6 ways to Make Money on TikTok in 2020

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As Tiktok continues to grow and become more and more popular, businesses and entrepreneurs are starting to take a real interest in the app and it’s money-making potential. In some cases, this goes far beyond a side hustle which can provide some extra cash for users. Some of Tiktok’s most popular stars are starting to make some serious money from the app as can be seen on Forbes Magazine’s 7 Highest Earning Tiktok Stars, number one on the list would be Addison Rae Easterling who earned over $5 million last year alone!

Due to the current Coronavirus situation, people are now more than ever exploring alternative revenue streams. With TikTok being the current fastest growing social media platform, there are plenty of opportunities to make money. In this article, we will take a look at some of the best ways you can monetize your Tiktok.


 

Growing an Account and Then Selling it on

This is one of the most popular ways of making money on Tiktok. First, you need to pick a niche and then rack up a big enough followers list by posting quality content. (Hint: you can also get free followers from Tiktokfamed to help speed the process up a bit.)

Once you have a sizeable enough following on your profile (10,000 followers at the very least!), then you can begin to approach companies who share a target audience with your niche to buy your account. This is a very popular way of monetizing your Tiktok as it’s actually fairly easy for a company to sell products once they have your account in their hands.


Become an Influencer

If you don’t fancy selling on your hard-earned followers you can also leverage them to become an influencer. The word influencer has a bit of a negative connotation these days, however, the truth is that you can make big bucks by becoming one. Many companies now have begun featuring influencers in their videos in order to reach as wide an audience as possible. The good thing about being an influencer is that you can make big money by simply plugging products you already use.

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In terms of how to reach influencer status, there is no sure-fire way to get there. That said, the most successful influencers tend to be relatable and natural. At the end of the day, people are more likely to follow the advice of personable people that they can relate to. Obviously, it goes without saying that in order to actually become an influencer you will already need to have a sizeable, engaged following. But once you have achieved this, you can earn some very good money plugging other people’s products.

Once you have secured a few product deals you will need to be upfront about it with your fans. If an influencer is caught advertising a product without disclosing that they have a deal it can have severe consequences and seriously damage their reputation on the app.


Create Content for Companies

Another way that big companies are using Tiktok to reach a wider audience for their products is to offer big money to Tiktok stars to create sponsored content. Take 16-year-old Charli D’Amelio for example. Last year she made $4 million from Tiktok! A large chunk of that money would have been from making content for companies like Hollister and EOS cosmetics.

Tiktok is actually very proactive in this regard, often hooking up brands with relevant content creators. Tiktok has also recently introduced Tiktok Marketplace, a place where brands can easily search a database of content creators that they can collaborate with.

In addition to Tiktok Marketplace, there are also ‘brokers’ who specialize in connecting content creators and brands. These brokers can also earn very good money as they will take a percentage of whatever deal the brokers and content creators agree to.


Become a ‘Tiktok Consultant’

Believe it or not, becoming a ‘Tiktok consultant’ for big companies can be a great way of making money. This is the reason why plenty of once-prominent Tiktokkers are now going this route to make money from the platform. Take Sean Young for example who managed to rack up over a million followers from his prank videos. Sean decided to leverage his following and now makes over $10,000 a month giving advice to companies and celebrities on how to grow their presence on Tiktok.

Tiktok consultants are now so in demand that entire agencies are being set up to provide advice on the subject, such as Movers + Shakers, who shifted their entire focus onto Tiktok after the app’s meteoric rise.


Live Streaming

Although not quite as lucrative as some of the other suggestions on this list, Live streaming on Tiktok can be an easy way to earn a few quid. On Tiktok, users can buy ‘coins’ using real money which they can then use to tip their favorite content creators. Once the creator has the coins, they can then convert them into diamonds which can then be converted into real money via PayPal. It is worth noting that Tiktok does retain a small 20% fee from these tips.


Use Tiktok to Advertise Your own Products

Instead of advertising other people’s products on your Tiktok, why not advertise your own products? If you have a business, Tiktok can be an excellent way of promoting yourself for free. Videos which demonstrate your product can see a very high conversion rate. You can also drive traffic to your website by including a link in your bio.

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Auctioning off your own products on Livestream can be another great way to market to your audience. These auctions can get quite competitive and can be a good way of introducing a new product to your following.

So there you have it, 6 ways to make a living on Tiktok. Who knows with any luck you may be able to quit your day job and make a living on Tiktok!

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