How to Turn Your YouTube Channel Into a Profitable Business

In this video I interview entrepreneur Evan Carmichael and we talk about how to build a business around your YouTube channel tips for building a team no matter what size of subscribers you have so far and why your mindset could be holding back your growth coming up this video is brought to you by learn video dot live a one-hour online masterclass on how to grow a highly influential and profitable YouTube channel this year on this free training you’ll learn the proven strategies

and current best practices for growing your subscribers and creating passive income with YouTube to register for free just go to learn video dot live hey what’s up guys sean here with video influencers help you build your influence income and impact with online video and i’m super pumped to have Evan Carmichael back on video influencers how’s it going good man good to be back super pumped to be here at clamour in Palm Springs and we actually just got off a panel talking all about how to really build a business around your YouTube channel yeah and I want to have a

conversation with you because you help entrepreneurs grow and really you’re really not really a youtuber first you’re a CEO first a business mind first yeah so we’ll unpack that and really talk about how creators can start creating other revenue streams and things like that but before we get into it for those who maybe don’t know you yet talk a little bit about your journey what you do as an entrepreneur and things like that so you know how to biotech software you stuff for a couple 19 built and sold of 22 became a venture capitalist then just wanted to give back help entrepreneurs not have to struggle like I did I think your your purpose comes from your pain so I struggled a lot to get my business off the ground and now I just want to make it easier for other people to do it have a channel called off my name Evan

Carmichael a motivational content for entrepreneurs million subs it’s going a lot like since you’ve grown a lot too in the past year too man it’s great it’s like the circle of influence helps everybody grow daily content three times a day usually videos to help entrepreneurs build and grow I always approached it like a business and that’s the topic right I think I think a lot of youtubers this is their first business and they’re artists and you’re artists and creators and I love it like I’m an artist in what I do but it’s artists / CEO yeah and and you you need to have a CEO in a business if you want to grow if you just want to be you all the time and it’s a solo operation are you and one person great but if you want to build something big significant create wealth generational wealth like it’s gonna come from you thinking like a CEO or recognizing that you don’t have the skills or interest to do it and bring it on

somebody wants to be the CEO I love that and you know one of the reasons I really wanted to talk to you is because even here at clammer we are connecting with other youtubers other creators and many people in this community are on the rise and they might look at somebody who has got a lot of subscribers maybe even like doing pretty well financially but behind the scenes what can happen in the YouTube space is craters are still sometimes paycheck to paycheck yeah even though they’re making a lot of income or they’re also on the verge of burnout you know because they’ve grown they’re popular they’re getting some momentum but it’s like impossible to sustain because they’re doing everything themselves they’re stressed and so what would you say to those watching at any stage of the journey that they should change in their thinking to avoid those types of things and as entrepreneurs of course we’re gonna hit hard seasons of course we’re gonna hit the time where you burn the candle at both ends but you can’t sustain that forever yeah so so what do you say to that even if they’re crushing it how we should be thinking yeah I think you always here last year I met a guy I had had five million subscribers on this

channel and it was still him and his wife and it couldn’t afford to hire anybody and her team I thought it was crazy and it’s sad right that you have such a big channel you put so much work in and you still can’t afford to build anything you’re spending 80 hours a week just putting it in so at the beginning she starts with the mindset it’s if you want to develop the skills and you want to build something bigger then you need to go and invest in yourself and the training the skills and your courses go to the events right and that’s what you want to do if it’s not if that’s not who you are again then you need to bring on the partner but you need to be thinking how do I make money in the process of me pursuing my art money is really important I think a lot of people some people think money is everything and that’s a mistake you do the wrong things for money and some people think money is the root of all evil and making money is a bad thing money’s really important even if your charity money is important but it’s just not number one it’s number two or three or four you got to find the thing that is above money but then recognize that you need to make money to go off and do that thing on a bigger scale and so to build a team do you want to

build a team you know I have eight people on my YouTube team do you want to be a leader do you want to manage people do you want to care about their growth and help them learn as individuals or is that something that is not interesting for you you just want to focus on the art in which case to get your mission and your purpose out there you need to find the person’s gonna help you do it that’s really good and one of the things you were mentioning on the panel we were just on is the skill set so let’s assume that those watching are like I do want to run this or I at least want to know what to look for in someone that could help me run this let’s talk about it kind of one by one you mentioned yeah if you’re gonna be an entrepreneur not just a

youtuber you need leadership you need teamwork you need some you know kind of bids dev skills break that down let’s talk about leadership first well what would you say the important of leadership is for those that are now no longer really calling themselves just youtubers but calling themselves okama CEO I’m a business owner like jay-z says yeah I’m not a businessman I’m a business man yeah so for leadership how can leaders grow have you grown as a leader and how important is that I think the most important thing about leadership is you care about the

person’s growth in the business more than you care about the business and so recognizing that for you this might be a lifetime thing like this is your baby this is your vision you’re trying to do this maybe forever for other people they may not be with you forever like you’re running a parallel path for a certain amount of time and then at some point they mean to jump off and a lot of people when the first bringing on people you think wait I can I can outsource I can delegate now I don’t to do all the work you can’t just treat a human being like a machine or a monkey you have to care about their growth and so a lot of what you do has to be what are the skills that this person is missing what are the mindset leap to this person have to take and sometimes it means the best thing for them is to kick them out of your business to allow them to go off and do their thing at the detriment of your own business which is a really hard thing to do but at the end it always comes back you always win like doing the right thing is always the right thing and so most important to be a leader is you need to care about the people on your team and care about their growth the people who are around you have to be getting better as human beings not just providing you a product or service I love that and you know I would I would add that one of the things you do so great is your YouTube channel it’s for developing entrepreneurs we could talk about that later but of course we’ll link to it you have also much great content from a lot of great leaders for those watching to grow as leaders I think the mindset that you may have never thought that you may never

thought I’m a youtuber I’m a creative you may not think of yourself as a leader I think that’s kind of step one and then maybe starting to read books on leadership I know John Maxwell has been a huge influence in my life 21 irrefutable laws of leadership is actually a pretty must read because it can start helping you at least think that way and leadership definitely a journey wouldn’t you agree it’s not a one-time thing it is a lifelong process yeah it starts with self-awareness to figure out do you want to be the leader and if you do then you can read books and you can watch videos I think I think there’s yes a certain amount you can learn from books but I think the environment and the habits routine you set for yourself is actually more important you know if you want to learn confidence yeah you can read this book on seven ways to be more confident it doesn’t mean you’re actually gonna do those

seven things be more confident the best way to be more confident is to be around confident people and so whether that’s in your actual circle of influence and you’re networking you’re meeting people or whether that’s through aspirational so what I did a lot of what I do with my videos if you’re watching Elon Musk or JZ be confident jay-z is a good example have you seen the clip with Warren Buffett on your channel it’s on my channel but it’s out there too I don’t think I’ve seen it though this is Jay Z Warren Buffett and the guy who started Forbes dude an interview together that’s crazy which is awesome that like Jay Z’s in the circle of warm buff and their friends and this right and they they asked gzj see you’re doing these boardrooms now you’re not in the streets Trinis boardrooms you don’t have a college degree you didn’t go to school you don’t how do you have the confidence to go off and be in these boardrooms and talk CEO talk he’s like I’m just myself in

every room I didn’t go to universities but I went to the School of Life and just watching that just feeling the confidence and the leadership coming from him creates an emotional reaction creates a shift for yourself and so the more you’re around that whether through a computer screen or with people the more you will adopt the mindset and the belief systems that you need to go off and do the thing so yes the tactics are really important the seven ways of 21 ways all that’s up but what ends that happened with a book often as you read it and you’re in it while you read it and you close the book and then you forget to implement doesn’t mean you’re doing all those things right everybody knows how to do push-ups but you’re not doing push-ups literally I have not been doing the push-ups yeah we got a climber workout after the but why it’s the mindset it’s not important enough to you you

could do it and sure could a trainer come and tweak it and say hey Sean like that angles wrong yeah you can get a little bit better at it but the mindset you haven’t made the decision that you want to be great at doing push-ups so powerful now let’s pivot to teamwork and probably one of the biggest things for creators at all levels but especially as they grow they have a lot of blocks oh I don’t know if I could delegate editing like I’ve been creating all my content I don’t think anyone could edit as good as me I don’t know if I could trust anybody or where do I find people how do I even get started if I want to start rallying some people around me and building a team of any size as a creator or a video influencer so at the start again it always comes down to mindset with any new thing that you were starting there’s a million reasons why it’s not going to work out I maybe five or six ways how it will

and if you only focus on a negative then you don’t take any action and you’re right it won’t work out or you look at how do I make it work out so Steve Wozniak founder of co-founder of Apple his advice to new entrepreneurs is stop looking the resources you don’t have start asking how what can you do with what you do have and so any new thing that you want to do there’s a million reasons why will not work so stop focusing on that and figure out what are the one or two or three things that I need to do that will help me get there with every up with every problem is an opportunity so do you look at the problem would you look at the opportunity well right yeah very powerful and what insights have you had I mean did you start by yourself on the YouTube channel always I love starting by myself yes I had built-in soul

discussing business I had a second business that I was running and then I hate spending money till I’m making money mmm so everything I did even though I had money was was ghetto like I used a flip camera no audio was shaky I did all the getting to myself and movie maker like I just did everything and as soon as I started making a little bit of money I poured it back into reinvested it exactly cuz like anybody can spend money this came from my venture capital days people would come in and say hey we need a hundred thousand dollars or a million dollars or whatever it is it’s easy to spend money if I gave if I gave somebody a million dollars you can find a million ways to spend it yeah doesn’t mean you can make money mm-hmm and often giving people money too soon is a is a curse because you don’t know how to make money you don’t know if anything things are gonna work out so take that idea the challenged with entrepreneurs with youtubers you’ve got a big

vision like I want to build a million subscriber channel I want to build a ten million dollar Empire like you’ve got a big vision and then you think to make that happen I need all of these resources and it just becomes bigger and bigger and bigger and bigger which is amazing your dream but then become so big that you don’t do anything and so let the big dream be your motivation but as soon as you come up with a goal find the smallest stupid as easy as possible way to just start Wow start get out your phone and film like that’s it make a video and then start again

tomorrow and the next day and you’re working towards the big dream and that’s what you did you got started but then over time then your team grew so just what are a few insights and timeline as you started to grow your team and how you did it where you found them so most of my team is overseas we use up work a lot we have a whole hiring process that works pretty well up were calm up were calm and what is that we’ll link it up it’s a resource were there’s freelancers from around the world who bid on projects and so editing research community man and trained a lot of that you can find through up work actually filming content so my video team is in my city and they’re there with me but everything else is is overseas so it’s allow you it allows you to get high quality talent without spending as much money so it allows you dollar to stretch a lot further and maybe at only five hours a week or ten hours a week at first yeah 100% yeah that’s a huge mistake people make too they start up saying well I don’t have 50k to hire somebody your first hire should never be full-time one because you can’t afford it you can start a lot sooner and two you probably suck as a manager sure right like managing somebody full-time is work so start on five hours a week right the first guy I ever hired was for one hour a day yeah one hour day doing data entry work and that saved one and a half hours of my time

because he was better at it than I was Yeah right and that that allows you to start developing and training the skills of how to manage and lead a person and then you can start scaling up and unless you do it sooner if you wait till you have 50k burning a hole in your pocket you might be waiting another three years if where that happens mmm yep really really good advice well hey are you ready for the lightning round lightning round I’m ready let’s go lightning around lightning around 3 2 1 coffee or tea coffee cat or dog what kind of dog yeah she poo she poo yeah what’s she poo dog’s name Teemo Teemo sheep Teemo the Sheep oooh yeah poopy Dscoop right lots of poop it’s in the poo yeah he poo favorite TV show or Netflix show to

bench I don’t watch a lot of TV billions oh that’s a good show like a show that’s right Silicon Valley number 2 pretty awesome awesome one book every influence you’re watching should read top 10 was a success read one page a day mmm more link that up if you want to check that out in the YouTube description favorite social network besides YouTube Instagram it’s hot right now it’s everybody’s answer like we just know the answer I love that I love the live where you can bring somebody in that’s the thing right live you bring somebody watch them 101 that’s that’s the jam I don’t let a couple times so yeah four times a week yeah I need more more I love that recommended documentary or movie that could help maybe those watching grow as entrepreneurs I like the the jobs this is the first jobs one I think which is called job yeah I saw it I didn’t see this one I could share one yeah yeah yeah yeah yeah hidden talent that maybe not only our audience wouldn’t know about but maybe

your audience would even know about it oh let’s see salsa dancing but people know that my audience okay talent can do the world’s quietest sneeze mmm just on command or just whenever you feel like sneezing yeah just before you sneeze blow all the air system and then it’s just kind of nothing comes out Wow I like those messy nasty nasty sneezes so you got to sneeze yeah and then sneeze there’s power this is all tactics you’re giving technique you’re demonstrating I don’t know if I set that on my channel this way I hope you’re subscribed here on video influencers because we bring you the best best that’s practical hack that’s life skills right that’s right the social situation right yeah quietly sneeze without crap coming out that’s important stuff I love it I love it on a banana you don’t want to sneeze that out it’s it’s true it’s the worst food the having your mouth when sneezing salsa or if you’ve put a lot of hot sauce on your food in it then it goes up and then I burn you’re like oh thinking banana cuz when it comes out you can’t tell the difference of what’s what Oh Astro right let’s get here that’s right you get you get the gold here on video influencers if you could give a TED talk what would it be about mindset deeper

people play small by default you’ve you know even here sitting here I’ve already played small five times every major breakthrough that you will have in your life will come by smashing a limiting belief and that starts with your mindset so powerful no miss morning ritual for you right now I wake up I read a page for my top ten success book and then and then I have to share mmm for me sharing gets me shares that big so you post something on social you shake a video video like a morning rant like 15-second black-and-white Instagram video and that’s that’s how I start me to get inspired by something and then I make a video so the inspiration plus the

sharing is the thing that gets me less powerful fire yourself inspire others yeah it doesn’t work as well that’s just me I have to share it for me to feel the juice Matt’s really powerful yeah what advice would you now give to your 20 year old self believe more believe more yeah believe harder believe more and it’s the same advice that my seven-year-old self will tell my 38 year old self right now mindset dude do you have a favorite quote that you like to live by or think about often especially from the quote guy I mean you know so many quotes so a lot of them like I love a lot of them nothing comes to mind machine gun yeah right so many I hear so here’s my answer yeah I don’t think there’s one quote that you can live your life by mmm like I think the same quote if you just repeat it over and over again just fades yeah it’s like when you tattoo something on your arm and it supposed to remind you something mm-hmm it starts to not remind you of that anymore if you watch the same video over and over again you won’t get motivated by it anymore mmm right so you need fresh exactly but like new pointing that the same thing you need that new word that fresh word the new thought but still pointing that the same like you think of where you want to go you can’t watch the same like you watch the job so move you’ll blow your mind you’ll watch it a hundred times the efficacy drops off each time right that’s why I don’t have a quarter let by favorite place in the whole wide world Toronto Canada shout out Canada hey if you’re from Canada let us know in the comment yeah love Canada love lightning round awesome well Evan so much value thanks so much for taking the time today of course you’ve got some cool things out we’d love to talk about your book talk about your channel but where can people find you and

we’ll link that in the description below so the YouTube channel easiest place to get the content if you want to interact one on one with me Instagram Twitter snapchat or the few places I’m hanging out the most I love that I love that and influencers question of the day taking this from Evans channel what point in this video or principle or topic that was shared do you need to implement next let us know in the comments and remember that by sharing that you’re putting it out there into the world and it will get you closer to taking action than by not doing it so post that in the comments Evan can you give one final word of inspiration you know the

entrepreneurial journey Darren Hardy wrote a book called it’s it’s a roller coaster there’s ups there’s downs some right now might be super encouraged some might be going through a harder season can you just share a few final words just to keep going and keep building for the influencers watching enjoy the pain pain is good like all like all the crap if you can learn to see the crap that’s in your life and say this is my chance to grow that’s when again it’s a mindset thing right whatever is wrong in your life right now say good this is my chance to overcome it and then I’ll help other people do it too I love that I love that thanks again so much for coming on

influencers subscribe and ring the bell if you’re not subscribed and if you want to check out other videos in this interview series click the tap the screen right there for another video from video influencers click or tap the screen right there until next time this channel is all about bring you the best tips and tools for building your influence income and impact with online video keep crushing it and we will talk soon

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