7 Things I Now Know I Need to Start an Online Writing Business
It took me 3 years to find out
Writing online is my first shot at making money directly from the internet.
It is not easy as many people believe it is. If only it is all about punching the letter cubes on our keyboard.
If only.
In the beginning, I focused exclusively on producing articles. That is swiftly followed by,
- Understanding readers,
- Understanding the genres to focus on,
- Understanding digital assets.
I did not rush. Instead, I took time to study the pros.
They showed me the difference between writing for a living and running an online writing business.
7 Things I Hear the Pros Endorse
In short, they are,
- Email list,
- Lead magnets,
- Digital products,
- Monetizable funnels,
- Targeted newsletters,
- Personal website,
- Peer support.
Let us begin with what we all know.
The email list.
1/ The Email List
Feel free to laugh at my folly. But please do not repeat my mistake.
I never focused on collecting email addresses when I started writing online. This is a rookie mistake I made during my rookie years.
Now, I know better.
An email list allows us to progress from a prolific writer to an online writing business owner. This is because,
- We have direct access to our future customers.
- We can reach out when we have new products and deals.
- We desensitize our dependence on the current platforms we are involved in.
Social platforms can die. Our access to subscribers must not.
Make it your apex priority to collect email addresses. Your future self will thank you for it.
2/ Lead Magnets
Make no mistake.
People will get bored of you.
Yes. You might be the top writer for A.I. and all things sexy today. It does not matter.
Ask yourself this million-dollar question.
“How long will this golden run lasts?”
I am not looking down on you. Neither am I pouring cold water over your head.
We must confront and understand the mechanics of life, work, and business. People come and go.
And so, you must find a way to get hold of them before they leave your line of sight.
Lead magnets are your solution.
Give them something so they can walk away benefitting from your work. It can be free, or it can be priced at $1. No matter.
Give them reasons to come back to you.
3/ Digital Products
Too many of us jump into the game of digital products without building our email list or lead magnets.
Here’s why I think it is a mistake.
What makes you think people will buy your $10 eBook when they are not taking the time to download your freebie?
Think about that.
In fact, avoid rushing into this. Create your freebies first. And then check what appeals to your audience.
Create monetizable digital products from there.
4/ Monetizable Funnels
This is the part I struggle with the most.
Many businesses we run today pay to build our sales and marketing funnels.
Think Salesforce licensing, corporate events, and mega expos.
They cost a bomb. And because we pay for them, we track our returns based on customer acquisition costs. In simple teams, it explains how much we spend to acquire $1 of revenue.
- When it costs you $1.20 to earn $1 — You burn money.
- When it costs $0.80 to make $1 — You earn money.
But what happens when you spend $0 to acquire $1?
You enter the realm of business nirvana. Think about it.
What if your online writing, designed to attract subscribers, is monetizable at scale?
You no longer need a budget for marketing. That, to me, is darn cool.
5/ Targeted Newsletters
Repeat this after me.
Newsletters are not emailers.
This is another stupid mistake of mine I wish I realized earlier. I used to think that newsletters is another fancy word for emailers. I’m wrong.
Big time.
Here’s why.
Newsletters aren’t designed to sell things. They are structured to build in-depth relationships with our audience.
I subscribe to venture capital and investment newsletters.
I do that because I want to understand more about their world, way of thinking, and cutting-edge methodologies.
Newsletters grant me unfettered access to their world. And it can groom me to become a ready buyer of their ideas, goods, and services.
Put newsletters to good use.
Use it to build pent-up demand for your work.
6/ Personal Website
I am undecided on this item.
Many online businesses swear by this. Of course, if you run an e-commerce business — This is a no-brainer.
But if you are trying to grow an online writing business — I say this.
- Focus on writing platforms for monetization first.
- And then grow your audience.
- Followed by email collection.
Hosting websites can be expensive. You want to ensure you have a solid base of customers and decent revenue before planting a deep flag in the digital world.
7/ Peer Support
I read this over and over.
Top online writers cross-pollinate their communities and audiences. Makes sense. It is easier to leverage than to grow our own.
And this is the thing.
We must be at the point where we have a solid base before others invite us to their parties.
Let’s face it. You will think the same when you get there.
And when we do, we scale.
Parting Keynotes
I spent 3 years writing online.
It has given me a better understanding of the craft. It has also given me ideas for starting an online writing business.
If you are interested in starting an online writing business as I do, then you may want to focus on,
- Email list,
- Lead magnets,
- Digital products,
- Monetizable funnels,
- Targeted newsletters,
- Personal website,
- Peer support.
Take note. We can’t attempt all of these in one go.
Take your time. Approach it in stages. Study the pros.
You will know what to do when the time is ripe.
Article inspired by Ayodeji Awosika
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