“If you don’t find a way to make money while you sleep, you will work until you die.” – Warren Buffett
Warren Buffett makes an interesting point with this quote about business. This point can be used about brick and mortar companies needing to find ways to do business even when the doors are closed. This can be accomplished with a robust website allowing customers to shop online 24 hours a day. However, to add to the last blog post, I will be mentioning how this can be applied to blogs, vlogs, or other websites.
Blog and vlogs are interesting in that they can be monetized and draw revenue anytime that a person views them. A prime example of this platform that most people are familiar with is YouTube. Once you have enough views and subscribers you can make money every time someone watches one of your videos. The following is what is needed to be a partner and become monetized for YouTube.
- Have at least 1,000 subscribers
- Reach 4,000 valid public watch hours in the past 12 months
- Sign and agree to the terms and conditions
- Have an AdSense account
- Get reviewed and approved
Once you have become a partner, then you can choose to make money from advertisements that are placed in the videos.
The interesting thing is that the revenue is not limited to YouTube and advertisements. The other way to make money is the use of affiliated links and sponsorship. Affiliated links are links to products or services that the YouTuber might mention in the video with a link to the website of said products or services. When a viewer clicks the link, a code is generated with the website and the YouTuber receives a portion of the sale. Sponsorship is when a brand or company pays a person to wear or endorse their products in the video. Lastly, another way to generate money is from the sale of merchandise. Many YouTubers have their website where they sell products with their logos for fans of their channel. This form of merchandising can be used by regular brick and mortar establishments to drive business to their website.
All of this sounds well and good but how do you get to the place where you can earn your first check from YouTube? As mentioned in the last post, it’s all about content. Content can be broken into three categories; what you post, how often you post, and the quality of the post. A person should focus on “what” they post in two ways, either entertainment or educational. To have viewers subscribe and follow your channel, you need to have videos that meet a niche that makes them want to watch not only the videos you have posted, but want to know when you have posted new videos. Next, the frequency of your posts should be addressed. The more videos you post the more chances you have for a viewer to find your channel. The last thing to consider, and in most opinions, the most important, is the quality of the videos you post. A channel can have strong content but have a poor-quality video you will not gain followers.
Source: Mint. (2021, February 19). How Much Do Youtubers Make & How to Become a Youtuber. MintLife Blog. https://mint.intuit.com/blog/relationships/how-much-do-youtubers-make-5035/#:%7E:text=%2414.89%20billion%20increase.-,How%20many%20views%20do%20YouTubers%20need%20to%20get%20paid%3F,receive%20%245%20per%201%2C000%20views.