Making money on YouTube is something that a lot of us dream of, but not many know how to do it. In this blog, I am going to dive into the various ways you can make money on YouTube and give you some practical tips and tricks to help you get started.
Why Start Earning Money on YouTube?
In addition to the impressive user statistics, YouTube has also become a major source of income for many creators.
The estimated total ad revenue generated by YouTube in 2021 was $28.8 billion, showcasing the potential for lucrative earnings on the platform.
With the right strategies and techniques, anyone can turn their passion into a profitable business on the platform. In addition to top-earning YouTubers, it's also worth noting that creators with smaller audiences can still make money on the platform.
According to a report by Hootsuite, even creators with less than 1,000 subscribers can earn an average of $18 per 1,000 views.
This shows that size doesn't necessarily dictate your earning potential on YouTube. With dedication, hard work, and smart monetization strategies, even creators with smaller audiences can make a profit from their channel.
Different Ways of Earning Money on YouTube
1. Ads
If you're looking to monetize your YouTube channel, there are several ways to do so.
One of the most popular ways is through ads. YouTube partners with AdSense and places ads on your videos, with a portion of the ad revenue going to you, the creator.
To be eligible for monetization, your channel must meet the YouTube Partner Program requirements, which include having at least 1,000 subscribers and 4,000 watch hours in the past 12 months.
The amount you can earn through ads will depend on several factors, such as the number of views and engagement on your videos, as well as the type of ads and industry they belong to.
As a rough estimate, the average YouTube creator earns $18 per 1,000 ad views, which means that if a video receives 1 million views, it can expect to earn roughly $18,000 from ad revenue alone.
2. Sponsorships
Another way to make money on YouTube is through sponsorships. Companies will pay you to promote their products or services in your videos.
This can be a great way to make money, but it's important to only promote products or services that you believe in and that align with your brand.
According to a report by Influencer Marketing Hub, the average cost of a sponsored YouTube video is between $10,000 and $50,000. That's a lot of money, and it just goes to show how valuable sponsorships can be.
3. Affiliate Marketing
Another way to make money on YouTube is through affiliate marketing. This is when you promote a product or service and include a special link in your video description. If someone clicks on that link and makes a purchase, you'll get a commission.
This can be a great way to make money, but it's important to only promote products or services that you believe in and that align with your brand. According to a report by BigCommerce, the average affiliate marketing commission is around 8%.
4. Memberships
Lastly, you can make money through membership or subscription-based models. Many YouTubers offer exclusive content or perks to viewers who pay a monthly fee.
This can include perks such as exclusive videos, early access to content, and exclusive discounts. According to a report by YouTube, creators who have enabled memberships on their channel earn an average of $4.18 for every member per month.
Now that you know the different ways you can make money on YouTube, let's talk about some practical tips and tricks to help you get started.
Tips to Start Growing on YouTube & Earn Money
Define your niche and stick to it:
Your niche is the topic or theme that your channel is based on. It's important to define your niche and stick to it because it will make it easier for you to create content and attract an audience.
Some examples of niches you can explore are cooking, beauty, fashion, travel, technology, and gaming.
You can also view the works of other content creators in your niche idea to decipher a unique value that you can offer to the audience.
Invest in good equipment:
When starting out on YouTube, it's important to invest in good equipment, but that doesn't necessarily mean spending a lot of money.
A good camera is one of the key pieces of equipment that can make a big difference in the quality of your videos.
A budget-friendly option is a mirrorless camera, such as the Sony A6000, which provides good image quality at a reasonable price point.
Another important equipment is tripods. A basic tripod such as the Joby GorillaPod is a flexible, portable, and budget-friendly option for stabilizing your shots.
This can help ensure that your videos are steady and professional looking. Audio is also crucial for producing high-quality videos, and investing in a good microphone can make a big difference.
A lapel microphone, such as the Rode SmartLav+, is a nice starting point for recording audio directly from your smartphone.
Finally, lighting is also an important factor to consider when producing videos.
A softbox lighting kit like the LimoStudio kit can provide good lighting for your videos, without breaking the bank. Good lighting can help make your videos look more professional and appealing to your audience.
Create Consistent Content:
Consistency is essential when building an audience on YouTube. When you upload videos on a regular schedule, you create a sense of reliability and dependability for your audience.
They will know when to expect new content from you and will look forward to your next upload.
One of the key factors to success on YouTube is keeping your audience engaged and interested in your content.
By uploading new videos on a regular basis, you can do just that. Aim to upload at least one video a week.
The more often you upload, the more frequently your audience will visit your channel and engage with your content. This can help you build a strong and loyal following on the platform.
Promote your videos on Social Media:
Social media is a powerful tool for promoting your videos and attracting new viewers to your YouTube channel.
By posting about your new videos on all of your social media accounts, you can reach a wider audience and attract new viewers to your channel.
This can help increase your visibility and grow your following on the platform. In addition to promoting your videos, social media is also a great way to interact with your audience and get feedback on your content.
Engaging with your followers on social media can help you understand what they like and dislike about your videos, and can provide valuable insights into how you can improve your content.
Collaborate with other YouTubers:
Collaborating with other YouTubers can bring many benefits to your channel and can be a lot of fun.
There are various ways to collaborate with other creators on YouTube, including doing a video together, hosting a live stream, or promoting each other's videos.
Each of these methods can help you reach a new audience and bring fresh perspectives to your content.
By collaborating with other YouTubers, you can expand your reach beyond your existing audience and attract new viewers to your channel.
To find other YouTubers to collaborate with, you can start by searching for creators in your niche. You can also join YouTube communities like creators.co or vidcon.com.
Be authentic and true to yourself:
Being authentic and true to yourself is crucial when it comes to creating content on YouTube.
People are quick to sense when a creator is being fake or inauthentic, and this can harm your relationship with your audience.
On the other hand, if you present yourself in an honest and genuine manner, your audience will appreciate your authenticity and be more likely to trust you.
Here are some specific tips and examples on how to be authentic and genuine in your YouTube videos:
1. Share personal experiences: Sharing personal stories or experiences can help build a deeper connection with your audience and make your videos feel more relatable.
2. Be transparent: If you're promoting a product or brand, make sure to be upfront and transparent about any sponsored content or affiliate relationships. Your audience will appreciate your honesty and be more likely to trust your recommendations.
3. Show your personality: Let your unique personality shine through in your videos. This will make your content more engaging and help you stand out from other creators.
4. Respond to comments: Interacting with your audience by responding to comments and messages is a great way to show that you value their input and care about their opinions.
5. Stay true to your niche: Stick to your niche and stay true to your interests and values. This will help you build a loyal audience who trusts and respects your content.
Make Use of These Tools:
Making use of certain tools can significantly improve the quality and effectiveness of your videos on YouTube.
YouTube Studio, TubeBuddy, Canva, and Adobe Premiere Pro are some of the most popular tools that can help you optimize your content and make it more appealing to your audience.
TubeBuddy, for instance, can assist you in optimizing your video titles and tags, which can greatly impact the discoverability of your videos on YouTube.
Similarly, Canva is an excellent tool for creating visually appealing and engaging thumbnail images for your videos.
A well-designed thumbnail can be a deciding factor in whether or not someone clicks on your video, so it's important to put effort into creating a captivating image.
Adobe Premiere Pro is a professional-grade video editing software that can help you take your videos to the next level. With its powerful editing tools and features, you can create high-quality and polished videos that will stand out from the crowd.
Always abide by YouTube's monetization policies:
Adhering to YouTube's community guidelines and terms of service is crucial for maintaining a healthy and thriving channel.
Failure to follow these guidelines can result in your channel being suspended or even terminated, which can have serious consequences for your ability to monetize your content.
Additionally, it's essential to be mindful of the type of content you create and share on the platform.
YouTube strictly prohibits hate speech, violence, and sexually explicit content, and it's important to avoid these topics in your videos.
Video Ideas That Can Make You Money on YouTube:
- Tutorials
- Comedy Skits
- Vlogs
- Product reviews
- Q & A's
Tutorials:
Tutorials are a highly sought after and well-received type of content on YouTube, encompassing a broad range of topics from makeup to cooking, programming, DIY projects, and beyond.
These videos offer an opportunity to provide helpful and informative content to your audience, while also allowing you to establish yourself as a knowledgeable expert in your chosen niche.
For instance, if you have a passion for cooking, you can create tutorial videos on various dishes and cuisines, providing step-by-step instructions and cooking tips to your viewers.
On the other hand, if your niche is beauty, you can showcase your skills and creativity by filming tutorials on different makeup looks and techniques, offering your audience helpful insights and inspiration.
Similarly for programming, tutorials can range from introductory lessons on a specific programming language to more advanced topics like software development, data analysis, and more.