way the money is divvied up is a bit of a mystery, but it is said that TikTok will pay 2-4 cents per 1,000 views. If you do some math, that means creators would make between $20-$40 per post after reaching 1 million views.
If you meet the requirements for the creator's fund, follow these steps to activate it!
- Sign in to Tiktok
- Tap "Me" to go to your profile
- Tap the three lines on the top right and select "Manage account"
- Under account control, click "switch to pro account"
- Go to settings and privacy
- Click on "creators tools" and select "TikTok Creator fund"
- Read the terms and conditions
- Wait for TikTok’s decision
You can learn more about the Creator Fund here
Remember that this fund is reserved for creators with more than 10,000 followers. If you don’t meet the criteria, focus on engaged growth!
#2 Get brand deals
Many creators get sponsored by brands that align with their goals and values. These brand deals can be an extremely lucrative way for you to make money on TikTok.
Brand proposals can come on their own, meaning a brand reaches out to you, but most likely you will need to pitch directly to them.
When researching brands you might like to partner with, make sure you actually connect and engage with them on TikTok regularly and that they are related to your niche.
If you are a fashion account and you decide to partner with a whey protein brand, your audience may not feel the connection. You want to keep your page authentic at all costs.
When pitching to brands, remember that having a high engagement rate is super important. You want to prove to the brand why your audience is a group worth reaching. Clearly express your brand, your analytics, and any past work you can be paid for on TikTok.
We cover how to effectively pitch brands and earn big in this article
Join the Creator Marketplace
TCM is a place where creators and brands can connect and collaborate. You can choose to work with any brands they want, and they'll get paid based on the performance of their campaign. Brands can also browse influencers and see which ones are the best fit for their products or services. Creators can use TCM to manage their influencer relationships, track their campaigns, and get paid.
It's a one-stop shop for anyone involved in influencer marketing. And it's totally free to use!
Join the Creator Marketplace here
#3 Offer your products and services
As a business owner, it's important to promote your products and services to as many people as possible. And while traditional marketing methods like advertising and PR can be effective, organic TikTok promotion is one of the most powerful tools at your disposal. Promote your stuff on TikTok!
Make sure you are focusing on building a genuine community interested in the products and services you offer.
Creativity > perfection
TikTok is the perfect place to showcase your product in a creative way. Use all creative editing features, fresh new formats, and trending audios in your promotional videos. People don’t want to be sold, they want to believe for themselves and then act on that belief.
For example, if you're selling a skincare product, you could film a short clip of yourself using the product and then edit it with creative filters and text.
Or if you're selling a vintage jacket, you could style it in a unique way and film a short clip of yourself wearing it. Whatever your product is, there's sure to be a creative way to showcase it on TikTok. So get planning and start thinking outside the box! Your followers will thank you.
Keep your community close
By partnering with other creators in your niche - whether they're big names or up-and-coming influencers - you can reach new audiences, build relationships with key opinion leaders, and even tap into existing fanbases.
In other words, influencer marketing can help you take your own creator business to the next level. So if you're not already networking with other influencers, now is the time to start.
#4 Use TikTok Rewards & Tips
TikTok Rewards is a newer way TikTok has enabled users to make money. Essentially, you are giving referrals to your friends to join the app. When those people join, TikTok pays you.
This new feature is displayed on your profile in the top left corner in the form of a golden coin or on the side of the videos. If you don't see it, you may need to update the application, or it may not yet be available in your country.
If you click on the icon, you can click on the word "Invite" to start sharing your referral link and accumulate points for each user who manages to download the application from your referral link.
If you’ve ever wondered if there was a way for your audience to show their appreciation for your great TikTok videos, we have one word for you: Tips. Thanks to features like Tips, creators and viewers can further their connection and foster a positive, giving environment on TikTok.
How to receive tips?
To opt in and start receiving tips from viewers, you’ll need to first opt in to “Creator Next,” the gateway to all of the monetization features on TikTok.
After you’ve enrolled in Creator Next, go to your Settings and Privacy page, select Creator Tools, then select Tips. Click Apply. Follow the on-screen instructions.
If you haven’t set up an account on Stripe, the payment provider used to receive your tips, you’ll be taken to their website. The Stripe approval process can take up to 48 hours.
On your profile page, you will have a “Tips” icon which viewers can select. Viewers can then see the number of supporters and tips the creator has received.
After choosing “Send a tip,” viewers will then have the option to choose between a $5, $10, $15 or custom tip amount. Viewers also have the option to send their tip anonymously.
Once the amount has been chosen and the viewer taps “Next,” they will arrive at the Payment method screen where they can enter their credit card information. Finally, on the Tip summary page the viewer selects “Confirm payment” to complete the transaction.
TikTok strives to provide an environment where viewers feel safe showing their support for creators.
To protect the interests of both parties, you can only send tips worth $100 per transaction and up until 500 altogether every single day! Creators are limited to 100 transactions during any given 24-hour period - so make sure that if your video is going viral , then go ahead and remind your audience to show some love by leaving a little tip behind ;)
Who is eligible?
According to TikTok, in order to be eligible to receive tips for your videos, you first have to opt in to TikTok Creator Next.
You must also be 18 years of age or older, have at least 100,000 followers, have an account that is in good standing with Community Guidelines, and be based in the US. Business Accounts are ineligible to participate.
Viewers who are 18 years of age or older will be able to tip creators for their content.
How to boost your tips?
Brands can partner with you to create sponsored videos. You then post the video on their TikTok account, and if it gets enough views, the influencer earns a cash bonus.
This bonus can be a great way for creators to make money, but it's also a good way for brands to reach a wider audience. So if you’re a creator on TikTok, keep an eye out for opportunities to cash in on the TikTok Tips.
So there you have it! Four simple ways to start making money on TikTok today. Obviously, this is just the beginning – as you get more creative and establish yourself as a creator, the opportunities will continue to grow.
But for now, these are a great place to start. And if you want to learn even more about how to make money on TikTok (including tips on landing partnerships with your favorite brands), be sure to get The Brand Partnership Bible. It’s packed with information and resources that will help you take your creator business to the next level.
Thanks for reading, and we hope these tips help you start generating some serious revenue from your videos!
Remember, any sort of sustainable monetization is going to take work and consistency, so don’t get discouraged if you aren’t making bank right off the bat. Once you figure out a strategy that works for you, work daily to make your account and content even better! The sky is the limit for you.