Even if your #1 goal isn't to create a YouTube business and make money, making a few thousand a month would be nice, right? I've doubled my monthly income by growing YouTube and it's now the biggest source for my online business.

Remember to spend time developing and making a strategy for each of the five income sources; sponsorships, affiliates, products, ads and crowdfunding. Using each will give you 'income insurance' and grow the total amount you make each month.

Sponsorships are a great way to boost your income from affiliates or get long-term deals to support your channel. Understand that most companies will want to pay you with an affiliate program but you CAN negotiate for an upfront sponsorship fee as well...'to cover higher production costs for video'. Advertisers love video marketing and they'll give more to be featured on a popular YouTube channel.

The best way to price sponsorships is to know exactly how much it's worth to the company before you start negotiating. Look at prior videos to get an average click-through rate on your description links and an average conversion rate for affiliates. Combine this with how much the company pays per conversion in its affiliate program and you'll know how much they would normally pay, then you can negotiate for a little more.

We'll cover the other four income sources in the next section.