Making money on YouTube can be a challenging business. Ad rates are not as high as you would hope, and the income you receive is largely based on how many views each of your videos receives.

Recently, creators have been facing demonetization -- even if it isn't justified.

Monetizing videos on YouTube is still possible and very profitable, however. Product placements are a popular option, as they'll make more money than any of YouTube's standard advertising.

A third option can guarantee you steady income month to month: Create a Patreon for your YouTube channel!

Patreon is like a Kickstarter for creators. Your fans can pledge a certain amount of money every month, and in exchange, you can offer them special benefits like exclusive videos, deeper access to you, physical goods, etc.

Your viewers watch your videos because they love what you do! This is why they'll be happy to pledge to you. While it may be more work on your end (having to create more content), your Patreon will dramatically increase your monthly income, and you'll be making a lot more from each fan than you do by having them video ads on your videos!

How so? Ad rates are based on every 1,000 views (it's called a "CPM"). This means that you're making, for example, $5 for every 1,000 viewers. Or if you're popular YouTuber Hank Green, you're only making a $2 CPM.

What if instead you made $5 a month per person? Even if you only had 500 of your fans sign up for your Patreon, that means you'd be making $2,500 per month from that small group of people. Sounds like a much better plan, doesn't it?

Launching a Patreon does NOT mean you shut down your public YouTube channel. This is the beauty of Patreon: You can continue monetizing your YouTube channel the way you already do, but you're adding an additional income stream to steady out your monthly revenue.

Unlike ads on YouTube, support from Patrons will offer you a rock-solid income stream. You'll know exactly how much you're going to be receiving from your fans, leaving you with peace of mind.

Your fans watch your videos because they feel a close connection with you. They enjoy what you do and they want to see you thrive. So yes, they'd be happy to pay you for your time.

Becoming a success on Patreon takes some careful planning, however. You need to make sure you know how much your fans are willing to pay to support you, and what benefits they would like in return. So how do you find this out?

Hire an experienced creator on Patreon

Hypable Impact's Andrew Sims has been podcasting for 12 years, and 3 years ago he started using Patreon for his shows. He'll help you plan, launch, and maintain your Patreon through consultations. Jumpstart your success -- check out what we offer!