How can you develop the skills to build a successful business through YouTube?

How can you develop the skills to build a successful business through YouTube? bchellingworth February 28, 2020

Do you want a piece of the action?

I’m sure that you already know the numbers – and they’re big! By January 2019 there were almost 44,000 YouTube channels with at least 250,000 subscribers… This success has made YouTubers the target of corporate sponsors hungry to be included in the videos.

Plus research has found that business owners – i.e. entrepreneurs – have the highest level of job satisfaction among professionals. Not surprising given that business owners invariably start businesses around topics they are passionate about. And yet, for every success story, many others don’t make it. Which skills differentiate those who achieve success – and can you develop them?

Create a sensation

As you will know finding a creative way to express your own unique personality is key to providing a point of difference and creating a brand. By all means, learn from other vloggers but focus on creating your own story and aim to leave your audience wanting more. A famous comedian once said, ‘it’s the way you tell ‘em’.

Your creativity will also come in handy when you need to find creative solutions to the sort of problems all businesses face – like a competitor upping their game, fluctuations in sponsorship revenue.

Pace yourself

Okay, so you’ve got your idea and are raring to go, we all know some of the perks of being an entrepreneur. Taking a nap when you feel like it and deciding when to shower are just two. However, a recent survey found that nearly two-thirds of freelancers experienced loneliness on a daily basis. What or who do you use as a sounding board? When you hit upon a problem, ooh I don’t know, say you had a tax issue for instance, where would you go for advice?

There are many studies on the topic of loneliness in freelancing so it’s useful to be aware of it. Be honest and if you feel lonely, talk to someone. Build and maintain face to face relationships but the good news is, it’s not all bad news!

Lilly Singh, a prolific YouTuber, took time out recently as a result of burnout. By raising these issues, Lilly and other celebrities are helping the rest of us (mere mortals) recognise that it’s important to know the signs and to have support systems we can tap into.

Have you got true grit?

So with that in mind, resilience has become a hot topic, especially in the world of HR. It’s a must-have skill but how do you react when things don’t always go smoothly? Well, one way to gauge this is by knowing whether or not you have a growth mindset. A great example of this is Larry Page, who in the 1990’s was struggling to sell his product as no one wanted to buy it. So, he decided to set up his own company and lo and behold, Google was born. Larry describes his thinking as ‘having a healthy disregard for the impossible’, I think you’d agree, it’s served him well. Develop your growth mindset by asking yourself questions like, what could I do differently? Seek out feedback, value it and act on it. Don’t play it safe, it’s okay to make mistakes, even better to learn from them.

Self-motivation & emotional intelligence

Being an entrepreneur requires some discipline, knowing and understanding what motivates you will keep you focussed on your goal. You can do this by developing your emotional intelligence, researched thoroughly in the 1990’s by Daniel Goleman. EI is incredibly important to our success as human beings.

When the going gets tough, are you more inclined to reward yourself with a cup of tea and a few of your favourite biccys or do you press on regardless? Personal skills within the emotional intelligence framework can help you understand and build your self-awareness, self-regulation, and motivation. HR studies demonstrate that people with high EI are twice as effective as their colleagues, there is also evidence that 90 % of top performers have high EI so it’s worth a bit of self-exploration to reap the benefits. Believe me when I say that increasing your emotional intelligence can help with every aspect of your new business from organisational and time management skills to financial management – how likely you are to stick to your budget?

Making the money work for you

On the subject of money, any entrepreneur worth their salt needs to be aware of their finances, passion for what you do is great but have you actually got any money to buy the aforementioned biscuits? The financial goals you set today (or tomorrow) may well change over time, so it’s vital that you seek expert advice to avoid any tax/vat pitfalls. You might prefer to do it yourself but consider how cost-effective it is to get the professionals in – having a tax accountant who specialises in YouTube can free you up to focus your efforts on the actual business! This is especially important for your first budgeting plan. Why not take advantage of a free initial/no-obligation consultation with The Showbiz Accountant and have confidence that you won’t be hit with any nasty surprises.

This is not the end…

‘Tis only the beginning! You have all of the required skills to be a successful YouTuber. By considering the points raised above, why not bite the bullet, seize the day, make hay – oh you get the picture. Go for it and believe in your talent. Good luck.