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Deep Dive with Ali Abdaal
5 Ways To Make $1 Million As A Writer - Nicolas Cole
Jun 16, 2023
Nicolas Cole, a renowned writer, entrepreneur, and mentor, discusses 5 ways to make $1 million through online writing. Topics covered include using language to change how people think, the value of commitment and curiosity, building income through side hustles, challenges faced, ghostwriting, scaling business, building an audience, and finding a niche in teaching others.
02:21:41
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Quick takeaways
- Writing for major publications can be a lucrative way to make money as a writer by repurposing popular Quora answers.
- Ghostwriting provides an opportunity to monetize writing skills and help others while earning a living.
- Self-publishing and selling eBooks online can generate income by answering people's questions and providing valuable information.
- Starting a blog and building an audience through consistent valuable content can lead to income from advertisements, sponsored content, and affiliate marketing.
- Writing for Quora and partnering with major publications can monetize writing skills and reach a broader audience.
- Different ways for writers to make money include ghostwriting, productizing services, sales copywriting, paid newsletters, and writing books with the right business model being crucial.
Deep dives
Writing for Major Publications
One of the main ways I started making money as a writer was by writing for major publications like Inc. Magazine. I discovered that these publications were republishing popular Quora answers, so I focused on writing answers in a style that appealed to them. I set a record for the most Quora answers republished by major publications in a year, and I even got a regular column with Inc. Magazine. They paid me per page view, so I worked hard to bring in traffic and generate income. This became a significant portion of my side hustle income, and it helped me reach my goal of making 50% of my salary as a writer.
Ghostwriting Opportunities
After leaving my job, I started exploring ghostwriting as another way to make money as a writer. During this period, I secured my first paid ghostwriting gig. This opportunity arose after I quit my job and was looking for ways to monetize my writing skills. Ghostwriting became an important source of income for me, and it allowed me to leverage my writing abilities to help others while earning a living.
Self-Publishing and Selling eBooks
I discovered that I could make money by self-publishing and selling eBooks online. Following my success with an insightful Quora answer about my bodybuilding transformation, I wrote two eBooks that provided workout and nutrition routines. I promoted and connected these eBooks with my viral Quora answer, and within a short time, I made a couple of thousand dollars in sales. This experience made me realize that I could generate income by answering people's questions and providing them with valuable information they were willing to pay for.
Blogging and Building an Audience
I realized that I could make money writing on the internet by starting a blog and building an audience. Inspired by successful bloggers who monetized their writing skills, I delved into the world of blogging to share my insights and thoughts. By consistently writing and providing valuable content, I attracted a loyal audience. Through advertisements, sponsored content, and affiliate marketing, I gradually started earning money from my blog and leveraging my writing skills to create a sustainable income stream.
Writing for Quora and Partnering with Publications
Another major way I made money as a writer was by writing for Quora and partnering with major publications. I noticed that my Quora answers were gaining significant attention, leading to requests from publications to republish my content. I strategically wrote engaging Quora answers and researched the types of topics and formats that major publications would be interested in. This resulted in numerous republished answers and eventually led to me securing a column with Inc. Magazine, where I got paid per page view. This collaboration allowed me to monetize my writing skills and reach a broader audience.
The different ways to make money as a writer
There are several different ways for writers to make money, including ghostwriting, productizing services, sales copywriting, paid newsletters, and writing books. Ghostwriting involves writing on behalf of others and can be lucrative by charging a premium for high-quality work. Productizing services means packaging your expertise into scalable digital products or courses. Sales copywriting focuses on writing persuasive and effective sales copy to drive revenue for businesses. Paid newsletters offer value by either providing timely information or expert insights. Writing books can also be a profitable avenue for writers, although choosing the right business model is crucial.
The importance of choosing the right business model
Choosing the right business model is essential for success as a writer. It's crucial to focus on the value you provide and the outcome you deliver to clients. Whether it's saving them time or offering expert insights, understanding the core benefit you offer is key. It's also important to avoid falling into the trap of thinking that simply having a newsletter or service will automatically generate income. Instead, focus on providing value and solving problems for your audience.
Navigating the challenges of scaling an agency
Scaling an agency as a writer can present numerous challenges. It's important to consider the potential pitfalls that come with increased headcount and overhead. Many agencies experience a 'valley of death' between one million and eight million in revenue, where profitability decreases and managing a larger team becomes more challenging. Freelancers and talented writers may find that scaling individually and charging higher prices can result in greater earnings than attempting to grow an agency. By focusing on quality work and specialization, writers can often achieve higher income levels without the added stress of managing a larger team.
Understanding the value of paid newsletters
Paid newsletters can be a lucrative way for writers to monetize their expertise and insights. They can be successful when they fall into one of two categories: timely newsletters that provide curated and efficient information to save readers time, or newsletters that offer expert insights and in-depth analysis. Most successful paid newsletters focus on either saving time or offering expertise. It's important to approach a paid newsletter as a business and provide clear value to readers.
Recognizing the different levels of success
The level of success as a writer can vary depending on different milestones and business models. Six-figure earnings can be achieved by offering high-quality services and charging a premium. However, reaching seven figures may require clearer positioning and focus on a specific barbell strategy, focusing on saving time or providing deep expertise. It's important to recognize that different business models and mental models exist for various levels of success, and it's crucial to choose the path that aligns with your goals and skills as a writer.
Writing books: Self-publishing versus traditional publishing
Self-publishing offers more control and potential for higher earnings compared to traditional publishing. With self-publishing, authors can use platforms like Amazon to sell their books and earn a higher royalty percentage. Traditional publishing typically offers an advance but takes a larger share of earnings. Self-publishing is a viable option, especially for authors with a growing audience, as they can make significantly more money and have the freedom to retain ownership of their work.
Building an audience with online writing
Building an audience with online writing requires consistently delivering valuable content to your target audience, rather than focusing solely on gaining a large number of followers. Quality and relevance are key. It's important to focus on serving your audience and solving their problems, rather than just trying to accumulate a large following. By taking a data-driven approach, paying attention to what resonates with your audience, and adapting your writing based on their feedback, you can effectively grow and engage your readership.
Starting out in writing online without expertise
Even if you feel like you don't have expertise or specific skills, you can still start writing online by sharing what you have learned and experienced over the past few years. Think about the lessons, mistakes, and tips you could offer to someone who was in a similar position two years ago. Start by creating content that helps and provides value to the person you were not too long ago. Avoid imposter syndrome by focusing on sharing insights and knowledge that would benefit your past self. Over time, as you continue to learn and grow, you can refine your niche and expand your expertise.
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📚Check out my New York Times Bestselling book Feel-Good Productivity!
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Nicolas Cole is a renowned writer, entrepreneur, and mentor in the Ship 30 for 30 community. With a passion for concise writing, he has become a driving force in helping writers develop their craft and personal brand. Nicolas's best-selling books, entrepreneurial expertise, and dedication to continuous improvement have made him an influential figure in the world of storytelling. In the episode we discuss how you can make money on the internet through online writing, including everything from getting started to building an audience. Enjoy!
(00:00) Intro
(01:38) Using language to change how people think / how you got into writing
(20:47) Your journey to online writing
(22:49) How to monetise your writing
(29:00) How to find your niche
(34:18) Advice for consistency
(47:44) Hang around the hoop
(50:12) Practical tips for enjoying the journey
(54:14) 1 - Ghostwriting
(59:00) 2 - Copywriting
(01:16:12) Productising yourself
(01:19:20) Pricing your service
(01:23:55) 3- Sales copywriting
(01:32:50) Building an agency
(01:41:12) 4 - Paid newsletters
(01:47:13) Moving from 6-figures to 7-figures
(01:49:48) 5- Writing books
(01:57:41) Lean writing
(02:51:07) Blogging advice
(02:05:20) How to find your platform
(02:06:55) How to decide what to write
(02:14:40) What if I don’t have expertise?
(02:17:05) Identifying your target market
🔗 CONNECT WITH NICOLAS
📕 The Art and Business of Online Writing: How to Beat the Game of Capturing and Keeping Attention
🐦 Twitter
📸 Instagram
💻 Website
🔗 CONNECT WITH ALI
🎥 YouTube Channel
💻 Website
📸 Instagram
🐦 Twitter
👥 Linkedin
📚 RESOURCES MENTIONED
The Art and Business of Online Writing: How to Beat the Game of Capturing and Keeping Attention by Nicolas Cole - https://geni.us/nt08E
Confessions of a Teenage Gamer by Nicolas Cole - https://geni.us/UuLvR
The 4-Hour Work Week: Escape the 9-5, Live Anywhere and Join the New Rich by Tim Ferriss - https://geni.us/AmbhM4
Oversubscribed: How To Get People Lining Up To Do Business With You by Daniel Priestley - https://geni.us/aD0wlh
The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good Life by Mark Manson - https://geni.us/xP6Q
Ryan Holiday - https://ryanholiday.net/
Jordan Peterson - https://www.jordanbpeterson.com/
🎙 ABOUT THE PODCAST
Deep Dive is the podcast that delves into the minds of entrepreneurs, creators and other inspiring people to uncover the philosophies, strategies and tools that help us live happier, healthier and more productive lives.
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If you enjoy listening to the podcast, please do leave a 5-star review on Apple Podcasts - even one line helps! You can also Tweet @AliAbdaal with any feedback, thoughts from the lessons you've learnt from the episodes and we can thank you personally for tuning in 🙏
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