Tik Tok New Trick : How To Make Money on TikTok in 2024 [step by step]

Learn how to make money on TikTok with our effective strategies and tips. Unleash your earning potential and monetize your TikTok presence with our informative guide.

Although TikTok only launched internationally in 2017, it has become the authority on trending topics in culture, politics, fashion, and more. TikTok is a force that is growing rapidly year over year and is expected to reach 2 billion users by 2024. The short-form video app has attracted a sizable Gen Z user base, which represents huge marketing potential for entrepreneurs.

If you want to take advantage of TikTok’s massive user base to build an audience, take a look at the strategies from some of the social media platform’s top creators and marketers. Get tips on how to make money on TikTok, from selling fan merchandise to paid subscriptions.

8 ways to make money on TikTok
  1. Join the TikTok Creativity Program
  2. Sell merch
  3. Go live for virtual gifts
  4. Affiliate partnerships
  5. Create in-feed ads
  6. Crowdfund projects
  7. Collect tips
  8. Patreon subscriptions

Once you have a better understanding of your target audience, deciding how to monetize TikTok users becomes easier. There is no single method of monetization, but top earners often maintain multiple complementary income streams. From sponsored content to organic marketing, the opportunities on TikTok are nearly endless.

8 ways to start making money on TikTok

1. Join the TikTok Creativity Program

Users with large followings might consider making money through TikTok creative programs. The program was announced in February 2023 and launched in May, replacing the TikTok Creator Fund.

U.S.-based creators with at least 10,000 followers and 100,000 real video views in the past 30 days are eligible to join the program, which remains in beta as of May 2023. The program should be available to more users in the coming months.

Eligibility:

  • Users must be 18 years or older to register
  • Users must meet minimum follower and video viewing requirements
  • User account needs to be in good standing
  • Creators who are already part of the TikTok Creator Fund can upgrade to the Creative Plan

2. Sell merch

Selling your products on TikTok is great for monetizing almost any type of content. Creators—whether dancers, singers, or comedians—can create merchandise and sell it to their most loyal fans.

There are various print on demand companies on the market with a huge range of products to choose from. You can sell t-shirts, tote bags, pillowcases, hats, coffee mugs, stickers, notebooks⁠⁠, or any combination of products.

The benefits of selling print-on-demand products even extend beyond revenue. Having branded merchandise allows your fans to develop a deeper connection with your brand, and every fan who wears your merchandise spreads the word about your business.

3. Go live for virtual gifts

Live gifting is one of TikTok’s most useful features for creators looking to monetize their content through live streaming.

Most social networks have live streaming capabilities, but TikTok is unique in that it allows fans to instantly express their gratitude by sending virtual gifts that can be redeemed for payment.

Instant interaction with users is great for building valuable relationships with fans. Audiences that are closely connected to creators tend to have a personal stake in their success, which means going live can help drive other monetization streams as well.

If you create or sell products online, live streaming is an opportunity to showcase your wares. Many e-commerce retailers have found that TikTok LIVE generates more interest among shoppers than live streaming features on other social media apps.

For example, Dasha Derkach, founder of scrunchie company Enchanted Scrunch, saw significant sales growth after switching her social media marketing efforts from Instagram to TikTok.

“It’s increased our sales tremendously,” she said. “Before TikTok, we received about 2 orders per week, and once we started using it, we received about 100 orders per week. Now we do TikTok live broadcasts almost every day and receive nearly 500 orders per week!”

4. Affiliate partnerships

One of the most innovative ways TikTok allows its creators to make money is through its Creator Marketplace.

The Creator Marketplace helps connect the right brands with the right influencers, facilitating partnerships in a fast and easy way for both parties. TikTok makes it incredibly easy to create valuable sponsored content.

Brands looking to launch an affiliate marketing campaign can browse the marketplace and quickly browse content produced by creators they know they’d like to work with.

The Creator Marketplace acts as an influencer, allowing both parties to demonstrate their willingness to collaborate with each other. This alleviates some of the awkwardness of approaching influencers that marketers may have encountered with influencer marketing on other platforms.

TikTok Shop

Another way to make money on TikTok using affiliate links is through a TikTok store. Shop is TikTok’s in-app shopping tool that lets users with business accounts create shoppable videos and live streams.

Using TikTok Shop, you can tag products when they appear in your videos. This is a natural way to draw your audience’s attention to the product you want to promote.

You can also add product information and buy buttons to your content to drive traffic to your affiliate partners. If you run affiliate marketing through a Shopify store, you can integrate directly with TikTok Shop to let users scroll through products within the app.

The TikTok Shop feature reduces friction for your audience. Now, they can learn more about your (or your affiliate partners’) products without leaving TikTok.

Like many great businesses, skincare brand Peace Out Skincare was created when its founder encountered a problem he couldn’t solve—until he created a solution.

After struggling with skin issues like acne and hyperpigmentation, Enrico Frezza began studying the skin care product development process and building his own brand of skin care products. The brand gained early traction by partnering with TikTok influencers to establish authenticity and increase sales. Participating creators also monetize their accounts by paying for content.

5. Create in-feed ads

TikTok has tons of great organic marketing opportunities, but if you’re willing to spend a little money to expand the reach of your content, you might consider using TikTok Ads Manager to create in-feed ads.

TikTok ads appear in a user’s “For You” feed and automatically play like other TikTok videos. With paid advertising, you can ensure that your videos reach the audience most interested in your product.

But the best part? TikTok’s Ads Manager integrates seamlessly with Shopify. This means you can build TikTok ads, choose your target audience, and track ad performance, all from within your Shopify store. TikTok can truly be one of the best online marketing tools you can use.

6. Crowdfund projects

Crowdfunding is one of the easiest ways for creators to make money. You invest a lot of time and effort into creating content for your fans, so giving them an easy, stress-free way to give back is great for ensuring a steady stream of income.

Crowdfunding can take many forms, depending on the type of funding you’re looking for. If you’re looking for startup funding for a specific project, you can rally your followers by setting a funding goal and hosting an in-person fundraising event.

If you want to fund a specific project, here are some crowdfunding sites you can explore:

  • Crowdfunding. Kickstarter is the most widely used and recognized crowdfunding platform on the Internet, giving your funding credibility.
  • Independent website : If you don’t have a set funding goal, you might prefer Indiegogo, which offers more flexible fundraising goals that allow you to receive funds after a deadline.
  • Funding available : Fundable lets startups offer equity in exchange for funding, making it a great tool for finding investors. But currently, Fundable is only available to users in the United States.
  • Crowd cube :  Crowdcube offers exclusive benefits from its partner organizations to companies that successfully meet their fundraising goals through its Crowdcube Funding Club.

7. Collect tips

Crowdfunding is one of the easiest ways for creators to make money. You invest a lot of time and effort into creating content for your fans, so giving them an easy, stress-free way to give back is great for ensuring a steady stream of income.

If this sounds more appealing to you, check out some of these great tipping platforms:

  • TikTok’s native tipping feature : This is the easiest way to collect tips within the app, with a convenient button on your profile that users can click to pay you.
  • Tipeee.Tipeee doesn’t offer a subscription service, but its beauty lies in its simplicity. On Time creators can set up a page for their fans so they can directly “tip” any amount at any time.
  • Buy me a cup of coffee. Buy Me a Coffee prides itself on being built for creators, not corporations. Like Tipeee, its strength lies in its simplicity. Followers are sent to a page where they can purchase any amount of “coffee” for the creator. In this case, “coffee” is a $1 payment to the creator via PayPal or online banking transfer.
  • Ko-fi offers tips, memberships, and a way to provide users with commissions on personalized content, such as custom tutorials or video chats.

8. Patreon subscriptions

Crowdfunding is great for large projects, and tips are the easiest way to raise money quickly. But what if you want a more regular source of passive income? Try a creator-based subscription platform like Patreon.

Further reading: What is Passive Income: Income Types and Examples

Subscription-based revenue models are great for content creators because you can keep your individual subscription costs low and focus on growing your subscriber base.

For example, a low-cost subscription of one dollar per month is easily sold to a loyal fan. If you have a lot of loyal fans, the money will start to add up.

Patreon is the first large-scale platform designed to allow creators and influencers to earn money through paid memberships from their most loyal fans. On Patreon, you can set membership levels to provide exclusive content to your biggest supporters.

Alternatives exist (most notably Ko-fi, which also includes a tipping feature), but Patreon has the added benefit of brand recognition, which increases the level of trust among potential backers.

If you think a subscription service might be the best way to monetize your TikTok account, here are some best practices to keep in mind:

  • Entice your fans with rewards. Audiences are likely to increase their donations if they get something worthwhile.
  • Thank your supporters directly. Make your fans feel appreciated and they’ll be more likely to keep supporting your work.
  • Promote your Patreon page. Fans can’t donate if they don’t know you’re accepting donations.
  • Keep subscription costs low. It’s easier to get $1 from 50 followers than to get $50 from one.
  • Create new content consistently. Paying audiences have higher expectations when it comes to how frequently you release new content.

TikTok Rewards referral program

All active TikTok users who meet the minimum age requirement can refer new users to the app in exchange for TikTok bonus points.

TikTok Rewards are virtual points you can earn by convincing people to join TikTok or by completing activities such as watching, creating, and interacting with videos.

Rewards can be redeemed for a small amount of cash at an exchange rate determined by your location. Once you’ve accumulated your earnings, you can withdraw them to your bank account or PayPal account. In some countries, rewards can also be redeemed for items such as coupons and mobile phone credit.

Check the Task Rules page on the app to see how many TikTok bonus points you’re eligible to receive, and which tasks your referred users can complete to earn extra points for themselves and you.

How do TikTok referrals work?

To generate a referral code, head to Profile, then either Discover or For You. Tap the TikTok Rewards banner, then the coin icon in the upper left corner of the screen. There, you should see a referral link and invitation code.

After that, you and your referred user will need to follow these steps:

1. Invite a new user to join the platform

To begin earning rewards through TikTok’s referral program, all you need to do is ask a friend, family member, or coworker to download and use the app.

2. The new user creates a profile and enters the invitation code

Once your friend has downloaded and opened TikTok, they should go to their Profile and select the icon beside their name. There, they’ll be able to enter the referral code you sent them.

Note: Your friend must enter the referral code within 24 hours to earn invitation rewards points.

3. Optional: the new user watches videos to earn more rewards

When new users watch videos via the Activity page, they and you will earn extra Rewards. The amount of videos they’ll need to watch to get Rewards differs based on location, but TikTok recommends watching videos for a few minutes every day, starting from the first day after a referral code is entered.

As time goes on, new users can also earn points by posting videos and interacting with content.

Note: The new user must watch videos within the time shown on the Activity page to be eligible for Rewards.

Who is your TikTok audience?

To make money from your TikTok audience, you need to know who they are. On TikTok, users may skew younger. The majority of users (62%) are under 30 years old, and a whopping 32.5% of active users are under 20 years old. Many consider TikTok’s popularity among Gen Z to be its defining characteristic, but that could soon change.

A survey shows that more and more millennials are joining the platform, and the social network is often most popular with teenagers in its infancy, so getting a head start on catering to TikTok’s older users could serve you well in a few years Brings huge advantages.

There’s no one-size-fits-all approach to TikTok, but having a deep understanding of your audience will allow you to better find the best ways to monetize your followers.

 

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