How To Make Money With Patreon

What if you could make a living from your creative endeavors?
It’s possible that if you have a following of individuals who are interested in the information you provide and are ready to contribute money, you may be able to keep going. Making money online and getting compensated for your time outside of regular work is possible with this.

How To Make Money With Patreon? Patreon is a crowdfunding tool that allows fans of content producers to show their appreciation. There are some Patreon creators that make $200,000 a year through the platform. However, before you get too excited about making money with this business strategy, keep in mind that you’ll need to develop material that attracts a large following of supporters in order to do so. Here’s a breakdown of how Patreon works, as well as some pointers on how to make money with it.

What’s the deal with Patreon?

Using Patreon, creatives may create a regular revenue stream for their work. All types of people who want to raise money from their fan base utilize it, including artists, musicians, podcasters, YouTubers, and bloggers. As an option, content producers might charge subscribers a monthly subscription fee in return for special access to their work. As a result, the platform allows you to engage directly with your followers and share your vision with them.

The San Francisco-based company Patreon was created in 2013 by Jack Conte, a musician, and Sam Yam, his college roommate. Jack’s YouTube channel had been struggling to make money. They were able to build a business in six weeks that may aid creatives with their funding issues. Over 6 million patrons now support more than 200,000 authors on the platform. Up to this point, creators have received a total of $2 billion in compensation.

What’s the deal with Patreon?

To get started, you’ll need to create a Patreon account and set up a creator page, where you’ll be able to give members special material. Patreon provides starting kits to make the process of setting up a Patreon account more convenient. These are blank template pages that may be filled up and published fast.

In order to get started with Patreon, you’ll need to inform them what sort of material you produce and what currency you prefer. The next step is to add your profile photo, cover image, social network connections, and, if desired, an intro video. Your members may find it more appealing if you have a pro account set up with multiple tiers and incentives.

Starting with Patreon is completely free. A payment processing charge and a share of the revenues of the creators are the company’s sources of revenue.

You have the option of charging a fee for each unique post you release, or offering membership options to your customers. Gated material, members-only livestreams, special forums, integrated Discord live chat, and more are just some of the incentives you may give to your subscribers. For every sort of author, there are a variety of publication options.

Who is eligible to profit through Patreon?

The following types of content providers can utilize Patreon to raise funds from their followers:

  • Podcasters
  • Video creators
  • Musicians
  • Visual artists
  • Communities
  • Writers and journalists
  • Game creators
  • Nonprofits
  • Educators
  • Local businesses

In addition to Amanda Palmer, Patreon offers political podcasts, pornographic games, and more. Caitlin Doughty, a mortician and YouTube celebrity who makes “death positive material,” has 44,740 subscribers to the True Crime Obsessed podcast as of May 18, 2021. The Normies, for example, produce a wide range of content, ranging from comedic skits to video reviews.

An account may only be created if you’re at least 13. You must be at least 18 years old or have permission from a parent or guardian to join a creator’s membership as a patron or to give membership as a creator. A bank account is the only need for receiving payments.
What more do you need to get started generating money with Patreon? We asked Ben Taylor, the successful Patreon founder and owner of Homeworkingclub.com. Taylor emphasizes the need of building a fan base outside of Patreon in order to be successful. 

Think about where you’ll obtain your audience, because you do need an established audience to succeed.” Finding my original group of members was simple since I already had 10,000 email subscribers, but getting people to join a Patreon club “cold” would be far more difficult.”

Using Patreon, how much can you earn?

Prior to joining up for Patreon, the number of loyal followers you have will have an impact on how much money you may earn, since more patrons mean more money. There are, of course, numerous examples of this working. As an example, according to the website Graphtreon, which keeps track of every Patreon creator’s followings and revenues, The Tom Dillon Show makes little over $130,000 every month through Patreon.

Approximately 15% of a creator’s audience will visit Patreon after seeing their public work, whether it be on YouTube, a blog, or another social media platform. Most of the people that click through end up signing up as new customers. Patrons will pay an average of $7 per month if you provide membership levels ranging from $2 to $100, as suggested by Patreon.
Using Patreon, the following is an estimate of how much you might make with a current following of 100,000 people:

  • 100,000 followers X 15% X 1%-5% X $7 = $1,050 – $5,250 per month

But remember that Patreon will take a part of your revenue based on the service package you pick. Depending on how much money you make, you’ll have to pay Patreon between 5% and 12%. Payment processing fees are 5% + 10 cents for commitments of $3 or less. There is a 2.9 percent plus 30 cents charge for contributions of more than $3. It is possible to receive contributions at any time or set up monthly auto-payments as a Patreon creator. A direct deposit, PayPal account or Payoneer account can be used to take payments.

Be aware of the fact that every time you move money from your creator balance, there is a cost. There is a 25-cent fee for every direct deposit requested by a US creator. Payoneer has a $1 fee. PayPal allows you to pay up to $20 for your order.
If your customers pay in a currency other than your specified currency, you will be charged a 2.5% currency conversion fee.

With Patreon, you can maximize your revenue.

  • An excellent introduction video should be made. Showcase the advantages you’ll give members in a video introduction, and explain how financial assistance will help you produce higher-quality material.
  • Get word out on Patreon using social media. Each of your social media accounts or YouTube videos should include a link to your Patreon page, as supporters are likely to come from these sources.
  • Set up a hierarchy of benefits for your customers. Allowing individuals to join your organization in a variety of ways may encourage more people to do so. Make sure you carefully price each choice so that customers perceive the value of each.
  • Incentives are a terrific way to motivate your employees. Provide members with unique access to content that they will find interesting, and reward those who pay extra for the privilege. Everyone who has joined up has chosen the more costly option, which also includes membership to a private Slack group, according to Taylor.
  • Make a note for your customers. Messages sent through Patreon had a higher success rate of processing $100 in the first month, according to Patreon data.
  • Use Patreon’s tools to your advantage. Patrons may access a wide range of free instructional materials, such as tutorials, blog entries, and seminars, through Patreon. Additionally, there are tutorials, videos, and articles on how to grow your fanbase, and live seminars on how to utilize the platform.

Why do YouTubers use Patreon?

In many cases, the amount of money a YouTuber earns from advertising is not enough to pay their running costs. What happened to Jack Conte when he tried to submit his music videos on YouTube was exactly the same problem. Videos may now offer members-only merchandise, live broadcasts, and gated material only through Patreon. Patreon will handle the shipping for you if you include items as a perk for one of your levels. Patreon allows you to customize the merchandise you wish to sell. However, this function is only available to Pro and Premium developers.

Steps on Signing up for Patreon

  1. Create a Patreon account by visiting www.patreon.com and clicking “Create on Patreon” or by exploring the Starter Kits link.
  2. Create a Patreon or Google or Facebook account.
  3. A cover photo and profile image, along with links to your other social media sites, should be included.
  4. Make a hierarchy of levels.
  5. Your page will be launched when you have had a chance to look it over.

You’ll only need your name, email, and password to log in. A high-quality profile image and cover photo should be ready to be uploaded, though. In the end, you’ll be asked for information about your bank account, PayPal account, or Payoneer account.

About the author: David Krug is the CEO & President of bankovia. He’s a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he’s not reading about cryptocurrencies, he’s researching the latest personal finance software.