TikTok used to make money? Yes, it is true. Suppose you are an entrepreneur who is finding a way to make money. So TikTok would be an excellent idea. Maybe it sounds crazy. But there are highest earnings stars who earn more than seven figures by just posting a short video. So this is a complete guide for you to know more details regarding How to earn money from TikTok in 2022.
Corona pandemic has adversely impacted all the lives all over the world. Hence this situation has led to more significant opportunities for people to find new revenue generation ways. Social media platforms, including Facebook, Instagram have created many potentials to make money using those platforms.
What is TikTok
TikTok has ranked the 7th most popular, with more than a billion active monthly users. Here, I have presented some interesting facts about TikTok for your knowledge.
- Musical.ly merged with TikTok in 2018
- 69% Users of TikTok are Teenagers
- Charlidamelio from the USA has the most followed account
- 90% of the TikTok users use Android
- Women use TikTok more than Men in the USA
- Number 1 Global app (From Downloads)
- Top best niches (Skincare, pranks, entertainment, fitness)
How do you make money on TikTok?
We will start with a simple question. Do you know that you can earn money on TikTok?
Yes, you can earn money. But How?
It is not about posting how lonely you are without having a relationship or posting your selfies there. It would be best if you had a creative mindset, and there you do not need thousands of followers.
So, it is about your creativity.
You need to know a few essential things before earning money.
Tips to make money on TikTok
1. Creating the Brand
This is the very first step even in marketing. First of all, you need to tell others who you are and what you are doing. So, there you need to identify your Target Audience correctly. After that, you can create posts that suit them. Further, you need to maintain consistency with the content you do. Maybe you create funny contents or romantic ones. But it would help if you stayed stick with what you do.
In addition to that, Influencer marketing is booming within this platform. The study carried out by eMarketer has revealed that TikTok has surprisingly grown over a short period.
Source – eMarketer
How to become a successful TikTok star?
You need to clarify your audience and find what the best niche is for you. The top 5 best niches are,
2. Need to create authentic, transparent content
If you need to create a good fanbase, you need to be authentic. In the digital world, people are looking for genuine content. Being transparent is essential when you make any sponsored content. Also, you can get an idea from your favourite TikTokers to create your content. However, it would be best to maintain that uniqueness to make your brand name. Do not ditch the content you do if you get any chance to do sponsored ads. Otherwise, your followers will not stay with you.
3. Creators Fund
This app encourages more user-generated content. Hence TikTok supports and rewards the creators who do creative and innovative things. The most exciting thing is this fund does not rely on any advertising model. So your fund would grow only with the content and with your channel. However, your fund could vary with the time since the content’s engagement level would be different.
How do you get funds?
- The authenticity level you maintain
- Engagement Level
- Your content meets the TikTok guidelines
What are the criteria you need to fulfil to apply for this creators fund?
- If you are based in Italy, France, Germany, Spain, UK or USA
- If you are 18 years old
- Having more than 10,000 followers
- Having more than 100,000 views for the videos you publish in the last 30 days
- Your content meets the TikTok guidelines
You can apply to this by clicking account settings. Then click the Pro Account option, and then you can find the TikTok creator fund as follows,
Also, you would be able to transfer a minimum of $10 to Zelle or PayPal after the month ends.
4. Making partnerships with brands
Now, most companies are willing to give you more money to do content for their products/ services. However, TikTok Creator Marketplace allows you to earn money straight away from the advertisers.
TikTok Creator Marketplace
This platform helps you to find brands/ companies easily. You can create content using their products/brands or mention their brands in your TikTok content. Not only that, this platform helps companies to find you and to check your profile. It shows essential metrics like,
- Demographic status of your audience
- How many followers do you have
- Engagement level you maintain
It is hard to predict your earnings. But some people earn more than $20,000 per video. Moreover, you can partner with a brand using three different ways. They are,
- Affiliate marketing
- Promoting free products
- Sponsorships – Upfront
5. Receiving donations for your live streams
Your followers can donate cash to encourage and appreciate your creative live stream. However, you need to activate the Live Gifting option before doing live streams. On the other hand, TikTok has offered different options in-app coins. This option allows your fan base to buy gifts for you.
How to find coins
Settings >>Balance > Recharge
Then your fan or follower can buy virtual rewards for you quickly. After the live streaming, you can easily check how much you received as gifts for your live stream using the Balance Tab.
Not only that, you will have Diamonds or virtual credit to exchange your received gifts. Typically this diamond amounts to 50% of the one coin.
6. Sell your TikTok account.
You can grow your TikTok and can bring it to a certain level. You can earn more if you have more followers. There are companies who love to buy generic profiles. Following I have mentioned how much you can earn using your TikTok account. However, this is not official information.
- 500K-1M+ = $1.5k – 31k
- 100k – 500k = $1.5k – 6k
- 50 – 100 k = $600 – $900
7. Promote your business
If you are into beauty related business, this is the best platform then. I already mentioned the best 5 niches in TikTok. This platform consists of both millennials and Gen Z groups. These two groups have a better purchasing power of more than $150 billion in the USA. You can use the TikTok hashtag to promote your content. However, creating the content from the users is really worth it for the company rather than compelling your customers to buy your products.