7 Ways To Make Money on TikTok

June 15, 2020

7 Ways To Make Money on TikTok

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Unless you have been hiding under a rock then you have probably heard of TikTok and its explosion in popularity. This has been helped in part by the shelter in place orders that have forced millions of people inside. So, people turned to the internet and TikTok. Now, people want to make money on TikTok.

tiktok ads
Image from the drums

QUICK HISTORY:

TikTok is a Chinese social networking site similar to Snapchat but with shorter videos perfect for meme aesthetics. It is a revamp of the now-defunct app Musical.ly. This app has exploded in popularity with GenZ. It now has about 40 million dollars and has more than 1.5 billion all-time downloads.

ACCOUNT FLIPPING:

Okay, this is a method that has been used on other platforms for a very long time and is now able to be applied to TikTok. This essentially means that you create a TikTok account, use your fire techniques to grow a large following and then sell it to the highest bidder.

You cannot just make an account and hope to sell it for a couple of hundreds of dollars. To succeed you will have to think like a business owner, an online business owner that is.

To be successful, you’ll have to choose a business niche, something that is going to attract the audience that you need to be successful. Picking a target audience is critical to making money because it gives you an idea of the kind of products that can be sold on that account.

You do not have to be the person to sell the product but simply grow the target audience in a niche environment. When you have successfully grown the account to a good number (this depends on the niche) then you can sell it to a brand/company.

You will have to reach out to these industry players in order to sell your account.

  • If you do not want to sell your whole account to a brand, you can simply sell your products on your own channel. This does mean that you will need to have a product to sell. The products can be linked to one’s bio.

PATREON/DONATIONS:

tiktok coins

On Patreon, the audience can donate to their favorite influencers and content creators. You will see many YouTubers that have Patreon in addition to their youtube page.

These options are also available on TikTok with its live feature.

The platform allows for monetization from the very beginning. It is essentially built into the platform.

Whenever and influencer/TikToker goes Live. Your user has the option of purchasing coins from their accounts. They can purchase a hundred coins for $1.39.

So, when you go on live your users can use these coins and essentially give you a donation or money as a means of support.

You can then turn these coin donations into diamonds which can be converted to cash through PayPal.

ADS:

tiktok ads

This is essentially the holy grail of most online businesses. Major companies like Facebook, Google, Snapchat get the vast majority of their income from running ads.

A simple Google search would let you know how you can promote ads on TikTok. So if you have a product, a website, or an item you can promote it on TikTok and potentially make money.

Similar to Instagram you also have the ability to manage the influencer campaigns

ACCOUNT MANAGER:

If you are interested in business management and you are good at growing your audience and creating a niche population.

Then you can use those talents to manage other TikTokers account for a fee or on a contractual basis. Some influencers have simply exploded overnight and needed the extra help managing their page.

That help could come from you, for a fee that is.

CONSULTING:

If you are a star at this Tik Tok game then you can easily turn that level of expertise into a booming business.

What you’ll essentially need is a formula or a means of ensuring that most videos are successful. Having these particular skills could turn into a very profitable asset if used properly.

You can use those skills and offer consulting services to other TikTokers who are winnable TikTokers that are trying to create successful videos.

This particular skill could also include some B2B (business to business) components that would allow you to reach out to major brands and companies hoping to break into the TikTok market and provide them with some much-needed consultation for a hefty fee.

SPONSORSHIP:

This is one of the oldest and most prominent ways to make money as an influencer on any social media app.

You can either reach out to brands or brands that can reach out to you to create sponsored content as a means of promoting their business to your particular audience niche.

Make sure that the brand that you are getting sponsorship from is a brand that you are familiar with and that you like. This will give you authentic and also help to build trust with your audience members.

This can be a lucrative way of making money on TikTok.

PROMOTIONS:

This is very similar to the sponsorship. However, instead of creating content focused on the product you’ll simply have a space to show off the product as part of your video.

You can also utilize promotion codes to receive affiliate marketing money if the brands provide any.

SUMMARY:

At the end of the day TikTok allows you to create short videos that are easily accessible to millions of people. The content is curated to ensure that the videos that are seen are the videos that people want to see. If you are creative, interesting, intelligent, fun etc. than you have the potential to grow a large audience on TikTok. This large audience can help you make money on TikTok.

It is often times much easier to grow a large audience on TikTok than it is to grow one on Instagram, Twitter or Snapchat.

If you manage to get enough views on your video and gather a large following there are several ways to turn that into money.

If you interested in other ways of making money online check out this article.



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