When starting a new YouTube channel it’s best to start with what you have. Start with what you have. Don’t go out and buy the fancy equipment until you monetize your channel. When you define your niche it allows you to get unique people coming to your channel that is looking specifically for what you have to offer.
For anyone that has been blogging for a while, some of the most successful people are now doing Video Blogs, and or Podcasts. What is right for you may depend upon the audience you have and the type of content you are promoting.
Podcasting is usually cheaper and requires less skill. Video Blogs is a little more complicated. The key is which ever you choose, consistency will bring you the most success.