7. Turn to crowdfunding: There are two primary types of crowdfunding: recurring and project-based. Recurring crowdfunding lets contributors pay an amount they specify on a regular schedule. You’d want to maximize this type of funding in order to turn a channel into a substantial income stream. Incentives such as one-on-one video chats, private classes or merchandise can entice viewers to sign up.
The fact that YouTube is such a hugely popular platform also means that there is a lot of competition. According to Statista, as of July 2015, 400 hours of video are uploaded to YouTube every minute. So, if you want to be successful on YouTube, you need to make sure that you have the time and the resources to publish quality content on a consistent basis. In other words, you’ll need a good YouTube marketing plan.