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AN entrepreneur has made tens of thousands of dollars through what was initially a part-time gig.
The “little-known” side hustle grew over the past year, quickly becoming a full-time venture that allowed him to quit his job.
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Today, he makes almost $100,000 monthly using TikTok, per a recent clip from influencer and businessman Joshua Elder (@joshcelder).
Elder runs his own remote online financial wellness business and offers paid and free online courses for those who want to learn more about starting their own gigs.
While he does make significant money from that alone, advertising his business and products through TikTok helped Elder bring in some serious cash.
All he had to do was film himself sitting in his truck, talking to viewers, and giving them expert advice.
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The videos started catching attention quickly, bringing in hundreds of thousands of views, and monetizing them allowed for another stream of passive income.
“So I uploaded a video just like this from my truck that got 300,000 views — name me one platform where you can take five minutes and shoot a video just like this, and it gets hundreds of thousands of views,” Elder noted in the video.
Those views continued to grow, and after including affiliate links, Joshua brought in $91,000 commission in 30 days, with receipts to prove it.
VIRAL VALUE
“Over the past month, I’ve made $91,000 in profit using this platform here — TikTok — and there are so many people still struggling to make money online, to start a business, or even get more leads and sells to their current business,” the entrepreneur continued.
Elder emphasized that the videos he makes are “super simple.”
Coming from a background in YouTube marketing, TikTok’s video creation also takes much less time, effort, and know-how, according to the entrepreneur.
“It is hard, it can be laborious, you have to create very, very long-form content, and it’s very hard for people to spend that much time planning, creating, and editing the right content,” he explained.
“With TikTok, it doesn’t require any of that whatsoever.”
“So my question is — why are you sleeping on TikTok?” Elder asked.
Elder isn’t the first one to take advantage of TikTok through viral posts and affiliate marketing, either.
Side hustles and tax implications
Extra income you make from side hustles may need to be reported to the IRS.
If you receive more than $600 in gross payouts from a selling platform like eBay, the site will issue you a Form 1099-K to use in your tax return.
Individuals should calculate their adjusted gross income, taxable earnings, and deductions for the year.
Once they have that, they can use the 1040-ES form to calculate estimated taxes.
AFFILIATE ADVANTAGE
Those interested in getting into a similar side hustle can work directly with a brand like Costco in an agreement to promote their products on social media for a commission when sales are generated.
Costco will provide you with an affiliate link to certain items that you promote, and when viewers click on that link and buy the product, you get a percentage of the sale, typically around 10%.
Doing this through TikTok would be an excellent idea, given how the platform is set up and the potential to get a lot of eyes on your promotional content.
If you sell around 300 to 500 products per month at $100 a piece for a commission rate of 10%, that’s anywhere from $3,000 to $5,000 profit before taxes.
It could be even easier to make money through a side hustle.
A savvy writer makes around $700 a day from a flexible transcribing gig that pays per word.
You could even be “$60 richer” in just 20 minutes for giving your opinion on certain products.
