- If you already have a sizeable YouTube audience,
your channel's growing, congratulations,
you're probably now at the point
where you were wondering, "How do I make money on this?
"How do I turn this into a business?"
As someone who's made several million dollars on YouTube
other online businesses over the past several years,
I have learned that there's a lot of information out there
telling you how to make money
on YouTube and online businesses.
But what they're not telling you
is you actually need some skills upfront
in order to make that stuff work.
And today I wanna share with you the top seven skills
that I think you must have if you want to make money
on YouTube and turn your channel into a business.
(logo whooshes)
(text chimes) (text whirring)
- Hey guys, my name is Tim Schmoyer.
Welcome here to "Video Creators,"
where we are all about helping you
grow your YouTube audience.
You can spread your message, reach more people,
change their lives, and make money
that makes all that sustainable.
As someone who has done several online businesses,
for the first few years,
I didn't really make much money on it, to be honest.
And it wasn't because I didn't know the right tactics.
It was mostly because I really needed to acquire some skills
that made the tactics actually be effective.
And thankfully, all of these are skills
that you can acquire and develop yourself, just as I have.
I have no background in any formal business training.
This is all learned over time
through the School of Hard Knocks.
I wanna help you avoid some of those. (chuckles)
The first skill you really need to acquire
is problem-solving.
Your business, your YouTube channel,
and everything you develop around will exist
to solve a problem for a specific target audience.
And often people are willing to pay money
for you to help them solve that problem.
But you also need problem-solving skills
in order to run your business.
You are gonna face tons of problems.
Your product's gonna stop working,
or the business environment is gonna change,
or new competition's gonna crop up,
or a key employee is going to quit,
or you're gonna have a dissatisfied customer
you need to deal with, or a whole host of other things.
I remember as our business was growing,
I was hiring more people to keep up
with the growth, which was great.
But then this shift started happening,
and I started spending less of my time
on actually revenue -producing things
and more of my time on managing the team
and the training and onboarding the team.
Which sounds great, but then all of a sudden what happened
is the profit margins that were working great
when it was just me began to just disintegrate. (chuckles)
And so I needed to have problem-solving skills
and to figure out how can we still keep our level of service
to our customers extremely high and continue to grow
without sacrificing profitability of the business.
Problems like that are things
you're gonna face all the time in business.
Number two is you need to develop
the skill of thinking strategically.
You need to have a plan
for how you're gonna continue to solve people's problems.
You need to have a plan
for where this is going to go in the next two to five years.
Need to have a plan for how to determine
which opportunities to say yes to,
and which are just actually opportunities
disguised as distractions.
YouTube is very different now today
than it was 10 years ago, even like a few months ago.
Things are constantly changing on here.
So I need to have a strategic plan
for how my business is going to stay on top
of how ecosystem of YouTube
and everything that revolves around it
is developing and changing
so that we can continue to help you guys
reach more people, change their lives, make more money,
grow your businesses, and grow your YouTube channels.
Strategic planning doesn't just happen by itself.
Number three is you need to be able to think systematically.
Think in systems.
You need to be able to create systems
that reliably and predictably solve your customer's problem.
Do you need systems that generate new leads
in clients and business?
Do you need systems that keep finances in check?
Need systems that train new employees.
Otherwise this person started doing it that way,
this person starts addressing it that way.
No, we need to come to a process
like this is step one, step two, step three.
The process we follow that generates results
for our clients predictably every single time on YouTube.
And you definitely need to learn
that skill of creating systems as well.
Number four is you need to be able to think financially.
A successful business really just comes down to math.
Does the amount of money coming into the business
exceed the amount of money
that's being spent and is going out?
Not everything has the same profitability.
Let's say we're putting $5,000 a month into this thing
in order to make $8,000 back.
Whereas over here, we're really serving people well,
it's producing better results,
and we're putting $5,000 in to get $15,000 back.
So without the math, without the numbers,
you don't know where to spend your time,
what's working, what's not,
and you can get caught up doing things
that you really love and are passionate about
but aren't really serving your audience,
isn't solving their problem the way you want it to.
And then ultimately isn't serving you
and your family and your business
the way that it needs to either.
Number five is you need to learn
the skill of being resilient.
There's a lot that happens in business and on YouTube
that is just not fun.
You're gonna have months where you're gonna lose money.
You need to learn how to handle rejection.
You're gonna have stress coming at you
from a lot of different angles.
You're gonna have burnout,
and you're just gonna have slow progress in your business.
Can you keep going?
Will you persevere and not quit and give up
when you're not getting the traction you want,
when you're not making the money you want, (chuckling)
but you believe leaving this thing?
Like, that resiliency is so important.
Otherwise people just quit and give up
and never see the results and the success
that are on the other side.
Number six is you need to be able
to communicate very clearly.
You need to be able to communicate clearly
with your team, with your potential customers,
through your content, and on your YouTube videos.
Let's say, for example, that someone comes and asks me,
"Tim, hey, what do you do?"
And let's say my answer
just isn't really clear crystal clear.
And then they ask that same question
to maybe a competitor of mine, and they answer it clearly.
Are they were more likely to work with me
or that other person?
The more clear your messages and your branding,
and the quicker people understand it,
the more likely there is to be, like,
"That's the problem I'm trying to solve."
"Yes, I'm in, or I'm interested anyway."
Number seven is you need to learn how to be a salesman.
If you cannot sell, you have no business.
Doesn't matter how fancy your website is,
how many followers you got an Instagram,
or even here on your YouTube channel.
If you can't sell, you have no business.
Just the assumption that having a big audience
must somehow bring in money automatically is not true.
One channel I worked with had 3,000 subscribers,
making over $2 million a year.
True story.
Other channel I worked with,
they have 1.5 million subscribers, making $600 a month.
The ability to make money
comes down to your skill of all these things
we've talked about, especially how well can you sell.
And then, of course, you need to deliver a product
that actually performs well
and solves the problem the client has.
Thankfully, actually, all of these skills
are ones that can be learned.
But there are a few skills
that you either have them or you don't.
I think they're hard to learn.
And if you're missing these, it's just gonna be,
you can grow a business, but it's gonna be hard
to be successful in the long run.
Those skills that you need to have
that I don't think I can teach you
are, do you love serving people?
Are you honest and trustworthy?
Are you dependable?
Are you naturally curious about how things work?
Do you have a drive in you that keeps you going
even when things are tough?
Are you self-aware enough to know
that the problem in your business is you
and that you need to do change
in order to be able to serve other people better?
If you have a lot of these skills already,
and you're ready to move forward with growing a business
around your YouTube audience, I wanna give you
a free resource put together just for you.
You can click right over there to get it.
It is a guide to help you figure out
what type of product might make sense next for you
to start growing a business around.
A product, a service,
or maybe you're selling community of some kind.
Did I miss any other skills that you need to have
that you think is really important?
Comment with those down below.
I learn from you guys all the time.
I'm looking forward to reading them down there.