How To Make Passive Income On Patreon In 2020
Considering the volatile state of the economy, having extra money on the side seems like an ideal option.
However, while making money online indeed appealed to me, I was quite confused about what to do?
How to earn via a route that would not put additional pressure on me? I love writing, and I feel taking too much on my plate would kill my creativity. Could I really pen down meaningful words if my mind was plagued with the stress of work?
That is when I heard about people making a lot of money on Patreon, and I was instantly drawn to the idea. After all, who would want to pass over an opportunity to earn money while doing what he loves to do?
Passive income is easier to maintain on the side, which is why it is worth a try.
Since Patreon has not yet generated a considerable buzz, you might not have heard about it. Let’s dig deep into how to how to make money on Patreon and more.
What Is Patreon All About?
Before you think about making money on Patreon, you need to know more about it. Patreon is basically a crowd-funding website with subscription membership.
This platform is mostly used by creative small businesses like video creators, writers, podcasters, and others. Via this platform, content creators can offer people exclusive access to their content in exchange for some payment.
Via this platform, people can support and fund those whose work they enjoy and look forward to.
How To Make Money On Patreon?
To get started on Patreon, you should first do a bit of research. Collect information on social media channels to gauge the kind of benefits that would entice your followers.
Once you are done with the background work, you can set up a page on Patreon having varying membership tiers. Your followers will then be paying either monthly or per piece, depending on the tier.
So how does Patreon make money amidst all this? 90% of the funds pledged by members or patrons as they called is paid to the creators. 10% of it goes to Patreon. 5% is charged for using the service while the remaining 5% is deducted as processing fees.
10% might not sound a lot, but the scale and volume of transactions ensure that Patreon has a profitable run.
Thus, it’s a win-win situation for all parties concerned. The subscribers get exclusive rewards and show support to their favorite content creators. The content creator continues to generate excellent work. He can focus all his attention on the task at hand, making passive income on the side. And Patreon mints money in the form of fees.
Patreon is not only a source of passive income but excellent for marketing as well. You can gauge the audience’s reaction to your work via the platform. Therefore, you can use the platform to test waters before taking the final plunge.
How To Set Up A Patreon Page?
No money is involved in this step. Patreon only takes cut from the payments. Therefore, you can set your page free of charge.
Visit the website where you will be required to provide relevant information. The process is quite straightforward. You will be asked the following details;
· Nature of your content like music, videos, writing or others
· Is your content sensitive to specific age groups?
· The currency you want to deal in
· The social media channel you want to connect with your Patreon page
Once done with these steps, you have to upload a high-quality profile photo and cover image for the page. The images should be capable of making a favorable first impression of your page.
Explain what your page offers in both textual and video formats. Elaborate on what the people can expect from the page and why they should support you.
You will then have to set tiers for the page. Tiers refer to different levels of monetary support your followers can lend. Higher tier means that patrons will be paying more money for more rewards.
Here you can take a look at my Patreon page: https://www.patreon.com/coin_seeds
Keep Attractive Rewards To Make Money From Patreon
Most people willing to pay for your work are not in it for rewards. They pay because they value your work. They feel a connection and think your work deserves a chance. However, keeping attractive prizes can be an excellent way to show your gratitude for their support.
Avoid setting excessively high rewards that will be challenging to fulfill. You need to use your creativity for this. For instance, you can offer members;
· Shout-outs on social media
· A question-answer thread relevant to the point of interest for members
· Behind the scene photos and videos
· Access to merchandise
· Early access to content
· Mentorship
The best approach would be to find people making a lot of money on Patreon with content similar to yours. Take a look at the rewards they are offering for inspiration.
How Much Can You Make On Patreon?
This is a tricky question.
Soon as you learn how to make money on Patreon, you will realize that the ride is not going to be a smooth one. There will be ups and downs.
You might feel that you are taking two steps forward only to realize that you have lost patrons. Holding onto people’s interest for a long time can be challenging.
However, if you lose too much support, try to determine where you are going wrong. Apart from getting new supporters, your success on Patreon depends on retaining old followers as well.
How much can you make on Patreon depends on your engagement and content? Indeed, people earn as much as $500 on the platform too. Thus, it all comes down to how much support you can generate from your followers for your work.
Conclusion
Being paid for what you are good at is the ideal situation. You need to understand the value of your work, and this is what Patreon is here for.
Have confidence in your content and set up a page on the platform. How much could it hurt? After all, you don’t have to pay anything from your pocket. Why not take a shot? Maybe your work is more valuable than you had imagined.
You will undoubtedly be good at stuff you enjoy, and thus the chances of making good passive income will be more. Learn how to make money on Patreon and get started.
Kommentare
Kommentar veröffentlichen