Tiktok may have had us all dancing during the first Covid-19 lockdown, but this social media app has quickly become a global favourite. People are turning to the app for fashion, travel, finance, comedy, and more, with some creators blowing up. Typically, with these types of apps, we see American creators raking in the cash while Canadians sit on the sidelines. But Canadian TikTok influencers can earn money off the app too. So, if you are looking for some ideas, here’s how to make money on Tiktok in Canada.
What is TikTok?
TikTok is a social media app that prioritizes short videos. Videos can range from a few seconds up to one minute and combine your video content with music, text, voice-overs, and filters. The platform is incredibly diverse and can be used for education and entertainment alike. It’s most popular with the Gen Z audience. However, there are TikTok users of all ages.
Top TikTok earners
So, how much can you make on TikTok?
Right now, the top-earning TikTok creator is 18-year-old Charli D’Amelio. Her dance videos quickly gained her popularity, and she now has partnerships with major brands and her own Hulu series show. With 148.8 million followers, she charges over $100,000 per sponsored post with annual estimated earnings of $17.5 million dollars.
Canadian creator Kris Collins steers more in the direction of comedy and rose to fame when she turned to TikTok after being laid off during the height of the pandemic. Kris has 47.4 million followers, which has led to sponsorships by major brands and estimated annual earnings of $4.75 million.
How to make money on TikTok in Canada
So, how do you make money on TikTok in Canada? Here are some tried and tested methods that can help you monetize this social media platform.
Creators who have a noteworthy online presence or fit certain niches can also earn money from TikTok through sponsorships or collaborations. In this case, a company or a brand will reach out and offer to pay you in exchange for you creating a TikTok video or a series of TikTok videos promoting their company and or a specific item from their brand.
Sponsorships like this are common across multiple social media channels and can be quite lucrative. However, creators do need to be mindful of keeping a balance. Sponsored content is great for making money but can also be a big turn-off to followers.
Another common tactic that we see in social media, blog posts, and even YouTube that you can also integrate into TikTok is affiliate marketing. Affiliate marketing is when you have a link or promo code to a website, product, or business that, if used for a purchase, will earn you a commission. TikTok can be a good place to share why something is so great, how you can use it, why you love it etc. and then promote your link or code in your videos and even in the bio of your TikTok profile. Ideally, interested viewers will then make the purchase through your personal link/code, and you’ll earn some money.
Promote your product
In the same way you would promote a sponsored or affiliate product, you can promote your own! Keep in mind that this does not need to be a physical product. It can be a digital download, a course, a membership, a call or a session with you- whatever. Use TikTok as a part of your business model to get the word out about your products or service and gain some new clients.
Live streaming works well, especially if you have a large and engaged audience. Essentially when you go live, people can give you virtual gifts, which you can then redeem for cash. Of course, in order to ensure that this is actually profitable, you will want to spend some time figuring out when your audience is most likely to be online. You can also, of course, promote your live times in the hopes of getting more viewers and, therefore, more gifts to turn into money.
The creator fund
When the creator fund was first announced, it was only for American, UK, and some European creators, making their Canadian counterparts incredibly jealous. However, it has been announced that the creator fund is coming to Canada. That said, there’s no hard date, as many rumoured dates have come and gone.
In order to qualify, you do need to meet some set requirements. Right now, the existing creator fund requires that you are 18+, have a minimum of 10,000 followers, and your videos have at least 100,000 views within the past 30 days. Of course, you also need to follow all the community guidelines and terms of service.
How much you earn will depend on your content and audience, but essentially the TikTok creator fund pays you for being creative and creating content that performs well.
All the options discussed above are for making money with your own TikTok account. But you can also make money from your TikTok skills if you are an expert. Hire yourself out as a TikTok consultant, social media strategist or creator. Come up with content brands for companies or even create videos for them. This isn’t a traditional approach to monetizing TikTok, but if you have the knowledge and the skillset, then why not make money by helping others!
Spinning off creating content for others, if you are really good at creating and growing TikTok accounts quickly, then you can flip accounts. People do the same with websites and even Instagram accounts. They grow them to a certain size where they have followers and engagement and then sell them to someone who can just take over. Of course, you need to have people willing to buy, so this isn’t the most fool-proof way to make money on TikTok, but it is something that people do.
How many followers on TikTok do you need to get paid?
Unless you apply for the creator fund, there is no magic number of how many followers you need to get paid. You can start earning right away if you are promoting your own product or affiliate links, and it gets seen by potential buyers.
Certain brands may have expectations, but that doesn’t mean you need to have a huge following to start getting sponsored or doing influencer campaigns. Nano influencers, which are individuals with 100 – 10,000 followers, tend to have better engagement levels than big influencers, and many brands will work with these types of influencers if they believe that they are a good fit.
Keep in mind that money made on TikTok is considered income, so you’ll need to pay taxes on anything you make.
How to gain followers on TikTok
While there is no magic number for the followers you need to get paid, the more followers and views you have, the more chance you have for making money on TikTok. So, how do you get more followers on TikTok? Here are a few tips:
- Be consistent – The more you post, the better (1-3x a day is recommended).
- Stick to your niche – TikTok shows people content based on topics they like, so if you are all over the place, it will be harder to get followers.
- Watch for trends – Popular sounds, filters, and special effects can improve your TikTok videos.
- Don’t just copy – Put your own unique spin on trends and topics if you want to stand out.
- Engage with other creators – Sharing is caring, and TikTok is a community.
- Use hashtags wisely – Pick a niche and use relevant hashtags.
- Create content that others can benefit from – They’ll want to engage and keep coming back.
Now you know how to make money on TikTok. The platform can be a lot of fun, but as the saying goes, don’t put all your eggs in one basket. If you are already a creator with an audience, then these strategies can be great as you continue to grow. If you are a business, then TikTok can be a great way to build your business and get new clients. However, you shouldn’t expect to turn into a TikTok star rake in hundreds of thousands of dollars.