Making More Money: Part 4

The next instalment of Making More Money is going to be focused on YouTube, which is one of the fastest building platforms on the internet.

We touched on and explored in little detail Vlogging in Making More Money: Part 2, but in this segment, we’re going to focus more on YouTube specifically, as there is more than one form of Vlog.
Making money on the YouTube platform isn’t as easy as you assume it is. Sure, you can make a few dollars off ads that are played before or throughout your video, but it doesn’t add up as well as you think that it does. Say a company pays $20 for every 1,000 impressions (views of the ad). When the ad is played, it may only generate $2 or $3 per 1,000 views. So to be blunt, you’re only going to make a few thousand bucks for every million views – and getting that many views is hard.
Well, how do you generate revenue? The following are some ways of making money through the platform, but be warned, it’s more work than just talking to a webcam.
Think of the platform as a catalyst, make it work for you, leverage its massive network so that it works in your favour. YouTube is the second biggest search engine behind Google, it seems a waste to ignore that audience and its resources.
– Sell Your Own Product
If you have something that you want to get out there, plug it within your YouTube video, and use this to funnel your audience to a landing page (like Shopify, Etsy etc.) where they can purchase your product.
– Direct Traffic to Affiliate Links
Have a blog as well as your YouTube channel? Perfect! Change your main catalyst from your blog (that’s static) to your channel (that’s more live), and again, funnel your audience to your other platforms through YouTube. It’s best to do this now, so that when the internet moves further down the path of video as its primary form of content, you’re already ahead of the 8 ball.
– Attract Sponsorship
If you can score yourself a sponsorship you’re getting good at this (the best, most successful YouTubers have discovered their own, don’t wait for it). The best part of a sponsorship is that you don’t have to give any of that money to YouTube, whereas with ads, you do. You can also negotiate the contracts that you want, as it’s all based on the impressions and your audience. Generally, the sponsorship revenue is substantially more than any YouTube ad can provide you with, but make sure you still have that income coming in (ads).
– Offer a Live Speaking Engagement
Yes, it’s what you think it is, have a meet-and-greet, or offer an hour-long presentation that’s in-depth and focused around expanding the knowledge for your audience. Base it around your most popular videos so that your audience is engaged and will come back to you on the web after their real-life experience.
These can be huge money-makers, if you have a good follower base of 5,000 people, you ask $20 a ticket, and all of those people come, that’s $100,000 just for speaking for an hour about yourself and your content.
– Think Outside the Box
You’ve got to use that brain of yours, if you’re wild enough to start this journey, make it worth it. Identify ways that you can leverage YouTube’s network to work for you and create your own revenue streams.

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Why build a business?

Why should you build a business? How will you build a business? What will my business look like? These questions are pretty common among budding business owners. I think the only question that should be asked is the first one: ‘why?’ If you have the why, the others will follow.

There are three main reason why someone will build a business.

 

  1. To provide you with some excess cash.

If you have a yearly salary of $70,000 you would say you’re going pretty well. But if you have several different lines of income providing $10,000 worth of income each yearly (which is only $200 a week you are making $70,000 though passive income. This is why people build many businesses, often spreading themselves though different industries.

Professional business people often build businesses that they don’t have to manage full time, or they buy into franchises so that they can hire managers to do their work for them, they merely just oversee the work that is being done. This provides them with a yearly income for minimum work

 

  1. To Sell It.

90% of the working population holds some kind of profession that they have to work for. The drawback of this is that the only thing that they can get out of it is a pay rise or promotion, when they retire, they can’t sell it, they simply just lose it and have nothing to show for their hard work. This is why business people often build businesses so that they can sell it in the long run. Although they work for the business for 5 years at a time, they can still make an income, but have the added benefit of selling it when they want to. Many technology start-ups do this by manufacturing and revolutionising a product and selling it to the highest bidder, usually huge corporations such as Apple, Amazon or Samsung.

  1. To take it pubic

Although in Australia we don’t have a very successful rate of taking private companies public, here we can turn to look at the USA to see success, as they hold 5 of the top 10 businesspeople in the world.
Warren Buffett, Jeff Bezos, Mark Zuckerberg, Elon Musk and Bill Gates have all seen massive success in taking their businesses public in the past 30 years.

You don’t have to be a young gun to start your business, you just have to have that bright spark that will take off. Work on it for a few years before launching your business to make sure that you have all the small creases ironed out.

For example: Ray Kroc was 37 when he franchised the famous McDonalds restaurant, while Colonel Sanders was near double his age at 66 when he started Kentucky Fried Chicken (KFC)

 

All in all, there are definite benefits to starting your own business, but you have to make sure that you are willing and able to do so. You have to be committed and have a subject in mind before you start splashing cash that you may not see again. Make sure that your business plan is checked off by 5 or 6 professionals before you go ahead, to ensure that you’re legal and can cover your bum if need be.