How to Make Money on TikTok in 2024: Will it Make You Rich?

Have you fallen down the TikTok rabbit hole like me, yet? The videos are so fun and honestly, addicting. But did you know you can make money on TikTok?

There’s a small learning curve, but with the right steps, you can learn how to make money on TikTok and turn this platform into a side gig.

Content creators and influencers can make extra cash from sponsored content, merchandise sales, and brand partnerships. Explore these strategies in depth and learn how to maximize your earnings through TikTok in this guide.

Earning money on TikTok: Is it worth it?

Verdict: Making money on TikTok can be a good option if you like being active on social networks, have a knack for developing viral content, and enjoy engaging with followers regularly. However, maintaining a following requires consistent effort since there is also a lot of competition, and profit may be unstable.

What is TikTok?

TikTok is a social media platform built around sharing short-form videos. TikTok is extremely popular, with more than a billion users spread around 150 countries. Many of its users have accumulated a large number of followers and can earn money through paid partnerships, the TikTok Creator Rewards, virtual gifts, and other means.

While you cannot invest in TikTok stock because it isn’t a public company, you can make cash on TikTok by becoming a video creator and embracing one of the different approaches available to monetize your account.

How to make money on TikTok

There are several possible ways to make money on TikTok, including earning cash from the TikTok Creator Rewards program, receiving gifts during LIVE videos, gaining sponsors, and directing traffic to your own product.

Join the TikTok Creator Rewards program (formerly TikTok Creator Fund)

You must meet the eligibility requirements and apply to become a member of the TikTok Creator Rewards program to make money online using this method.

To be eligible, you need to be at least 18 (19 in South Korea). Your TikTok account should have at least:

• 10,000 TikTok followers
• 100,000 authentic video views in the last 30 days
• Post original content
• Videos must be at least one minute long

If you meet these requirements, you can apply to the program. Once approved, you can earn money from eligible videos you post on the platform. The exact amount you earn will depend on various factors, including the number of views your videos receive.

The money you earn will appear on your dashboard within three days of receiving eligible views once you are a member of the Creator Rewards program and post videos. You can view your earnings on the first of every month for the previous month.

Post LIVE videos and receive virtual gifts

You can receive virtual gifts when you go LIVE on TikTok, which you can withdraw as real money.

To share LIVE videos and receive virtual gifts on TikTok, you will need a TikTok account that:

• Has been active for at least 30 days
• Has at least 1,000 followers

When you post a LIVE video, viewers can send gifts in real time. Interacting with your audience by answering their comments and responding to their requests may increase your chances of earning these virtual gifts. In addition, you can also use the gift feature to send them tokens of your appreciation.

You can redeem these gifts for Diamonds, which you can turn into money to withdraw. You can view the value of your gifts and your potential to earn Diamonds in your "Balance" tab on the TikTok app.

Gain sponsors who pay you to post videos

Sponsored posts on TikTok are just like sponsored posts on your blog or social media pages. Every brand will have different requirements regarding the content, so be sure to read the agreement before accepting, and always ensure the product or service fits within the message or identity your account portrays.

While there are no specific requirements, here are a few steps to attract sponsors:

1. Identify your target audience: Build your brand around the subjects that are most interesting to your target audience. This can help focus your efforts on establishing a core identity and loyal audience.
2. Build a following: Sponsors are often more interested in working with creators and influencers with an engaged following. Focus on building your audience by consistently posting new content and interacting with your followers while staying true to your message and goals.
3. Collaborate with other creators: Collaborating with other creators can help you reach a larger audience and increase your visibility on the platform. This can make you more attractive to sponsors.
4. Prepare a sponsorship request: Create a document that outlines your audience demographics, engagement metrics, and past collaborations. This can help sponsors understand your value as a creator and make it easier for them to decide whether to work with you.

Attracting sponsors can be competitive and may take time. It's important to be patient and keep working on creating high-quality content and building your audience.

Promote your products or services

You can use TikTok to do a form of influencer marketing for your own products or services. For example, you can drive traffic to your website, the site where you sell merchandise, or offer exclusive services that may interest your audience.

The key is creating compelling and engaging content that resonates with your target audience. You should also include a clear call to action that points to your website or online store.

You can also use the TikTok Shop feature, which allows you to add your products or links to your products on your TikTok profile. Additionally, TikTok allows you to buy paid advertising to reach a wider audience and acquire more traffic.

How much can you earn on TikTok?

The amount of money you can earn on TikTok varies dramatically and depends on factors like:

• Number of followers
• Content views
• Brand deals or sponsorships
• Audience engagement

Some of the platform’s top-paid celebrities earn a small fortune, in no small part because of the other deals that TikTok fame can lead to. For example, famous TikTokers Charli and Dixie D’Amelio netted $27.5 million in combined income in 2021. Meanwhile Parade Magazine stated that Addison Rae's estimated net worth is at least $15 million. And Bella Poarch and Josh Richards are said to make $5 million a year.

Vanessa Chen, another popular TikToker, says that 80% of her income comes from sponsored posts or affiliate links, which goes to show how valuable influencer marketing is versus relying on the Creator Rewards program.

How to withdraw your earnings

If you get paid directly through TikTok, such as through its Creator Rewards program, you can request to withdraw your money using your dashboard.

TikTok supports withdrawals using PayPal, which you can connect to your bank account. There is a per-day limit on the amount you can withdraw. Once you request to take money out, TikTok should process the request within 72 hours.

Who can make money on TikTok?

When determining how to make money on TikTok, it's important to understand who can actually profit from this platform. The specific eligibility requirements vary depending on the method you use to make money through your TikTok videos.

For example, if you want to earn money through the TikTok Creator Rewards program, you must:

• Be at least 18 years old
• Be a legal resident of the U.S.
• Have at least 10,000 authentic followers
• Have accumulated at least 100,000 authentic video views over the past month
• Create original videos that comply with TikTok's community guidelines

If you want to earn through LIVE gifts on TikTok, you must:

• Be at least 18
• Have at least 1,000 followers
• Have an account that is at least 30 days old
• Have a personal — not business — account

Managing your TikTok business expenses

To get started on TikTok, you might want to invest in lights, a green screen, wardrobe updates, and more. A business credit card could help you manage your expenses. Here's a great card to consider:

FAQs

Other side hustles to consider

Successful TikTok content creators can make money while having fun, too. But if making and sharing short videos doesn't sound like the right side hustle for you, consider the following options and explore this list of the best side hustles and ways to make $100 a day.

Play games and try apps

Playing games and trying new apps is a great way to make money on the side. I like these options because you can do them from anywhere, including your couch while watching TV. You won’t make a ton of money playing games or trying new apps, but every bit counts.

Here are a few of my favorites:

• Cash Giraffe: The Cash Giraffe app offers access to a wide variety of games that they pay you to play. You can earn more if you focus on playing the highest-earning games.
• Rewarded Play: The Rewarded Play app pays you gift cards for playing games. Initially, you’ll earn decent rewards as a new user, but over time, you may have to pay-to-play to win more rewards. If you love games, it can be a fun way to make a little money.
• Kashkick: Kashkick offers the opportunity to earn money for doing small tasks online. You can accept offers (which may cost money), play games, and answer surveys. You might not make a ton of money, but it's an easy way to monetize your free time.

Take surveys

Answering surveys is another great way to make money while sitting on your couch. When you answer surveys you help retailers and brands understand what consumers want and what they think of their products and services. Like playing games, you won’t get rich using this method, but you can add some spare change to your wallet.

Here are my favorites:

• InboxDollars
• Survey Junkie
• Branded Surveys

Each of these sites pays you points or dollars in exchange for your opinion. I suggest signing up for all three (or more) sites to diversify your efforts. Surveys are first-come-first-served and can fill up fast. Most survey companies let you know how much the survey pays and how long it will take ahead of time so you can quickly determine which one is worth your time.