How to Make Money on TikTok in 2024

Steve Strauss, The Motley Fool


A young adult swatches different colors of eyeshadow on their arm as they record a makeup tutorial video at home.
A young adult swatches different colors of eyeshadow on their arm as they record a makeup tutorial video at home.

Image source: Getty Images

A few months ago, I found myself following a TikTok influencer (with a total of 250,000 followers) who really resonated with me. I write books and articles about small business and money management, and as that was his expertise, I began to watch his daily videos. I have never written anyone a "fan letter" before, but I DMed him one day and told him how much I enjoyed his content and thanked him for that.

What I never expected was that he would write back. We went back and forth a bit, and lo and behold, today I am ghostwriting his book. In addition, he is coaching me on how to grow my own TikTok following.

So yes, there are many ways to make money on the fastest growing, most lucrative social media app out there, TikTok. How lucrative? According to Sprout Social, "TikTok was the highest grossing app of 2023." In fact, it grossed $2.7 billion last year. Here's how you can get a piece of the pie.

Become a TikTok influencer

It's not as hard as you may think.

I saw one woman today on TikTok who has amassed 5,000 followers in one week. My new coach shows people how to get six-figure followings in a few months. That's a lesson for a different day, but the point is, by posting quality content consistently and following a few social media hacks, you too can grow a large following in fairly short order.

For starters, you can sell your own services, and because having a social following takes time but not money, all of your marketing is essentially free. One of my coach's students is a counselor. In a few months, she gained 150,000 followers who love her daily tips. She says her counseling service has exploded with patients.

Similarly, and maybe even better, brand deals become possible when you have a big TikTok following. Because brands pay creators to promote their products or services, collaborating with brands for sponsored content can be a very lucrative way to make money on the app.

Requirements:

  • Have a substantial following, typically starting from 10,000 to 50,000 followers

  • Have high engagement rates (clicks, shares, comments, etc.)

  • Have a niche audience that aligns with the brand's target market

TikTok Creator Fund

You can also get paid by TikTok directly for creating videos that get a lot of views. How much? According to Social Media Hub, "TikTok pays around $0.02 and $0.04 for every 1,000 views. These are reports based on payments received through the TikTok Creator Fund. This is a program that TikTok introduced in 2021 in a bid to compensate content creators for creating content on the platform."

While a few cents per 1,000 views may not seem like a lot, if one of your videos goes viral, you will quickly change your mind as your checking account balance grows.

Requirements:

  • Minimum of 10,000 followers

  • At least 100,000 video views in the last 30 days

  • Must be at least 18 years old

TikTok Shop

This could be the goldmine. Think of TikTok Shop like the app version of Amazon. Just as with Amazon, you can set up your own shop on the site and sell goods, or you can simply become an affiliate marketer for someone else's goods and store. Either one can be very lucrative,

Owning the shop: TikTok Shop allows creators to sell products directly through the platform. This can include merchandise, handmade items, or other products.

Requirements:

  • No minimum follower count (but having a larger audience increases sales potential)

  • A verified TikTok Shop account

  • Compliance with TikTok's policies

TikTok Shop affiliate

Becoming a TikTok Shop affiliate lets you earn commissions by promoting products available in other people's TikTok Shop. All you need to do is create videos that people watch (they can be faceless too if you are the shy type.) You earn commissions on sales made through referral links in your bio or integrated into your content.

Requirements:

  • Minimum of 1,000 followers

  • Ability to create engaging promotional content

It might help to recall how Amazon was minting money for entrepreneurs new to that site back in the early 2000s. That just may be what is happening on TikTok today. Don't miss out. This is a golden opportunity and the clock is ticking…or should I say, TikToking?

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