You're making amazing videos, building up your audience, and it's finally starting create revenue. Now it's time to start bringing in creative partners to build out a fantastic team, for either one offs or full-time work. But... how?
Easy Revenue Splitting
You may find yourself in a situation where you're working with an editor for one video, a manager for another, and other times completely alone. Enter Stir, a platform that's designed to give creators an easy-to use tool to manage team finances with two stand-out features: a payment function that works similar to Venmo, and Splits, a tool that automates divvying up revenue streams amongst any number of collaborators.
Revenue splitting is easy with Stir. You can simply set the parameters so that either single videos or the whole channel receives the split. When you receive your monthly YouTube payment to your account, Stir will perform an automatic reconciliation to make sure the numbers all match and then perform the revenue splits for each video and send the money to your contributors. It has all the tools you and collaborators need to easily manage income streams with complete transparency.
In this tutorial we'll go over the ins and outs of splits. Let's dive in and take a look at everything you need to know.
Setting Yourself Up
After you've signed up, using Stir is straight-forward. For YouTube, for example, all need to do is select New Split and sign using your YouTube Account via Google. This gives Stir the permission in needs to access your data. After that you'll need to connect your chequing account using Plaid. We'll go through the steps below.
Supported Platforms for Splits
At the time of writing, Stir has five platforms that are fully operational, with more in the works.
- Shopify (coming soon)
Creating Your First Split
To create a split with a collaborator it's as simple as sending a quick invite through the interface. After that the Stir team will notify the recipient to follow the same steps you followed to sign in.
From there, you'll be able to set up the parameters of the split. That just means you can use a slider tool to select the percentage that you and the contributors will get. Next you'll be prompted to with page when you can name, create an optional note, and select the chequing account that's connected to the platform you're paying out of.
Now that you and your contributor are connected to Stir, when you get a payment it will be automated to make the needed payouts.
Creating YouTube Splits
Complex splits for YouTubers are no problem with Stir. You can simply set the parameters so that either single videos or the whole channel receives the split. When you receive your monthly YouTube payment to your account Stir will perform an automatic reconciliation to make sure the numbers all match and then perform the revenue splits for each video and the contributors.
Ledgers and Logs
After all your splits are set up you will be able to take a quick look at all your splits across all platforms. Use your Splits Page to access a detailed ledger containing the details of the splits. The ledger records when the split took place, how much has been paid out, and to who. Even more, all contributors have access to the ledger of the splits they are involved in, providing complete transparency.
Stir is still new company and I imagine more features and platforms with be added quickly. That being said, they currently offer an amazing resource for creators that's completely free! I mean no transfer or membership fees or hidden costs of any kind. Obviously that will not always be the case. Stir is thoughtfully designed with a very functional, intuitive layout to keep you and contributors on the same page.
Another thing to reiterate is that, currently, Stir is only available for those living in the United States. I'm sure this will quickly change, and I'm excited to see the positive impact tools like Stir will have on creators across all global platforms. If you're looking for a fast, secure, and transparent way for you and your team to be paid Stir might be for you.
Thanks for following along!
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