COVID-19 has changed many people’s perspectives about university study and rigid 9-5 jobs. People are looking for freedom - flexible lifestyles, passive incomes and work-life balance.
Social media is offering a new avenue for wealth creation and for some influencers that wealth is staggering.
Charli D’Amelio was the biggest earner in 2021, raking in $17.5 million through endorsements, television deals, and a clothing range, among other projects.
However, unless you’re in the top 1 per cent, most will struggle figuring out how to carve out a stable income.
Here are three ways to monetise your TikTok profile and take a step toward making a living from content creation.
1. Brand Collaborations
It may seem at first that it’s hard to get in contact with top-tier brands but actually all you need to do is drop them a message on Instagram or find their marketing or influencer lead on LinkedIn.
The first rule of working with brands is understanding that it generally doesn’t matter what content you make, there is always someone with a product that could leverage your audience.
What makes a channel attractive and a strong marketing medium is how engaged the community you have built up is.
The best approach is to look at your channel analytics (specifically gender and location) and think of the household brand names you know that sell to the same demographic.
When tee-ing up your first collaboration, it’s important to have a portfolio of your past collaborations so if it’s your first time, be prepared to reduce your rates to build your credibility.
As much as brand collaborations are a strong means of revenue for creators, the frequency of them can be unpredictable, that’s why I suggest to all my talent that the ultimate goal is to build some form of controllable, scalable revenue.
Building a Shopify ecommerce site that contains items like hoodies or t-shirts can be a simple way to make sales if you have a loyal audience. However due to merchandising being a very saturated market, think outside of the box and private label a unique product or build a subscription club for your fans for BTS (behind-the-scenes) content on a site like Patreon.
If as a creator you’re looking for a third revenue stream, consider monetising your content, this is actually how the large majority of YouTubers make their income.
With the rise of short-form content on TikTok, the other social media platforms like Instagram, YouTube and Snapchat have built competition and it comes with an incentive.
As a TikTok star you already make short form content then it’s best to diversify and repurpose your content on these other platforms.
If you’re a successful creator on these platforms you can gain access to the YouTube shorts fund or even Snapchat spotlight payments.