With regular changes at YouTube HQ for creators, now is the best time to start thinking of mitigating risk and earning revenue from multiple sources rather than relying on AdSense income alone.
Having spoken with numerous YouTubers, Inspire for Creators have identified that a critical success factor for successful channels is diversifying income streams to reduce exposure to changes in the industry (such as the famous Adpocolypse). Not only does diversifying income reduce risk to industry changes, it also adds additional layers of revenue to your profile – and who doesn’t want that?!
Take a look at some of the best ways we’ve found to increase and diversify your income as a content creator;
Brand deals can be a great way to earn more money as a Youtuber. It’s likely that if you’re earning from AdSense, brands will be queuing up at the door to collaborate with you! So why not take advantage and get a few deals lined up? We always recommend working with companies or brands that have an ethos aligned with your own – that way you really buy into the deal and your fans do too.
Offering fans benefits like unique behind the scenes footage, special gifts or other forms of content is an interesting concept for YouTubers looking to increase and diversify their income. Platforms like Patreon offer creators the opportunity to start a membership base, meaning fans can contribute regularly to support their favourite creator for a small exchange of services (or additional content). We have seen some Youtubers earning a large portion of their income from the likes of Patreon so it definitely shouldn’t be overlooked! Get predictable revenue, connect with your fans and give them exclusive benefits for being a part of the fan community.
The best bit about selling merchandise to support your brand and channel growth is that, if you’re just starting out, you don’t even have to touch the merch you are selling! Some printing companies offer dropshipping as an option, meaning your fans can buy products online, the order goes through to the printing company and they deliver straight to the buyers door – seamless (if you’ll pardon the pun)! If you have created an online presence and brand, you could sell merchandise such as t-shirts, hats, tote bags and so much more; just be careful of pricing, as you may find your margins aren’t as high as you first thought due to high selling and fulfilment fees.
As a creator there are so many opportunities to boost and diversify your income streams – do what you do best and get creative, you’ll likely find even more opportunities to boost sales and income.
As your growth and diversification of income continues, it’s always worthwhile having a discussion with your accountant about whether you have the correct structure in place.