CONGRATULATIONS you are making money as a content creator! Now make sure you’re keeping track of it. Below you will find a free income and expense tracker to keep you organised.
Why track your income and expenses?
Whether it’s only a few dollars from bits and subscriptions or a paid partnership with your favourite brands, you have to pay tax on your income no matter what! You don’t want that coming back to haunt you in the peak of your content creating a career.
This is the admin side of the business you can’t ignore. Solid and responsible bookkeeping will help you a hell of a lot when it comes to filing your tax return at the end of every financial year. Set aside time each week to make sure that you are on top of this, it’s the best way to optimise your return and make sure that you are a legally operating business.
Every country has different expectations, tax legislation, agencies and requirements so make sure that you are keeping up to date with your countries tax law and requirements.
What should you be keeping track of?
EVERYTHING! Make sure that you have a well-kept history of all the payments you have received. You really want to make sure that you are keeping a good grasp on all the incoming and outgoing payments on your account that are related to your content creation (it is probably best that you keep a separate account for this purpose).
When you make a purchase, ensure that you keep a copy of your receipt and check if it is a deduction you can claim. For example, if you purchase a new gaming computer, you need to keep the invoice for that purchase to claim later on down the track. A tax accountant will be able to help determine the percentage you can claim at tax time.
What do you need to put aside?
All receipts of all your expenses, it’s crucial that you keep these if you want to be able to claim it as a business expense or deductible. The best way to do this is to take a photo of your receipt, save it to your computer and then rename it with the expense name and the date that corresponds with the purchase date e.g. Logitech Camera 19.01.2019. If you’d like to go one step further you can even link the JPEG to your income and expense tracker so that you know that you have that receipt filed away for tax time.
Exchange rate conversion
It’s important to remember that Twitch and Youtube might pay you out in currencies other than your own. If you use the Google Currency Convertor you can get the most up to date exchange rate converter websites.
Once you have converted the currency, keep track of it in your income and expense tracker. Please download and keep all payouts on file somewhere. You can actually export all of your payouts to excel for safekeeping and for taxation purposes
Player 2 HQ Income and Expense Tracker Quick Use Guide:
We have put together this very simple and easy to use income and expense tracker for you to use. You can download it at the end of this article.
Here are some handy tips on how to use it to its full potential:
Customise your expense categories so that they will align with the deduction categories of your region. This can be done through the “EDIT ME” tab on the expense tracker. An example of a category can be “Twitch Payout” and would fall under deposits of income.
Using the drop-down menu and selecting a category you can see a running total of what you have spent or had incoming for that category.
Make sure that you are converting your payments if they are coming through in another currency (e.g. USD to AUD) Google uses all the updated exchange rates!
To create extra lines right-click insert row, copy and paste the formula in the above row to ensure there are no errors popping up
Make sure that you enter all the cells otherwise your “overall balance” won’t come up in the last column
Income and expense tracking can be boring but it needs to be done. If you don’t want to do it yourself Player 2 HQ is here to help you out. Let us handle it while you focus on creating amazing content. Get in touch with us to find out more.
So, your dream is to make money on Twitch. Well then, in this guide, we’ll list 20 ways you can make money on Twitch. Some you may not even be aware of!
Ah, the dream. To wake up each day, turn on your PC and play video games while money pours in. It would be nice, wouldn’t it? Unfortunately, it’s not as easy as it seems. It is possible, however; you just need to know how to do it!
It is entirely possible to double, triple or even 10 times your current Twitch income. You just need to think outside the box and diversify your income.
Read on to discover 20 ways you can make money on Twitch
We all know on Twitch people can subscribe to you if you have reached affiliate or partner status. Your viewers can choose to pay from $4.99 a month of which you get a percentage. Viewers can subscribe for free with Twitch Prime. This percentage will vary based on your size or number of subscribers. Generally, you receive 50-70% cut of each subscription. A good way to get more subscribers it to add value – cool emotes, sub only games or sub only streams or even offer a “freebie” on the first sub.
When a viewer gives money to a streamer directly, these are referred to as tips. Unlike bits and subscriptions, 100% of the viewer’s money (minus PayPal fees ~3%) goes directly to the streamer. Most importantly streamers, don’t forget to set up your Twitch alerts because donors love seeing their name come up on the screen.
Bits are a Twitch only currency. A viewer can earn bits by watching ads or purchasing directly. It costs the viewer more to buy bits than to donate directly but it protects the streamer from chargebacks.
Sponsored Twitch Streams
A sponsored stream is when a publisher or developer pays you to play their game for a certain amount of time. This amount and time will vary from streamer to streamer and game to game. Don’t be afraid to reach out to publishers and work out a deal that suits you both.
Affiliate Marketing – Passive way to make money on Twitch
It’s so easy to talk about the things you love. Why not make a bit of money from it too? Basically, affiliate marketing is when you link/promote a product. If a person buys the linked/ promoted product, you get a % of the sale back as cash. There are hundreds upon thousands of affiliate programs out there. For example, as Twitch is associated with Amazon, so an Amazon Affiliate account would be a great place to start. Now, this is where we can assist you in setting up affiliate accounts across a wide range of products. Contact us and we will happily do all the hard work for you so that your stream is set up and ready for great results!
Twitch extensions are really underutilized on Twitch. Streamers seem to set them up and then not really incorporate them into the stream. Amazon Blacksmith is a great one to start off with. A guide teaching you how to maximize your Amazon affiliate on stream will be coming out soon!
Sell your stuff. Make Money
Do people compliment you on your overlay or some amazing scene you have set up? Sell them a copy. Do you have a cool product on your shelf that people want? Offer it for sale! Someone loves the shirt you’re wearing? Sell it to them!
Create a product
Similar to the above. If you’re good at graphic design you could make some graphic packs to sell. Do you stream art? Open commissions or sell your finished works
Companies such as Designed by Humans and INTO THE AM work with Creators to design made-to-order merch for you. This is a safeguard that takes the headache out of buying stock and hoping it sells. There are countless ways to sell merch online. Also, check out Streamlabs and Stream Elements – when a viewer buys a piece a merch a notification can pop up on the screen and you can thank them directly. How cool is that!? Again, if you need help getting your head around it, let us help you out!
Bounty Board making money on Twitch with the help of Twitch
Did you know that Twitch has a job board listing lots of opportunities for their creators to accept paid sponsorships with brands? You promote the product – Twitch looks after the rest. For more information check out the official bounty board information page on Twitch (Please note this is not available to all partners)
Influencer Marketing Platforms
There are many apps out there such as Tribe where influencers can sign up and get paid to create content for brands. The way it works is that brands will post up a campaign and pay you for the content you create. Payments can range from $50 to over $500 depending on your follower count. Tribe works with countless brands across many industries. You’re sure to find a campaign that suits you and your audience. Other similar companies include Bottlespark and Open Influence
Got a lot to offer but don’t know how to keep it all in order. Set up a Patreon. On Patreon, you can set up different tiers and corresponding benefits. For example for $10 a month the viewer gets their name listed on your starting soon/brb/end of stream screen and a postcard sent out for each month they support you on Patreon. Don’t have time to go to the post office? Not to worry; there are countless postcard services available online to take the hassle out of it for you. The possibilities are endless. Do you need help setting up and managing your Patreon? Let us know and we can help you out!
Premium IG Stories/Snapchat
Now before you all go, “OMG I DON’T WANT TO SEND LEWDS”, it’s not all about that. Some people just really like you and want an inside look at your life behind the scenes. Share your breakfast, your doggo.cute selfies. Whatever you like. Some people will find value in it; some people won’t. It’s just another way to create value and make money.
I honestly don’t know how much people make from ads on Twitch but they are not skippable. And we all know ads just suck for viewers. A lot of the time, viewers will nope out of your stream. You can decide whether you want to roll ads or not.
Loots – a new way to use ads to make money on Twitch
I know we just said ads suck! However, with loots.com these ads do not take up the whole screen. Basically, how it works is that a viewer writes a message to you. Soon after, a 15-second ad will play. Once the ad is finished, it will flip over and their message will appear. This works with both Streamlabs OBS and OBS studio. Do you feel ads are too intrusive? Set them up to appear on your BRB or AFK screen!
A partnership is when you and a brand work together over a period of time. You create content and promote their product and they pay you. The possibilities are endless when it comes to partnerships. Have a good look at your stream and your brand and then figure out a way to approach brands with ways you can work together so that it’s beneficial for you both. For example – you love coffee and your stream is brightly coloured and playful. Well then, you could partner with a coffee company whose brand is equally bright and colourful.
Create a blog
This step is not easy money. But if you create a website and it gets decent traffic, you can sign up to ad networks that pay you. It is also another place where you can place your affiliate links. Make a blog. Blogging is not dead in 2019. This is a great way to supplement making money on Twitch. Keep in mind that is a LOT of hard work however and will be a slow ramp-up but can pay off beautifully. We can help you get your head around this. Contact us for help.
Streamlabs creator sites
Streamlabs recently made it super easy for streamers to make websites. Make your own here. Streamlabs advertise that they are seeing a 20% increase in revenue for creators making money on Twitch.
Create a plush toy of yourself
Yes – for real. Makeshift is a great site for this. Design your plush. Fundraise for it. If you make the goal, your plush is made and those who funded it get their own to keep. Don’t reach your goal? No problems. Everyone gets their money back! Get in while this is still unique and cool.
Are you really good at something? Teach people. Take a look at your skills and think to yourself “What skills do I have that I can make money from” This could be teaching people how to play Fortnite to teaching others how to stream.
These are just SOME of the ways you can make money on twitch. With a good idea and the right mindset, the possibilities are endless.
Is all this overwhelming? Not to fear – Here at Player 2 HQ it is our mission to support you. Get in contact to find out how we can help you build your content creation business and make more money on Twitch!
What tip surprised you most? Do you have any other ways you make money on twitch that didn’t make this list? Let us know in the comments below.