How to make money on TikTok

You may associate TikTok with hours lost to scrolling through short videos of everything from dogs to dance challenges, or perhaps you mainly know it as a topic of contentious debate. Either way, the social media platform has a surprising use case: making money.

Many users are leveraging TikTok to bring in cash and believe it or not, the platform has the potential to be pretty lucrative. But is it a good idea?

How to earn money on TikTok

There are actually a lot of ways to monetize TikTok, including by:

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How much can you earn from TikTok?

How much you can rake in can vary widely. For creators, it largely depends "on how many followers and video views they have as well as how they monetize their TikTok," Time said.

For instance, a water park influencer with 9 million social media followers has earned as much as $20,000 for a single sponsored post, according to Insider. Meanwhile, an artist with just over 40,000 followers earned $574 from the TikTok Creator Fund.

For song promotion, someone "with 200,000 to 300,000 followers that gets between 20,000 and 30,000 likes on a video could earn $200 for a song promotion," Insider reported. Whereas for those "who have around 50,000 to 150,000 followers, rates are more variable, but can fall anywhere from $20 to $150."

What should you consider before you start trying to earn on TikTok?

If you're interested in trying to capitalize on TikTok, it helps to go in with a plan. Start by considering your goals, and which earning method makes the most sense for you. Are you ok with boosting someone else's brand, or would you rather establish and promote your own business? Also assess how many followers and how much engagement you already have, as you'll generally need to hit benchmarks to open up certain opportunities, such as applying for TikTok's Creator Fund.

It can also help to have a niche. Figure out what you're passionate about and what value your content can provide. "Your niche will likely lend itself to certain money-making opportunities more than others," Time noted. "For instance, if all your videos feature you dancing, song promotion might be an easy fit."

And even though this is all a business, experienced TikTokers say that it's important to stay authentic and remember to have fun with the whole thing. If TikTok just doesn't feel like a natural fit, or you're struggling to gain traction, remember there are plenty of other ways to earn money, online or off.

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She has previously served as the managing editor for investing and savings content at LendingTree, an editor at SmartAsset and a staff writer for The Week.