How To Get Rich As a TikTok Influencer in 2024
Written by
Nicole Spector
Edited by
Elizabeth Constantineau
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Social media isn’t just a place for us to catch up on the happenings in the lives of our friends and families, or get the lowdown on the latest trends; it’s also a serious player in the space of commerce.
Retailers flock to these platforms to sell their goods and services, and consumers often engage with (and purchase) items they may never have come across had they not been scrolling on their phones, idly absorbing TikTok content.
And it’s not just brands making money off social media platforms. Select consumers are also raking in the big bucks from being key influencers on these sites, especially on TikTok, where, according to NeoReach’s 2023 Creator Earnings and Insights Industry Report, TikTok influencers made as much as $200,000+ in 2023 alone.
So, how can you get in on the action and become rich as a TikTok influencer in 2024?
Brand Partnerships
Blair Huddy, founder and CEO at Hudson Davis Communications with a hefty 37,000 followers on TikTok, highlights the importances of forming partnerships with brands to make money on the booming platform. It all starts with building a community.
“Building a community allowed me to cultivate relationships with brands that offer me 10% of what I bring to their product or platform,” Huddy said. “I earned about $500/month in commission [last] year (since August).”
Track Analytics Obsessively
You should track high-performing trends often if you want to make money off TikTok.
“Monitoring performance data daily allows swift optimization,” said Amy Kauffman of Let’s Tango.
“Lean into what content formats, durations and release times perform best. This converts casual posting into a strategic business.”
Find Your Niche and Check Out Top Influencers
There is a world of niches on TikTok. Know which ones are performing well/getting tons of traffic and tap into one or more with your own content.
It’s also critical to pay attention to the posts that top influencers in the space are making on TikTok. This alone can help steer you in the right, lucrative direction.
“Studying content and influencers already monetizing well on TikTok shows viable themes aligned to sponsor opportunities,” Kauffman said.
“Fitness, finance, food and fashion remain consistently lucrative. Match your skills and interests to categories active advertisers value.”
Stay Away From Making Traditional Commercials
Yes, people generally like to be inspired to buy when TikTok presents the right deals, but tread carefully here.
Consumers may enjoy connection with brands and influencers pushing products or services on TikTok, but they usually don’t like to feel like they’re watching some cheesy, over-the-top commercial, such as those that are prevalent on TV and YouTube.
“No one likes to be ‘sold,’ especially on TikTok,” said Eric McDermott, founder and chief next officer at NEXTpectations, with a strong following of 550,000+ on TikTok.
“So, your content can’t be traditional commercials. Overwhelmingly, we all sell stuff nobody wants to get outcomes everyone wants — so focus your content on the outcomes everyone wants.”
Aim To Educate and Build Trust
“Contribute education or entertainment that builds trust and value,” McDermott suggested.
“My experience is that TikTok currently provides a relatively lower cost per conversion than many of the other social media platforms. Even if you utilize TikTok Shops, or Series, or Creator sponsorships for revenue, focus on the outcomes everyone wants, build a community, demonstrate value and build a more reliable plan to get rich slowly.”
Diversify Income Sources Within the Platform
There isn’t just one way to make money off TikTok. There are actually a few ways, and it’s smart to diversify income sources, just as you might “IRL.”
“Multiply cash flow through blending advertising revenue shares from TikTok’s Creator Fund, sponsored branded content deals, launching ecommerce stores, selling merchandise, offering paid content subscriptions and more,” said Kauffman.
Be Patient and Remember That Getting Super Rich Off TikTok Is Rather Rare
Most successful TikTok influencers didn’t get rich overnight. They played the long game and have built their following gradually over time.
Additionally, keep in mind that making mad money off this social media platform is far from a guarantee, so don’t ditch other jobs and rely solely on TikTok bucks that may or may not flow in.
“Getting rich in one year on TikTok is effectively a breakthrough exception,” McDermott said. “A plan based on becoming a breakthrough exception is, simply put, not a reliable plan. Instead of ‘get rich quick tips,’ consider focusing on ‘get rich slow tactics.'”
More From GOBankingRates
