How to Start a TikTok Business in 2024 | Make more money on TikTok

Introduction

TikTok is the fastest growing social media platform, making it an ideal space for promoting your brand or business. Unlike the common misconception, you don’t need a million followers to start making money on TikTok. By leveraging TikTok’s algorithm, you can efficiently grow your audience and monetize your content. This article dives into various methods, from the current TikTok monetization options like the Creator Fund, Creativity Program, and TikTok Creator Marketplace, to new ways that some creators might not want you to know.

Common Ways to Earn Money on TikTok

1. Creator Fund

Initially, TikTok’s Creator Fund was the primary method for creators to earn money based on views and engagement. However, it’s shutting down and new creators are advised to switch to the new Creativity Program.

2. Creativity Program

This new program offers higher payouts than the Creator Fund. To qualify, you need at least 10,000 followers and 100,000 views in the month before applying, and your monetized videos must be longer than one minute.

3. TikTok Creator Marketplace

If you can’t directly monetize through TikTok, the Creator Marketplace allows for collaboration between brands and creators. Brands can find you for their campaigns, creating another revenue stream.

Paid Online Challenges: A Secret Hack

The newest and most exciting way to make money on TikTok is through paid online challenges. Here’s how to do it:

Create a Challenge: Align it with your niche and use TikTok polls to see what interests your audience. You can use free AI tools to generate ideas.
Track Progress: Use free community platforms like Nasayo to track participants' progress. On Nasayo, you can set up a community, create a challenge, name it, upload a cover photo, and set it as a paid challenge.
Promote Your Challenge: Utilize your TikTok account to generate buzz by creating teaser stories, reels, and going live to interact with your followers. Highlight the benefits and rewards of joining the challenge.
Offer Rewards: Rewards could be free consultations, meetups, digital products, etc. Collaboration with brands to sponsor the challenge can also boost participant numbers.

Additional Monetization Methods

Beyond TikTok, consider these methods:

Paid memberships
Selling digital products
Selling event tickets
Offering one-on-one coaching sessions

Remain creative, authentic, and engaged with your audience to build a thriving source of income on TikTok.

Keywords

TikTok
Monetization
Creator Fund
Creativity Program
Creator Marketplace
Paid online challenges
Audience engagement
Revenue streams

FAQ

1. Do I need a large number of followers to make money on TikTok? No, you don’t need a million followers to start making money on TikTok. Focusing on growing a genuine and engaged audience is key.

2. What are the TikTok monetization options available? The options include the Creator Fund, Creativity Program, and TikTok Creator Marketplace.

3. What is the TikTok Creativity Program? It is a new program that offers higher payouts compared to the Creator Fund. To qualify, you need at least 10,000 followers and 100,000 views in the previous month.

4. How can I make money through paid online challenges? By creating a fun and engaging challenge that aligns with your niche, tracking participants' progress, promoting it on TikTok, and offering rewards.

5. Are there other ways to monetize besides TikTok’s direct methods? Yes, you can start paid memberships, sell digital products, event tickets, or offer one-on-one coaching sessions.

6. How do I promote my challenge on TikTok? Generate buzz using teaser stories, create reels, and go live to interact with your followers, highlighting the benefits and rewards of your challenge.