Introduction: 10 Foolproof Ways for Making Money on TikTok In 2023
Are you a TikTok user looking to turn your passion for creating videos into a lucrative career? You're in luck! With over 1 billion active users, TikTok has become a platform for creators to showcase their talents and earn money while doing it. From sponsorships to merchandise sales, there are numerous ways to monetize your TikTok account. In this article, we'll share 8 proven ideas to help you start making money on TikTok in 2023.
In order to start earning money on TikTok, there are a few requirements that must be met. Firstly, you must be at least 18 years old. Additionally, you must have at least 10,000 followers and your videos must have received at least 100,000 views in the past 30 days. Your account must also comply with TikTok's Community Guidelines and terms of service.
When it comes to monetizing your TikTok account, it's important to understand your target audience. There isn't a one-size-fits-all approach to monetization, but those who earn the most typically have multiple streams of income. These can include sponsored content, as well as organic marketing. The possibilities for earning money on TikTok are virtually endless.
TikTok is currently available in many countries, and influencers residing in these countries can make money through the platform. They can sign contracts with brands and companies for product promotion, or earn money through the newly introduced “Donation Stickers”. The Donation Stickers feature is offered to content creators who want to raise funds for charities and causes they support.
The TikTok partner program is currently available in several countries, including the United States, India, the United Kingdom, France, Germany, Japan, Korea, Vietnam, Indonesia, Italy, Spain, Russia, and Australia. These countries can earn money without signing contracts with companies, simply by using the Donation Stickers feature during their TikTok LIVE streams.
Viewers can donate to content creators during live streams using the interactive donation stickers. When a user places a sticker on the Donation Sticker, they will be directed to a pop-up window where they can quickly and easily make a donation without leaving the app. Tiltify is the charitable fundraising platform that securely processes donation transactions through the platform.
It's worth noting that while these stickers were primarily developed for donations, some creators are already earning money for themselves using them. If you live in one of the countries mentioned above, consider developing your identity on TikTok and start earning money through the platform.
With that being said, So, let's dive in and explain each of the 10 ways you can make money on Tiktok with these exciting opportunities one after the other!
1. Sign up for the TikTok Creator Fund:
Consider joining the TikTok Creator Fund to earn money if you have a significant following. However, the amount of revenue you make from the Creator Fund will depend on various factors such as your audience size, engagement quality, and posting frequency. Keep in mind that the Creator Fund can be exclusive and doesn't always guarantee a steady payment, so it's essential to explore other ways to monetize your account, especially if you're new to TikTok. It's also advisable to have multiple sources of income, even if you're already a part of the Creator Fund.
2. Run A live Video and earn virtual gifts:
Earn virtual gifts by going live on TikTok and monetize your content with Live Gifting, one of the platform's most valuable features for creators. Unlike other social media networks, TikTok allows followers to show their appreciation in real time by sending virtual gifts that can be redeemed for payment.
Here are some tips to maximize your TikTok livestreaming experience:
- Choose the best time to go live based on your audience's activity. Check your profile settings and analytics tab to determine when your followers are most active.
- Stay live longer to give more users a chance to join your broadcast.
- Use TikTok hashtags to increase your reach.
- Post short videos during your livestream to attract more viewers.
- Ensure your equipment and internet connection can handle prolonged use.
- Use the filtering and blocking features to protect yourself from bullying and harassment.
Going live on TikTok can help you build strong relationships with your fans and boost your other monetization streams.
3. Monetize Your Content on TikTok by Selling Your Own Merchandise:
Selling merchandise is a great way for content creators on TikTok to monetize their platform, regardless of their niche. Whether you are a dancer, singer, or comedian, you can make and sell merch to your loyal fans. Thanks to print-on-demand companies, you have a vast selection of merchandise to choose from. You can sell t-shirts, tote bags, pillowcases, hats, coffee mugs, stickers, notebooks, or a combination of products.
Selling print-on-demand merchandise has several advantages beyond generating revenue. When your fans own your branded merch, they feel more connected to your work, and wearing your merch can spread the word about your business.
4. Expand Your Reach on TikTok with In-Feed Ads:
TikTok is a platform with endless organic marketing possibilities. However, if you're willing to invest in expanding your content's reach, creating in-feed ads with TikTok Ads Manager may be a valuable option.
In-feed ads on TikTok automatically play like any other TikTok video and appear on users' “For You” page. By utilizing paid ads, you can ensure that your videos reach the most interested audience for your products or services.
5. Leveraging the TikTok Creator Marketplace to Collaborate with Influencers and Brands:
TikTok's Creator Marketplace offers an innovative way for creators to monetize their content and for brands to connect with influencers. This platform facilitates partnerships between brands and influencers by matching them based on their preferences and requirements. With its user-friendly interface, TikTok makes it easy for creators to produce high-quality sponsored content.
For brands interested in running an affiliate marketing campaign, the Creator Marketplace is an ideal platform. It allows brands to browse through the content created by influencers who are open to collaborations, simplifying the process of finding the right partner.
In essence, the Creator Marketplace serves as an influencer agency, streamlining the process of identifying potential partners for both brands and creators. This platform eliminates the awkwardness that often arises when marketers approach influencers for collaborations on other social media platforms. By leveraging the TikTok Creator Marketplace, brands and influencers can create engaging content that resonates with their target audience and drives sales.
6. Accepting Donations from Your Audience: Explore the World of Tipping Platforms:
Crowdfunding may not always be the most suitable option for those who do not have a specific project in mind or are not ready to offer equity to investors. In such cases, tipping platforms can provide a quick and easy way to collect donations from your audience.
Tipping platforms are a more personalized option for accepting financial contributions. They operate similarly to a real-life tip jar, where followers can make voluntary donations of any amount they desire, without any obligation.
If you're considering using a tipping platform, here are a few options worth exploring:
- Tipeee: This platform is renowned for its simplicity. Creators can set up a page where their fans can easily tip them any amount they want, whenever they want, without requiring any subscriptions.
- Buy Me a Coffee: Built specifically for creators, this platform allows followers to purchase “coffees” for their favorite creators. These “coffees” are $1 payments that are easily transferred to the creator via PayPal or online banking.
- Ko-fi: In addition to accepting tips, this platform offers a range of options, including memberships and personalized commissions for customized content, such as a custom tutorial or video chat.
By exploring these tipping platforms, you can give your audience a chance to support you financially, enabling you to continue creating engaging content that resonates with your followers.
7. Grow Your Passive Income as a Content Creator with Patreon Fan Subscriptions:
Are you a content creator looking for a steady source of passive income? Crowdfunding and one-time tips are great, but a creator-based subscription platform like Patreon might be the solution you're looking for.
Subscription models are ideal for content creators, as they allow you to keep costs low and build a dedicated following. Even a low subscription fee of just one dollar a month can add up quickly if you have a loyal fanbase.
Patreon is the leading platform that allows creators and influencers to earn revenue from their most dedicated supporters. With Patreon, you can create multiple membership tiers and offer exclusive content to your biggest fans. It's a win-win situation: your supporters get access to unique content, and you receive a reliable stream of income.
8. Crowdfunding: Collecting Donations from Fans to Fund Your Projects:
As a content creator, you devote a lot of time and energy to engaging with your fans, and crowdfunding is a great way to turn that goodwill into financial support for your projects. Crowdfunding comes in many forms, and you can choose the platform that best fits your funding goals.
If you're seeking startup funds for a specific project, you can set up a funding goal and host live fundraising events to rally your followers. For instance, Kickstarter, the most widely used crowdfunding platform, provides an extensive user base and brand awareness. In contrast, Indiegogo offers a more flexible fundraising goal and allows you to receive funds after your deadline.
Fundable is an excellent option for finding investors, as startups can offer equity in exchange for funding. However, Fundable is currently only available to users in the United States. Meanwhile, Crowdcube offers companies exclusive benefits from their partner organizations through its Crowdcube Funded Club, and Crowdfunder allows companies to raise capital through accredited investors.
If you want a user-friendly platform with no fees or waiting periods for approval, Mighty Cause is a great option for creating a funding page quickly. Finally, SeedInvest allows non-accredited investors to invest in companies, and backers are investors who provide funds in exchange for equity.
In essence, crowdfunding is an accessible and effective way to secure a regular income stream for creators. With these options, you can find the platform that best suits your project and audience, and turn your fans into supporters who help fund your creative endeavors.
9. Making Money by Creating and Selling TikTok Accounts:
If you have a talent for quickly building a following on TikTok, you can turn it into a profitable career. There is a growing demand for TikTok accounts with large audiences, particularly among creators and businesses who are seeking to establish their presence on the platform.
To start, consider which industries might be interested in purchasing a TikTok account. While an account focused on cat GIFs may not be in high demand, an unboxing profile or a car-focused account could be very appealing to potential buyers.
It's important to avoid making these accounts personal, as followers may become attached to your identity rather than the subject matter. Instead, focus on creating engaging content related to the topic at hand. This can sometimes make growing an account more challenging, but there are success stories of other people.
10. TikTok Consulting Services for Brands:
As TikTok gains popularity as a marketing platform in 2023, brands are looking to invest their budgets in the platform to promote their products and campaigns. By positioning yourself as a TikTok expert, you can provide businesses with valuable consulting services ranging from viral content creation to influencer collaborations.
Your expertise can assist consulting clients in achieving growth and reach on TikTok, which are the primary goals for businesses entering the platform. By guiding them through the process, you can ensure that they avoid making mistakes and speak the appropriate language to engage with the platform's audience.
Tips for Making Money on TikTok
1. Emphasize Authenticity
In the highly filtered world of social media, authenticity is critical to connect with followers. In a 2019 study, 90% of the 1,590 surveyed adults expressed that authenticity was crucial online. As you strive to make money on TikTok, staying true to your authentic self is the surest way to gain followers who will stay with you, hopefully resulting in real monetary gains.
2. Be Transparent
Transparency is essential when creating sponsored content or promoting products on TikTok. TikTok’s branded content toggle feature can add a #Ad disclosure for you, so make sure to use it as appropriate.
3. Learn From Your Favorite Creators
If you’re unsure where to begin, start by checking out your favorite creators. Many of them may already be making money on TikTok. Observe what they are doing and apply their strategies, such as brand deals, promoting products, or asking for donations via Venmo.
4. Don’t Abandon Your Regular Content
Your followers may lose interest if all of your TikToks are about sponsored content or promotions. You need to balance it out by incorporating regular content. For example, makeup artist Bretman Rock partners with Yves Saint Laurent, but he also posts funny video outtakes, his favorite Filipino foods, and his signature makeup and fashion content.
5. Persistence Pays Off
Making money on TikTok isn't easy, but persistence is key. Don't give up, even if you get turned down by brands or influencers. Keep trying, work hard, and stay true to yourself. Addison Rae, a 21-year-old TikTok creator, acknowledges the skepticism that surrounds her career, but she makes 5 million dollars annually from her work.
Conclusion on 10 FoolProof Ways for Making Money on TikTok In 2023:
In conclusion, TikTok provides a unique opportunity for businesses and individuals looking to make money online. Its growing user base and powerful algorithm make it an attractive platform for marketers and content creators alike. By following the tips and strategies discussed in this article, you can start monetizing your TikTok presence today. Whether you're promoting your own products or partnering with brands, TikTok's creative potential and engaged audience make it a platform worth exploring. So don't wait any longer, start creating and sharing content on TikTok and see how it can help you grow your business or personal brand.