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Current Situation with TikTok

The clock is ticking for TikTok’s parent company ByteDance to divest its U.S. ownership stake in the wildly popular video platform. While TikTok corporate is committed to fighting the impending ban in court, small business owners who depend on the platform as their primary source of revenue are in a full-blown panic.

In response, TikTok has hired PR firms across the U.S. to promote the importance of the platform to small businesses and the United States economy. In a new Impact Report conducted by Oxford Economics, 45% of the SMBs on TikTok consider it critical to their existence. On average, using the marketing and shop functions increase a business’ revenue by 88%. With over 7 million businesses now using TikTok and TikTok Shop, the report estimates the platform has contributed $24 billion to the U.S. economy.

How AI legalese decoder Can Help

The AI legalese decoder can assist small business owners affected by the potential TikTok ban by providing easy-to-understand translations of complex legal documents and regulations related to the situation. It can help business owners navigate the legal jargon and implications of the ban, allowing them to make informed decisions and potentially find alternative solutions to sustain their businesses.

Impact on Small Business Owners

Erika and Craig Mount, the owners of Rapid City, South Dakota’s Nerdy Nuts (684K followers), went from making $60,000 USD at a local farmers market in 2018 to earning $16 million via TikTok in 2023. “We’re in denial. We’re terrified. If the ban takes effect and we couldn’t use TikTok, we would lose our business,” say the Mounts who now have 90 full-time employees and have donated over $500,000 to local organizations including first responders and youth sports. “Politics and peanuts don’t go together.”

The Mounts are not the only business owners “devastated” by the U.S. government’s ban. Kymani Gorham and her boyfriend Logan Sidesinger who run The Skincare Bakery (962K followers) believe “It’s bogus. It’s not for security. It’s for money.” The couple declares: “We stand with TikTok.”

Addressing Concerns and Adaptation

“Even if [ByteDance] is not currently using our data, it’s the idea that they have access to it,” proclaims Lauren Schnipper, a creator economy expert and co-host of the industry podcast “Creator Upload.”

Adapting to Changes

XO Marshmallow (496K followers) co-founder Lindzi Shanks takes a more pragmatic approach to the recent news. She acknowledges the opportunity and success the company has been given on the platform but says “Our business existed before and will exist after TikTok. As a business owner, you have to constantly be adapting.” Shanks credits TikTok for 200-300% year-over-year growth the past three years leading to mid-seven figure revenue driven by the platform alone.

Melody Hammer, CEO and founder of indie nail polish brand LOUD, says she sees more sustainable revenue and audience growth through email marketing and strategic paid media. Hammer regularly cleans up the mailing list to prioritize key returning customers she considers “super fans.” The brand also maintains a private Facebook group which acts as a community hub for these loyal purchasers.

Stories of Resilience

Jeffrey Morrison of Morrison Made (823K followers) served in the Air Force and worked as a local firefighter before going full-time selling custom-made leather goods on TikTok. Morrison admits 90% of his revenue comes from TikTok Shop where he’s able to sell quicker-turnaround custom leather belts. The company has done $1 million in sales on TikTok Shop in the past eight months. As someone who’s previously served to protect his country, he said “If the national security thing is true, then I don’t want to risk our safety out of greed for my own small business.” But when pressed on the issue, Morrison feels TikTok alone should not be punished. He believes Meta and Google Google should be more heavily regulated if TikTok is.

Looking Towards the Future

This is something Schnipper, who is very vocal in her opposition to ByteDance’s stronghold, can agree on: “There are so many other important issues related to these social platforms. Let’s address TikTok ownership and get to work on the longer-term effect social media is having on children’s mental health.”

Want more? Find out what top creators and industry execs think about the TikTok ban.

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