How to Make Money on TikTok: The Ultimate Guide for 2024

TikTok has exploded in popularity over the last few years to become one of the most influential social media platforms, especially among Gen Z users. With over 1 billion monthly active users, TikTok offers massive opportunities for content creators, influencers and brands to reach a huge audience.

But even more exciting is TikTok’s exceptional money-making potential through its variety of integrated monetization features. This guide covers proven strategies anyone can leverage to make money on TikTok and turn their account into a profitable channel.

As a platform built around entertaining short videos, TikTok wasn’t an obvious place for monetization initially. But recognizing the app’s phenomenal growth and the effort users put into creating original content, TikTok responded by rolling out various ways for influences to monetize their audience.

Now creators can utilize features like TikTok Shop, paid subscriptions, tipping and the Creator Fund to produce income streams. Brand sponsorships and affiliate marketing also allow larger TikTok accounts to generate significant earnings.

Let’s break down the major options:

Key TikTok Money-Making Strategies

• TikTok Creator Fund
• LIVE videos and virtual gifting
• Affiliate marketing programs
• Sponsored content
• Selling merch
• TikTok Shop
• Tipping features
• Paid subscriptions

The right approach depends on your audience size, content style and niche. But with the right growth strategies, any creator can build an audience and income over time.

Getting Started on TikTok

To set yourself up for money-making success on TikTok, the first step is launching a compelling profile that grabs attention.

Stand out from the crowd by:

• Choosing a recognizable username
• Uploading an eye-catching profile photo
• Adding an informative bio with relevant hashtags
• Linking other social media profiles

Understanding TikTok’s unique algorithm is also key. The algorithm promotes content to the For You page based on:

• High engagement and viewership
• Completion rates – if viewers watch the full video
• User interests and interactions

So the focus should be on creating captivating videos optimized for the platform rather than repurposing content from other sites.

Posting consistently helps the algorithm recommend your content. Live interaction features like duets and stitching also improve distribution.

Building Your TikTok Audience

Gaining followers and engagement is the foundation for money-making. The more eyes you can get on your content, the greater your earning potential.

Effective organic growth tactics on TikTok include:

• Leveraging hashtags: Target popular and niche hashtags that relate to your content so people can find your videos. Create original hashtag challenges too.
• Interacting with other creators: Comment on content in your industry, collaborate on videos, and cross-promote to tap into other audiences already engaged with certain types of content.
• Running contests and giveaways: Encourage follows and shares for a chance to win prizes. Brand sponsorships can offset giveaway costs.
• Cross-promoting across other social platforms: Share TikTok videos and promos across your other social media accounts.

These community-building approaches combined with stellar content will get the views and follows rolling in.

Monetizing Through the TikTok Creator Fund

The TikTok Creator Fund is the platform’s flagship monetization program that pays creators for views on their videos. By joining, eligible creators can earn a complementary income stream on top of other TikTok money-making methods.

TikTok Creator Fund Overview

• Open to creators 18+ meeting application criteria
• Earnings based on views, engagement and overall performance
• Monthly compensation via direct deposit

To qualify, accounts usually need 10k+ authentic followers and 10k video views in the last 30 days. TikTok evaluates applicants based on integrity of followers, content quality, and commitment to posting consistently.

Getting accepted has become more competitive, but remains a lucrative avenue once you hit TikTok creator status. Maximizing viewership and community-building helps artists thrive in the fund.

Integrating Money-Making Features in Videos

Beyond the Creator Fund, creators can add specialized features to their content to drive direct earnings:

In-Feed Shoppable Videos

Add affiliate links or product tags using TikTok Shop. You earn commissions when viewers purchase from your videos.

TikTok LIVE Gifting

Fans can purchase virtual gifts to show support during LIVE streams, redeemable for cash rewards. LIVE events also have high visibility, further boosting earnings.

Support This Creator Tipping

Let fans tip small amounts like $5-$100 to monetize without paid subscriptions or LIVE streams. Displays your creativity is worth financial support.

Scoring Brand Sponsorship Deals

Lucrative brand collaborations involve promoting products in custom content. You get paid per sponsorship or receive free product.

First, target brands that align with your niche and content style. Reach out with ideas tailored to them for the best chance of deals.

Sponsors are also attracted to creators driving measurable engagement and conversions through affiliate links. So integrate them in non-sponsored content to showcase your sales influence.

Over 100k followers usually unlocks bigger contracts. But boutique sponsorships can fund growth until then.

Merch Stores, NFTs and Beyond

Expand income diversification by selling digital products aligned with your brand:

• Branded Merch: Earn per item sold in your own online stores on platforms like Teespring without inventory costs.
• NFTs: Digital collectibles allow fans to support creators through crypto payments for exclusive ownership.
• Paid Content: Produce premium videos, tutorials, guides or eBooks that fans pay to access.

Building a personal community that values your workamplifies income potential across multiple products and services you develop.

Conclusion

From TikTok Shop to gifting virtual items, tipping and participating in the Creator Fund, the platform offers diverse built-in tools for turning audience engagement into earnings.

Creators can stack multiple income streams through a mix of advertising, selling own products, raising funds for passion projects, securing brand sponsorships and leveraging TikTok’s monetization features.

The key is crafting captivating content optimized for TikTok’s algorithm to reach as many people as possible. Building authentic engagement and providing value beyond just promotions are also crucial to succeed.

But with commitment to a solid organic growth strategy plus integration of money-making features, any driven creator can develop a sustainable career through monetizing on TikTok over the long term.