Enforcing a ban on TikTok would financially impact numerous users.
Reworded: Delyanne Barros’ future is greatly impacted by the fate of TikTok in the U.S. As a 41-year-old expert in personal finance and money management, she established her own financial consulting firm and shared that the potential ban of TikTok has significant implications for her business.
The prohibition of the widely used social media application.
It is possible that she would lose 30% of her business abruptly.
forbidding the platform is passed
Barros, known as @delyannethemoneycoach on TikTok, credits the Chinese-owned app for potentially saving her business from a ban due to a bill that could forbid its use.
Approved by the House
The law eventually passes on Wednesday.
Barros explained to CBS MoneyWatch that he launched his business in January 2020 and focused primarily on posting content on TikTok. This significant increase in audience engagement was instrumental in propelling his business forward and played a key role in its early growth.
An expert provides insight on why Congress is attempting to forbid the use of TikTok.
Barros is just one example of the many TikTok users in the US who rely on the app for both secondary and primary sources of income. A recent report from Oxford Economics and TikTok found that 7 million small businesses also use the platform to boost their growth.
According to the report, 39% of small businesses consider having access to TikTok essential for their survival. Another 39% credit TikTok for helping them earn additional or main sources of income through their use of the app. Additionally, 69% of small businesses report a growth in sales in the previous year thanks to TikTok.
This is the way people find us.
According to Tori Dunlap, the creator of the financial and professional platform, Her First $100K, TikTok played a crucial role in the development of her business. Through her viral videos, Dunlap has gained a following of 2.4 million on TikTok in just four years, which has resulted in a book deal, the launch of a podcast, and profitable partnerships with brands. Additionally, her presence on the platform has allowed her to attract new clients for her coaching services.
According to Dunlap’s statement to CBS MoneyWatch, TikTok plays a crucial role in our customer journey as it serves as the initial point where people discover our brand.
According to Sophie Beren, the creator and chief executive officer of The Conversationalist, a platform for educating young individuals and promoting discussions and connectedness, prohibiting the use of TikTok would have a significant negative impact on content creators who rely on the app as a source of income.
According to Beren, they are facing the threat of being banned due to the fact that in today’s world, there is no single established way to earn a living. The traditional methods that young people used to rely on no longer provide guaranteed financial success or stability.
Tiffany Yu, the creator of Diversability, a company that advocates for and supports individuals with disabilities, is concerned about the potential consequences a ban could have on her business.
Yu’s advocacy organization generates income by selling memberships and receiving sponsorships from corporations. She attributes the growth of her audience to TikTok, which has allowed her to form partnerships with well-known brands such as Hilton and Dove. In total, the partnerships secured through TikTok contribute to more than 50% of Diversability’s total revenue.
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The proposed TikTok legislation, which may result in a ban, has a challenging path ahead in the Senate.
According to Barros, a financial coach, a possible ban on TikTok may have a negative impact on her business, but it will not completely ruin it. She recognizes the importance of diversification in any business, and utilizes other platforms such as Instagram and Threads in addition to TikTok.
According to Barros, TikTok is especially beneficial for individuals like her due to its algorithm’s ability to provide personalized content that will likely capture the audience’s interest.
However, she is taking precautions in case TikTok is banned. She stated, “While I do utilize other social media platforms, I have also been investing in creating an email list that I have ownership of. This gives me confidence that my business will continue to prosper and expand.”
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Source: cbsnews.com