3 valuable pieces of advice for making money on YouTube
If you’re one of the millions of YouTube creators out there, there’s a good chance you’ll want to start making money from your content. If that sounds like you bear in mind the advice below…
Diversify your income streams
This is essential for minimizing your financial risk. If you’re ‘YouTube famous,’ don’t just make money as a YouTube Partner receiving a cut of the ads. In addition to this, start selling your own products (or affiliate ones) and charge for public appearances at local events.
Make use of all the merchandising tools YouTube provides for creators. These are great for helping you earn a little extra cash. You should note that YouTube can change the way they compensate their creators at any time, so having multiple sources of income is of paramount importance for ensuring financial stability.
The brilliant thing about other brands sponsoring you to promote them is that you’re not obliged to give YouTube a cut – which means bigger profits for you! You’re in the privileged position of having the freedom to negotiate your contract based on the authority of your channel and the size of your following.
Don’t forget your start-up costs
Your overhead largely depends on the kinds of videos you’re creating. Chances are, you won’t need anything more than your smartphone and a cheap tripod to get up and running. However, if you’re planning on doing something that requires a lot of technology – say gaming tutorials, or putting expensive gadgets in industrial blenders – you’ll need to figure out a way of recouping that money.