How to Make $10,000/Month Writing Online

Ali Abdaal
13 Oct 202314:52

Summary

TLDRThe video script discusses the rise of online writing as a lucrative career, highlighting its differences from traditional 'Legacy' writing. It emphasizes the importance of feedback and social media platforms in building an online presence and audience. The video introduces Nicholas Cole's book, 'The Art and Business of Online Writing', as a guide to mastering this field. It outlines strategies for monetizing online writing, including the advertising model, pay wall or exclusivity model, and the services model, providing examples of successful writers who have leveraged these methods.

Takeaways

  • 🌐 Writing is among the world's most desired careers, with 'how to be a writer' being the second most popular career search on Google, after 'how to be a pilot'.
  • 📈 The traditional view of writers struggling for income is challenged by the success of online writers like Nicholas Cole, who has built a multi-million dollar business through online writing.
  • 💡 Online writing is distinct from traditional writing in that it does not rely on traditional publishers or waiting for years to see if a project resonates with an audience.
  • 🚀 The internet provides a platform for writers to leverage their skills and reach a global audience, potentially earning more than traditional writers and building a personal brand.
  • 🔄 The key difference between legacy and digital writing is the feedback loop; online writing allows for immediate feedback and iteration, whereas legacy writing involves a long wait and potential rejection.
  • 🌳 The 'Forest of Ideas' concept encourages writers to generate and publish a multitude of ideas to see what resonates with an audience, rather than focusing on a single project for years.
  • 📊 Analyzing feedback and data is crucial in online writing, allowing writers to understand what content is valuable and how to improve their writing based on audience engagement.
  • 💰 There are three main ways to monetize online writing: the advertising model, the paywall/exclusivity model, and the services model (writing as a service).
  • 📈 Successful online writers often start by publishing on social media platforms with existing audiences, avoiding the mistake of starting on a personal blog or website without built-in readership.
  • 🛠️ Tools like Shopify can help writers build businesses around their writing, selling products or services and reaching a global customer base.

Q & A

  • What is the main theme of the transcript?

    -The main theme of the transcript is the exploration of online writing as a profitable and viable career, challenging the traditional notion that writers cannot make money. It discusses the journey and strategies of successful online writer Nicholas Cole, and how one can leverage the internet to build a personal brand and generate income through writing.

  • According to the transcript, what is the difference between legacy writing and online writing?

    -Legacy writing relies on traditional publishers and involves a long process of waiting for approval and publication, often involving rejection and a slow feedback loop. Online writing, on the other hand, is about publishing where the readers already are, such as social media platforms, and allows for immediate feedback and monetization without the need for traditional publishing deals.

  • What are the three key aspects of online writing discussed in the transcript?

    -The three key aspects of online writing discussed are: 1) What online writing is and what it isn't, 2) The tools needed to do online writing effectively, and 3) How to start making money from online writing.

  • How does the feedback loop in online writing differ from that in legacy writing?

    -In legacy writing, the feedback loop is long and delayed, with authors waiting months or years to receive feedback after publication. In contrast, online writing offers a very short feedback loop, allowing writers to receive instant reactions to their work through social media platforms, enabling them to quickly iterate and improve based on audience response.

  • What is the significance of the 'forest of ideas' concept mentioned in the transcript?

    -The 'forest of ideas' concept refers to the initial phase of an online writer's journey where they generate and publish a large number of ideas to see what resonates with an audience. This phase is crucial for discovering what content is engaging and for the writer to find their voice and interests.

  • Some of the recommended platforms for starting an online writing journey include Twitter, LinkedIn, Quora, Reddit, and Medium. These platforms have built-in audiences, which is essential for gaining visibility and feedback.

    -null

  • How does the 'pool of analysis' phase help online writers?

    -The 'pool of analysis' phase involves examining the data and feedback received from the audience to identify patterns and valuable ideas. This analysis helps writers understand what content resonates with their audience, allowing them to focus on creating more of that content and improving their writing strategy.

  • What are the three specific ways to make money from online writing mentioned in the transcript?

    -The three specific ways to make money from online writing mentioned are the advertising model (attention model), the pay wall or exclusivity model, and the services model ('I'll do it for you' model), which includes ghostwriting, content writing, and copywriting.

  • What is the '1,000 true fans' mantra mentioned in the context of the pay wall model?

    -The '1,000 true fans' mantra, popularized by Kevin Kelly, suggests that an artist or creator doesn't need millions of fans to earn a living. Instead, they only need 1,000 true fans who are willing to support their work by paying for access to exclusive content, merchandise, or other offerings.

  • The services model differs from the other methods as it involves offering writing as a service to businesses or individuals, rather than directly making money from writing for an audience. This can include ghostwriting, content writing, speech writing, and copywriting, where the writer is compensated for the service provided rather than the content created.

    -null

  • What is the potential earning for copywriters in high-performing cases?

    -In high-performing cases, copywriters can earn a percentage of the upside they generate for a product or service. Famous copywriters like Gary Halbert have reportedly made millions of dollars from a single piece of copywriting, demonstrating the potential for significant earnings in this field.

Outlines

00:00

🌐 The Rise of Online Writing and its Potential

This paragraph discusses the growing popularity of online writing as a career, challenging traditional notions about writers' income. It introduces Nicholas Cole's book, 'The Art and Business of Online Writing,' highlighting his success as a multi-millionaire online writer. The paragraph emphasizes the potential of online writing to generate significant revenue and build a personal brand, contrasting it with the struggles faced by traditional 'Legacy' writing. It also touches on the importance of feedback in the online writing journey, using examples like Pachy McCormik's success with his newsletter.

05:00

📝 Understanding Online Writing Platforms and Strategies

The second paragraph delves into the specifics of where and how to begin online writing. It warns against starting on personal blogs or websites, instead advocating for established social platforms like Twitter, LinkedIn, and Medium where there's an existing audience. The paragraph outlines a three-step process for online writing success: generating ideas (the forest of ideas), getting audience feedback (the feedback cave), and analyzing data to identify valuable content. It also mentions the challenges of facing criticism and trolls, but underscores the benefits of immediate feedback for improvement and growth.

10:02

💰 Monetizing Online Writing: Models and Opportunities

This paragraph explores the various ways to make money from online writing, including the advertising model, the pay wall or exclusivity model, and the services model. It explains how the advertising model relies on attention and clicks, while the pay wall model offers premium content behind a subscription or paywall. The services model involves offering writing as a service, such as ghostwriting or copywriting. The paragraph also discusses the potential earnings from each model, citing examples like Substack newsletters and the success of writers who have turned their online presence into lucrative businesses. It emphasizes the power of online writing to transform a writer's income and reach.

Mindmap

Keywords

💡Online Writing

Online writing refers to the act of creating and publishing written content on the internet, particularly on social media platforms and other digital spaces where readers are already present. It contrasts with traditional writing that relies on publishers and has a longer feedback loop. In the video, online writing is presented as a viable way to build a personal brand, gain immediate audience feedback, and potentially earn a substantial income.

💡Legacy Writing

Legacy writing is the traditional method of writing where authors create work and seek approval from publishers to become professional writers. This process often involves a long wait and a series of gatekeepers, such as editors and publishers, before the work is published. The video contrasts this with online writing, emphasizing the speed and feedback advantages of the latter.

💡Personal Brand

A personal brand is an individual's unique reputation and image that they create for themselves, often through their online presence and the content they produce. In the context of the video, building a personal brand through online writing allows writers to establish a connection with their audience, which can lead to monetization opportunities and career growth.

💡Feedback Loop

The feedback loop in the context of the video refers to the rapid cycle of creating content, publishing it online, and receiving immediate feedback from the audience. This loop is crucial for online writers as it allows them to understand what resonates with their audience, make necessary adjustments, and improve their writing over time.

💡Monetization

Monetization is the process of generating income from a service, product, or content. In the video, it is discussed as a key aspect of online writing, with various methods such as advertising, paywalls, product creation, and offering writing services as ways to earn money from one's writing.

💡Advertising Model

The advertising model is a method of monetizing online content where writers earn money through clicks, ad space sales, affiliate marketing, or brand sponsorships. The video explains that while this model is simple to understand, it requires a significant amount of attention and can be subject to revenue fluctuations.

💡Paywall Model

The paywall model, also known as the exclusivity model, involves charging readers for access to certain content. This can be done through premium subscriptions, like newsletters, or by offering exclusive content behind a paywall. The video cites examples such as Substack and the New York Times to illustrate how this model allows writers to earn a steady income from their audience.

💡Productization

Productization is the process of turning a service or expertise into a product that can be sold. In the context of the video, writers can productize their online writing by creating books, courses, or other content that can be sold to their audience, thus moving from being paid for time to being paid for outcomes.

💡Services Model

The services model, also known as the 'I'll do it for you' model, involves offering writing services to businesses or individuals who are willing to pay for that service. This can include content writing, ghostwriting, and copywriting. The video highlights that this model can be lucrative, especially in fields like copywriting where writers can earn a percentage of the upside they generate for a product or service.

💡Ghostwriting

Ghostwriting is the act of writing content for someone else who is credited as the author. In the video, it is presented as a service model where writers can earn money by creating content for others, such as autobiographies, books, or articles. The video also mentions that ghostwriting can be a high-paying field, especially for those writing for celebrities or executives.

💡Copywriting

Copywriting is the art of writing persuasive content designed to sell a product or service. It is often more lucrative than other forms of writing because copywriters can earn a percentage of the sales they generate. The video explains that successful copywriters structure their deals based on the revenue increase they bring to a product or service.

Highlights

The book 'The Art and Business of Online Writing' by Nicholas Cole challenges the common notion that writers can't make money.

Online writing is distinct from traditional writing, focusing on publishing where readers are already present, like social media platforms.

Legacy writing relies on gatekeepers like publishers and editors, whereas online writing allows anyone to become a writer with easily learnable skills.

Online writers can leverage the internet to generate more income and build a personal brand, unlike traditional writers.

Feedback is crucial in online writing, providing a short feedback loop that allows writers to iterate and improve their work quickly.

Online writing enables writers to build an audience before releasing larger works, increasing the likelihood of their work being read and purchased.

Nicholas Cole's journey demonstrates that online writing can be highly lucrative, with his business generating millions in revenue.

The book discusses three key aspects of online writing: understanding what it is and isn't, the tools needed for effective writing, and how to monetize it.

Online writing allows for immediate feedback and the ability to adjust content based on audience response, unlike traditional publishing.

Writers can use platforms like Twitter, LinkedIn, and Quora to publish content and reach built-in audiences without relying on blogs or websites initially.

The advertising model is one way to make money from online writing, where writers earn from clicks, ad space, affiliate marketing, and sponsorships.

The paywall or exclusivity model is another monetization strategy, where writers charge for access to some content, such as premium newsletters or courses.

The services model, or 'I'll do it for you' model, involves offering writing as a service, like content writing, ghostwriting, or copywriting.

Copywriting, a form of writing designed to sell something, can be particularly lucrative as writers earn a percentage of the upsell.

Nicholas Cole's book also covers the art and business of ghostwriting, providing insights into another income stream for writers.

The book emphasizes the importance of understanding data and using it to inform and improve one's writing to succeed in the online writing space.

Transcripts

00:00

this is a visualization of each country

00:01

in the world's most desired careers do

00:04

you see a theme and if you look at the

00:05

Google search data how to be a writer is

00:07

the second most popular career search in

00:09

the world after only how to be a pilot

00:11

but we're always told that writers can't

00:13

make money this article shows they only

00:14

make a couple of hundred a year but if

00:16

you think that that's all there is to

00:17

being a writer then this book might just

00:18

change your mind it's called the art and

00:20

business of online writing and it's by

00:22

multi-millionaire online writer Nicholas

00:24

Cole now Cole is one of the most read

00:25

writers on the entirety of the internet

00:27

he's wrapped up hundreds of millions of

00:28

views he's been the number one writer on

00:30

quora he's been paid tens of thousands

00:31

of dollars as a speech writer and ghost

00:33

writer and now he's built his online

00:35

writing business Shi 30 for 30 to

00:36

millions of dollars in Revenue anyone

00:38

can become a writer all of these skills

00:40

are easy to learn so in this episode of

00:41

book club the ongoing series will we

00:43

distill and discuss highlights and

00:44

summaries from some of my favorite books

00:45

we're going to use Nicholas Cole's

00:46

journey and model to talk about three

00:48

things firstly we're going to talk about

00:49

what online writing is and what online

00:51

writing isn't secondly we're going to

00:52

talk about the tools that you need to do

00:53

to do it effectively and thirdly we're

00:55

going to talk about how you can start to

00:56

make money from online writing and thank

00:58

you to Shopify for sponsoring this video

01:00

but more on them later so firstly what

01:02

is digital online writing and why have

01:04

most people never heard of it well the

01:05

easiest way to explain it is to explain

01:07

what online writing is not I don't know

01:09

what to write online writing isn't

01:11

grinding for years on your new book idea

01:12

and waiting for traditional Publishers

01:14

to come along and give you the approval

01:15

to be a professional writer online

01:17

writing is not slaving away for years on

01:19

your blog or website in the hope that a

01:20

few people might stumble across it on

01:22

Google why is life so hard online

01:24

writing is about publishing where the

01:25

readers already are I.E social media

01:28

platforms and that's why most people

01:29

haven't heard of it because we've all

01:30

grown up on the idea of Legacy writing

01:33

for example you probably know the story

01:34

of how JK Rowling got rejected by 12

01:36

different Publishers before one finally

01:38

took on Harry Potter now the Legacy

01:39

writing business relies on these

01:41

Gatekeepers these Publishers and these

01:43

editors that tell people when they are

01:44

allowed to be a professional writer

01:46

because back in the day you couldn't

01:47

make money unless you had a traditional

01:49

publishing deal I think Legacy writing

01:51

has this elitism to it where it's like

01:53

not everyone can do it and you have to

01:55

suffer and you have to stack rejection

01:56

letters and you know you're you only are

01:59

rewarded if you're brilliant and like

02:01

it's there's all this red tape and the

02:04

world of digital writing now is anyone

02:06

can become a writer all of these skills

02:08

are easy to learn now obviously Legacy

02:10

writing does have its place and in fact

02:11

my book Feelgood productivity is being

02:13

published by penguin in the UK and

02:15

worldwide and McMillan in the US which

02:16

are very traditional Publishers but for

02:18

most people if you're actually trying to

02:19

make money as a writer the answer is not

02:21

to try and land a traditional Legacy

02:23

publishing deal the answer is online

02:25

writing so unlike traditional forms of

02:27

writing you have the ability to generate

02:28

a hell of a lot more money by using the

02:30

leverage of the internet which I'll

02:31

break down in a minute and not only can

02:33

you get paid better than most other

02:34

writers out there but you can also build

02:36

a personal brand and an audience while

02:37

you're doing it along the journey which

02:39

also opens up your freedom to monetize

02:40

in different ways further down the line

02:42

if you really want to for example pachy

02:43

mccormik began online writing with his

02:45

newsletter not boring in 2019 and just 2

02:48

years later his thousands of subscribers

02:50

were helping him pull in a million

02:51

dollars of Revenue a year as a

02:53

ridiculously successful writer just

02:54

working from his home office and there's

02:56

a reason that only online writing is

02:57

able to do this so quickly and that's in

02:59

a word word feedback feedback is the key

03:01

to starting and sustaining and

03:02

monetizing your online writing Journey

03:04

so with Legacy writing you have

03:05

absolutely no idea how your work is

03:07

going to resonate with the audience

03:08

until the final product is released

03:10

which is pretty mental so Legacy world

03:12

of writing Hemingway sits down he spends

03:14

four years writing a novel sells it to a

03:16

publisher he has to wait another 18

03:18

months for it to get published then he

03:19

has to wait another 12 months for the

03:20

magazine reviews to come out and then he

03:22

has to go to a pub down the street and

03:23

then he overhears some person being like

03:25

anyways novel was terrible right that's

03:28

the feedback loop whereas with online

03:29

writing you can work smarter and faster

03:31

and you can constantly iterate on what

03:32

you put out there into these social

03:34

Gardens platforms like Twitter and

03:35

Linkedin and quora and places like that

03:37

by sharing smaller bite-sized pieces of

03:39

work that are judged by the masses you

03:40

can see what's working on the journey

03:42

and you don't run the risk of spending

03:43

years on your big projects only for them

03:45

to be released with no response you can

03:47

find out instantly if an idea is going

03:48

to hit or not the feedback loop is I

03:50

have an idea I write a tweet a thread an

03:53

AIC essay a LinkedIn post I publish it

03:56

and I get feedback 3 minutes later now

03:58

this very short feedback loop is

03:59

ultimately what helps build the online

04:01

personal brand and the online audience

04:02

as people watch you practice in public

04:04

are you're putting your writing out

04:05

there onto these social platforms the

04:07

ones that really Vibe with your stuff

04:08

will then join you on the journey and

04:09

then when you're ready to write the book

04:11

or do your magnum opus or ship that

04:13

fully-fledged work then what's amazing

04:14

is that you've already got this built-in

04:16

audience of people that already Vibe

04:17

with your stuff the little bits and Bobs

04:19

you've been releasing over time and

04:21

therefore those people are way more

04:22

likely to actually pay for your work and

04:23

then also read it whereas in the Legacy

04:25

publishing world if you're a first-time

04:26

author generally most people have no

04:28

idea who you are so how do you actually

04:30

go about online writing and then how do

04:31

you do it well well we can kind of break

04:33

this down into three parts and these are

04:34

represented by this little funnel so

04:36

imagine you're setting off on your

04:37

journey to become a successful online

04:39

writer and make your own pot of gold now

04:41

Cole explains that the first step is to

04:42

generate lots of ideas and publish

04:44

consistently personally I like to think

04:46

of this as the forest of ideas at this

04:48

point in the process we have absolutely

04:50

no idea what sort of content is going to

04:51

resonate with an audience we also have

04:53

no idea what sort of stuff we would

04:54

actually enjoy writing and so the point

04:55

of the forest of ideas is to generate

04:57

lots and lots of ideas and to write lots

04:59

and lots of things and put them out

05:00

there and see what happens now in terms

05:01

of where you're going to post this

05:02

writing there are a bunch of different

05:03

options but be careful you're not making

05:05

the big mistake that Cole says that

05:07

writers often make when starting out so

05:08

some examples of good places to write

05:10

are for example Twitter which is now

05:12

weirdly known as X where another Deep

05:13

dive guest CLE Bloom blew up his writing

05:15

career we've got LinkedIn for more busy

05:17

content we've got whatpad for fiction

05:19

this is where Anna Todd famously started

05:21

we've got quora we've got Reddit we've

05:22

got medium essentially any platform

05:24

where there is already an audience the

05:26

key thing is to make sure that you are

05:27

not starting your online writing Journey

05:29

on a blog or a website now there is

05:31

obviously a place for the kind of

05:32

writing that you would put on a blog or

05:34

a website but in the book Cole talks

05:35

about how this is often more suited to

05:37

businesses and Brands rather than to

05:38

individuals trying to build a personal

05:40

brand so if you want to be known as a

05:41

solar writer who's known for their

05:43

original creative insights or stories or

05:44

thoughts to ultimately build your own

05:46

personal brand then the key is to write

05:48

stuff on the social platforms where

05:49

there is already a built-in viewership

05:51

or readership so that was step one

05:53

creating the forest of ideas and then

05:54

step two is that wherever you decide to

05:56

post these step two is to get feedback

05:58

from the audience and I like like to

05:59

call this step the feedback cave now why

06:02

is there a troll that you have to get

06:03

past in this phase well Cole talks about

06:05

how facing feedback with online writing

06:06

is really hard and creates anxiety as

06:08

you might get comments from social media

06:09

trolls and also just normal people in

06:11

social media who might not Vibe with

06:13

your stuff and unlike with Legacy

06:14

writing methods you can't really just

06:16

camp out in your forest in the woods and

06:18

not have to face any feedback for your

06:19

writing until after your product is

06:22

released you're doomed now in the online

06:24

writing world this feedback is going to

06:25

be immediate and obviously this can be

06:27

daunting because now you have nowhere to

06:28

hide but it's also a very good thing

06:30

because this feedback loop this rapid

06:32

feedback loop is ultimately what makes

06:33

online writing way more effective than

06:35

Legacy writing in fact as Cole says in

06:37

the book there are two types of writers

06:38

today those who use data to inform and

06:40

improve their writing and those who fail

06:42

so now that you've posted your writing

06:43

and you started to get data in terms of

06:45

quantitative and qualitative performance

06:47

and comment metrics it's time to then

06:49

analyze the data and this is where we

06:51

get to the pool of analysis now this is

06:53

what people like Hemingway and people

06:54

like JK Rowling never had which is

06:56

genuine feedback on which ideas are

06:57

valuable and which ones are not and now

06:59

this point based on the fact that you've

07:00

been generating all these ideas and

07:02

writing about them consistently over

07:03

time in the forest of ideas you've gone

07:05

through the feedback cave to actually

07:06

look at the comments and the data that

07:07

you're getting and now you're analyzing

07:09

it it's now your job to try and spot

07:11

patterns within the data and this is

07:13

exactly what ridiculously rich and

07:14

bestselling author Mark Manson did when

07:16

it came to writing his first book Mark

07:18

Manson didn't sit down and go I'm going

07:19

to write this insanely amazing

07:21

best-selling book you know Sellar of not

07:23

giving right but what happened is the

07:26

publisher goes to him and goes well you

07:27

have a big blog you have a big audience

07:29

you should write a book he goes great

07:30

what should it be about they go we don't

07:32

know what's your biggest most viral blog

07:35

post he goes well it's a blog post

07:36

called the subtle art of not giving a

07:38

right and what did he do he just

07:39

expanded the blog post into a book this

07:42

example applies to Ryan holiday as well

07:43

so Ryan holiday initially began his

07:45

career as a marketing writer but after a

07:47

blog post he wrote about stoicism went

07:49

totally viral he decided to double down

07:51

on the topic which ultimately ended up

07:53

creating his Empire of books about

07:54

stoicism newsletters and even physical

07:57

products and now Ryan holiday makes

07:58

absolutely Millions every year selling

08:00

his writing he's one of the most

08:02

financially successful writers that

08:03

you're likely to come across now at some

08:05

point in your writing career you might

08:06

actually have a product that you want to

08:08

sell or start a business around your

08:09

writing and a great resource to use is

08:11

Shopify who are very kindly sponsoring

08:13

this video Shopify Powers businesses by

08:15

giving you all the tools that you need

08:16

to create your business wherever you are

08:18

in the world letting your sell online or

08:19

in person or across any social platform

08:22

it's a fantastic way of starting your

08:23

first business or your side hustle

08:24

without needing to learn how to code or

08:26

to make a website Shopify Powers more

08:28

entrepreneurs and businesses than anyone

08:29

else with millions of businesses using

08:31

Shopify in over 175 countries their

08:34

mission is to reduce the barriers to

08:35

business ownership to make Commerce

08:37

better for everyone which is a pretty

08:38

good goal if you ask me and we've

08:39

actually been using Shopify to sell our

08:41

own stationary brand and also our own

08:42

online courses and even if you're a

08:44

fairly small business like ours is or

08:45

you're an absolutely massive

08:46

multi-billion dollar Corporation Shopify

08:49

has you covered shopify's also got tools

08:50

for new business owners like the

08:52

business name generator and Shopify

08:53

learn which is their online learning

08:54

platform for all things related to

08:56

business and they also give new

08:57

entrepreneurs the really easy to use Stu

08:59

data plan where you can create an online

09:00

store in literally minutes if any of

09:02

this sounds up your street and you're

09:03

interested in trying out Shopify for

09:04

your business then head over to

09:05

shopify.com for/ Al abdal and that link

09:08

which is also in the video description

09:09

will let you sign up to a completely

09:10

free trial of Shopify so you can try it

09:12

out and see if it Vibes with you so

09:13

thank you so much Shopify for powering

09:15

our business and for sponsoring this

09:16

video now at this point you might be

09:17

wondering okay cool but how will all of

09:19

this ultimately make money and broadly

09:21

there are three specific ways of going

09:23

about making money from your online

09:25

writing so the first and least lucrative

09:26

of these is the advertising model also

09:28

known as the attention model now as we

09:30

all know on the internet attention is

09:31

the ultimate currency and it's exactly

09:33

the same for online writers as it is for

09:35

people like Mr Beast if you can generate

09:36

online writing that grabs attention you

09:38

can make money by earning from clicks

09:40

selling ad space within your own content

09:41

becoming an affiliate where you get a

09:42

commission each time you recommend a

09:44

product or Landing brand sponsorships

09:46

now the upside of the advertising model

09:47

is that it's very simple to understand

09:49

and apply so for example if you're

09:50

writing on medium the more people that

09:52

click and read your articles the more

09:53

money you're going to get paid as you

09:55

can see from this screenshot from James

09:56

Julian his article do these four

09:58

exercises and you'll you'll be in the

09:59

best shape of your life got 38,000 views

10:01

which has generated him

10:03

$1,741 from medium similarly jacked Rob

10:06

low revealed the one harsh truth about

10:07

staying fit at 60 got 25,000 views and

10:10

earned him

10:11

$1,114 that's not bad at all but to make

10:14

the advertising model work and to quote

10:15

Cole you need a ton of attention so

10:17

when Cole was writing articles for Inc

10:19

magazine for example those articles

10:20

might be getting hundreds of thousands

10:22

of views every single month but he would

10:23

only be making like $11,000 from it on

10:25

top of that people generally don't like

10:26

lots of ads being thrown at them and the

10:28

revenue can be volatile too sure you can

10:30

earn pretty well one month on medium but

10:32

the next month may be much less for a

10:33

bunch of reasons that are outside of

10:34

your control and that's why potentially

10:36

a better way to make money through

10:37

writing is the pay wall or the

10:38

exclusivity model now this is the

10:40

opposite of the ad model in the ad model

10:42

you put your content out there for free

10:43

and you monetize through advertising on

10:44

the platforms whereas in the pay wall

10:46

model instead of giving open access to

10:47

your content you charge for some of it

10:49

and this can come in many forms for

10:51

example you can write behind a pay wall

10:52

like newspapers like the New York Times

10:53

do or you can put writing behind a

10:55

premium newsletter mini pay wall for

10:57

example the popular business substack

10:59

account no opinion pulls in about a

11:00

million dollar per year via subscribers

11:02

who want to pay for access to his two

11:04

pay World posts per week and a good idea

11:06

to keep in mind here is Kevin Kelly's

11:08

famous 1,000 true fans Mantra now if you

11:10

haven't come across this before

11:11

basically the idea is that if you want

11:13

to earn a living you don't need millions

11:14

of people to follow your stuff you just

11:16

need 1,000 true fans 1,000 people out

11:18

there in the world who'd be willing to

11:20

pay let's say $100 per year to get

11:22

access to your stuff your writing your

11:24

merch your band albums all this stuff

11:25

and it's way more doable getting a

11:27

thousand true fans than it is to try and

11:28

go for an audence of millions of people

11:30

alternatively another example of a

11:31

payall method would be creating a course

11:33

like I did with my parttime YouTuber

11:34

Academy or you can create a product like

11:35

online writer Daniel Vaso did with his

11:38

Amazon FBA ebook So Daniel had been

11:40

writing online for a while and building

11:41

an audience such that when he released

11:43

his ebook he was able to make $40,000 in

11:45

just 16 days and this is the crazy power

11:47

of online writing and product creation

11:49

the beauty of productizing your service

11:53

is that you like we were talking about

11:54

earlier you're removing the constraint

11:56

of uh being paid for time that's the

12:00

whole that's like the biggest challenge

12:02

is as long as you're being paid for your

12:04

time and not the

12:07

outcome it's really hard to have some

12:09

sort of exponential jump in income now

12:12

generally with the pay model the content

12:14

that you would charge people for might

12:15

be the same sort of topics as the stuff

12:17

that you're writing online for free but

12:19

you're may be going into them in way

12:20

more depth in detail and then finally

12:22

we've got the services model also known

12:23

as the I'll do it for you model now in

12:26

this method you're not directly making

12:27

money by writing for an audience but

12:29

you're offering writing as a service to

12:31

businesses or to individuals who are

12:32

willing to pay for that service and this

12:33

is things like content writers and ghost

12:35

writers and speech writers these are

12:37

people who are making a living using

12:38

their writing but offering it as a

12:39

service now these can be ridiculously

12:41

well-paying like some ghost writers for

12:43

example who write autobiographies for

12:45

celebrities and CEOs and Executives and

12:46

stuff can be charging up to a million

12:49

dollars for a single book potential

12:50

ghost writing quote unquote clients are

12:52

everywhere they exist everywhere anyone

12:54

with a big YouTube channel probably

12:56

needs a ghost writer anyone with a big

12:57

podcast probably needs a ghost writer

12:58

anyone with a company probably needs a

13:00

ghost writer but there's also way

13:01

smaller ways of doing this if you think

13:03

of ghost writing or content writing for

13:04

businesses now Nicholas Cole actually

13:05

has a new book about this called the art

13:07

and business of ghost writing I've not

13:08

read it yet it's on my Tob read list but

13:10

I'll put a link down below if you want

13:11

to check it out if you're interested in

13:13

potentially making money from Ghost

13:14

writing his writing is fantastic so I'm

13:16

sure the book is going to be amazing

13:17

even though I've not yet read it and the

13:18

cool thing about ghost writing is that

13:19

it also helps you build your own network

13:21

while you're doing the thing but when it

13:22

comes to offering writing as a service

13:24

the real money is often made in a field

13:25

called copywriting and copywriting is

13:27

writing that is designed to sell

13:28

something kind of product and the reason

13:29

why copywriting can often be more

13:31

lucrative than any other form of writing

13:33

is because you can potentially earn a

13:34

percentage of the upsite for example

13:36

there are famous copywriters like Gary

13:37

Halbert who apparently can make millions

13:39

of dollars from just a single piece of

13:41

copywriting how you break into upper six

13:43

figures seven figure plus territory is

13:46

you have to not be compensated for the

13:49

effort but for the outcome that you

13:50

drive the way that a lot of uh really

13:53

successful sales copywriters structure

13:54

their deals is they go okay let's take a

13:57

product or let's take an ex existing

13:59

funnel here's the average amount of

14:02

Revenue that you're doing right now if I

14:04

can write things that lift the revenue

14:08

25% 50% I get a piece of that so now

14:12

you're being compensated on the outcome

14:13

you drive not on the I spent 20 hours

14:17

rewriting the landing page right so

14:18

that's a bit of an introduction to the

14:19

world of online writing you should

14:20

definitely check out the book it's

14:21

really good I've read it I think three

14:23

times and each time I've taken lots of

14:25

tips away that I can apply to my own

14:27

business and my own YouTube channel even

14:28

outside outside of the world of writing

14:29

and if you enjoyed this video you're

14:30

going to absolutely love the long form

14:32

podcast episode that I did where I

14:33

interviewed Nicholas Cole where we

14:35

talked about the five specific methods

14:36

that you can earn up to a million

14:38

dollars as an online writer that'll be

14:40

linked right over there and it's also

14:41

available on Spotify Apple app podcast

14:43

iTunes everywhere you get podcasts but

14:45

you should watch it over there because

14:46

that's a YouTube video version so you

14:47

can see what's going on in real life as

14:49

well thank you so much for watching and

14:50

I'll see you hopefully in the next video

14:51

bye-bye

Rate This

5.0 / 5 (0 votes)

Verwandte Tags
Online WritingPersonal BrandRevenue GenerationNicholas ColeWriting BusinessSocial Media WritingFeedback LoopContent MonetizationGhostwritingCopywritingDigital WritingWriting SkillsInternet WritingWriting CareerPublishing IndustryWriting TechniquesMonetization StrategiesWriting FeedbackWriting ToolsWriting Platforms
Benötigen Sie eine Zusammenfassung auf Deutsch?