You must have seen different types of YouTube channels specializing in a variety of subjects and topics. Some teach you DIY projects, while some may give you lessons on language, make-up, recipe, or other tips. Not only that, there are stand-up comedy, music, discussions, and spiritual sessions on YouTube. We all look for YouTube channels of our interest. With so many areas of interest and so many viewers, a YouTube Channel business can be a very profitable business idea for you.
YouTube has a great number of users that will give you confidence about getting the target audience of your YouTube Channel. According to Statista, approximately 2.24 billion people use YouTube globally. In the first half of 2022, almost 240 million people in the USA use the platform.
Is the YouTube Channel Business Profitable?
The income-generating statistics of YouTube Channel Business are also very impressive for YouTube. As per Statista, in 2021, global advertising revenues generated by YouTube were more than 28.84 billion U.S. dollars and this was roughly 11.2 percent of Google’s total annual revenue.
The YouTube Channel can fetch you big profits if planned properly. You have to find the right content and proper marketing strategies to attract more viewers and thereby more ads.
These figures are going to give you confidence about making a career on the YouTube channel. However, you have to follow different steps and get knowledge about the intricate details of the business.
15 Steps to Start a YouTube Channel Business
1. Know More About YouTube Channel
You have come across many YouTube channels. However, to start your YouTube channel business, you need to know the technical details of starting a channel. The first requirement of your YouTube channel business is having a Google account. If you have a Gmail account it will serve your purpose.
In the next step, you have to open YouTube and opt for channel creation at the top right corner. Create your channel, name it and describe its contents in brief. Keep in mind; that the descriptions are very important for the viewership of your channel. Hence, you have to research the trending topics as well as tag lines for more viewership.
Another important aspect of your YouTube channel business is that you have to watch channels of different content and study their viewership. That will give an insight into the YouTube channel business.
2. Choose your Niche
This is one of the most important factors for building a successful YouTube channel. Think of a channel that has demand among the users of YouTube. That is an effective method.
On the other hand, you can start a channel showcasing your talent or expertise, or imparting certain lessons like DIY, cooking, or academics. Stand-up comedy, spiritual lectures, physical exercise, etc are also very popular.
Think carefully and choose your niche. You must choose a niche such that you can create content on that regularly.
3. Write Business Plan
Now that you have gained knowledge and selected your niche, it is time for writing the business plan. Draft a detailed business plan discussing all the aspects of your YouTube channel business. Your business plan must cover the topics as follows:
- Importance of YouTube Channel Business
- Reasons behind opening your YouTube channel
- Significance of your Niche
- Demand for your Niche and your Target Audience
- Cost requirements to start the business
- How will you monetize your YouTube Channel?
- Marketing Strategies
Discuss every point with relevant reasons and data from reliable sources.
4. Name Your Channel
The name carries a lot of significance and is your identity as far as your YouTube Channel business is concerned. Choose a relevant and catchy name that describes your niche intelligently. You can use the name of your niche, or your name in naming your channel.
Try to get the domain in the name of your channel. That will help you in growing your web presence and also help in marketing.
5. Buy Equipment
It is without saying, the YouTube business is getting more and more competitive. To be successful, you must take all measures to make your YouTube videos attractive. The audio, lighting, and visual quality must be good. For this, you have to buy high-quality equipment. Some of the equipment one must buy to make high-quality videos are the following:
- Webcam/ Camcorder
- Tripod Stabilizer
- Video and Editing Software
- TubeBuddy for SEO
6. Find a Good Logo
Create an attractive logo for your YouTube channel. It can be a clipart, a photograph or design, etc. However, it has to be expressive enough to describe your niche and the content of your channel.
7. Legalize your Business
Give a proper legal identity to your business. It can be a sole proprietorship, or partnership, if you have partners, LLC, S. Corp or C. Corp, etc. If you are looking to protect your personal assets, forming an LLC is a wiser choice. Choose wisely and register your YouTube Channel accordingly.
8. Register for Taxes
Register your YouTube channel business for the taxes applicable to it. Also, Employer Identification Number.
9. Get Licenses and Permits
Get the necessary licenses and permits needed for your YouTube Channel business. You may face trouble without these licenses and permits.
10. Get the Necessary Insurance
Get the necessary insurance coverage for your YouTube channel business. To start with, you will need General Liability Insurance and Workers’ Compensation Insurance.
11. Open a Business Bank Account
Open a bank account in the name of your business and get a business credit card.
12. How Much Money Do You Need to Start a YouTube Channel Business?
You can open a YouTube channel free of cost. However, you will need equipment like a camera, lights, etc for shooting, video editing set-up and editors, a computer, internet connection, performers, and an accounting assistant.
The editors and camera persons charge between $20 and $30 per hour. A performer or actor may charge you $ 100-$150 for a day. Along with that, you have expenses like electricity, equipment rentals, and other incidental expenses. In total that may be $400-$500 per month.
13. How Will You Earn from YouTube Channel Business
In your YouTube channel business, you don’t charge your viewers. Rather, you will get paid by the ads that are shown during your show. Once any of your videos get 10,000 views, you can charge the advertisers for putting ads on your video.
In the case of Google AdSense revenue, you will be paid approximately $18 for 1000 views. Therefore you can understand that the income from your YouTube channel business depends on the number of viewers you get. More viewers will ensure more income from ads. For 20,000 views per day, you can expect a daily income of $30 to $50. Hence, make useful, attractive, and engaging content to attract more viewers.
14. Create a Website
Having a website is very important to growing your YouTube channel. This website will create your identity in the field of business and give your interested viewers more information about your business. Furthermore, this also helps in the marketing of your channel too.
15. What are the Marketing Strategies for YouTube Channel Business
Choose the marketing strategies for your YouTube channel business carefully and wisely. There is no scope for personal visits or meetings. Your content and the publicity of it are the main factors.
Suggested Read: How to Make Money Online from YouTube Videos
As discussed, your business website is a great medium for your marketing and publicity. Some of the popular steps one must take for growing a YouTube channel business
a) Select the Right Niche
Find a niche that can hit the jackpot. Try to think out of the box and get results. Publicize your idea through small promos.
b) Make Good Quality Videos
Keep the quality of your videos very good and well-edited. That speaks a lot about your standard of production which attracts large numbers of viewers.
c) Explore SEO
Use SEO strategies in naming and describing your YouTube channel. That will keep your channel at the top of the search engine.
d) Create Attractive Script
Make a good and engaging script for your channel videos. Use personalized language so that the viewers can relate to it. Don’t write something over the top.
e) Social Media
Use the social media handles for the marketing and publicity of your YouTube channel business. Create a page in the name of your business and share selected clips of your videos to attract viewers.
Sell things like coffee mugs or T-shirts with the name of your YouTube channel business for the brand awareness of your channel.
g) E-mail Marketing
Use e-mail marketing as the medium of marketing and publicity for your YouTube channel.
YouTube is one of the most popular video platforms used by billions of viewers. Hence you can get high profits from your YouTube channel business.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.