Multi-millionaires are being created every day on YouTube. With nearly one billion hours of video being consumed on YouTube daily, there should be no surprise that money can be made on this platform. It is estimated that one of the top YouTube channels generated nearly twenty-six million dollars in 2020 alone. There are many ways to grow a successful channel on YouTube as long as you have the desire, understanding, and tools to do so.
Here are six ways to turn your YouTube channel into a profitable business:
Pick a Niche and Consistent Schedule
The best way to grow a business on YouTube and any online market is to niche down. This way, you can use your time to create a consistent schedule of valuable content to share with your viewers. When viewers find your channel and notice you talk about a certain topic, they are more likely to join or subscribe rather than be confused by what you have to offer, as each video is about something completely different. Baking, cooking, financial, and travel channels are just a few of the popular niches to choose from.
Join the YouTube Partner Program
Once your reach one thousand subscribers and four thousand watch hours within a year, you can join YouTubes partner program. This is when you can get monetize your channel with advertisements using Google AdSense. Depending on your niche or topic, you will be given a certain CPM or cost per million views of those who watch the ads that display before your video. After YouTube takes their share, you will then be paid out by YouTube or Google monthly.
Create and Sell Your Own Merch
Once you build an audience or community, you can develop your own merch or clothing to sell to your audience. When you grow a community that values your content, they will want to give back and want your content as they have grown to love or need your brand and business.
Add Sponsored Content to Your Videos
Find brands or products you admire to share brief information on their products in exchange for a flat rate fee or commission through an affiliate link.
Get Paid by Your Fans
Include a donation button once you reach a certain subscriber count. Then, ask your audience to join your YouTube membership content or Patreon account, where a small monthly fee unlocks exclusive content.
Promote With Your Blog, Email, and Other Social Media Platforms
Even though YouTube is a powerful search engine, it is always a clever idea to promote your channel outside of YouTube, especially when you first start. It takes the YouTube algorithm a while to recognize your content and see it as valuable. If others watch your content as soon as you post it, it triggers the algorithm to share your content.
There are several ways to create revenue with your YouTube channel to grow into a sustainable and highly profitable business. First, the more quality content you post consistently, the more your audience will grow, increasing your revenue potential and success on YouTube.