Freelancing and Entrepreneurship
Turn Your Freelance Writing Business into Passive Income Generator in 7 Steps
Building an economically independent joyful life via clever ways of turning active revenue into a passive income generator
Introduction
Every passive income stream starts as an active income stream.
This awareness means that initial effort and time investments are essential. However, this process can be accelerated with good planning and intelligent execution.
I introduce you to a proven method with seven easy steps based on my experience and observations of other successful freelance writers. But first, let me highlight three critical business rules.
Three Fundamental Principles to Get Started
The first rule you need to keep in mind is that it is tough to earn money unless you add value. Fundamentally, money is a value exchange.
Unfortunately, many aspiring investors forget or neglect this fundamental requirement. So before creating a digital asset, we need to ask how we can make our digital asset valuable.
The second important factor is your distinguishing factors. The market is saturated. There are millions of blogs, articles, and books on the Internet. Unless you have unique content, competing in the market can be very challenging.
The uniqueness of your content can filter yours to hit the top of the glass like oil. So before creating a digital asset, ask yourself, how can I make it different from other related pieces?
The third important point is scalability. Time is money. Selling your time for money is not a good value proposition. Of course, we need time, but the important thing is to invest less time to get more output.
This means scaling your business is critical to getting optimal results. So, your next question is how I can scale my business.
To summarize, value, uniqueness, and scalability principles can take you ahead of the crowd in the game. However, we should not forget the importance of collaboration.
So rather than acting as a competitor, it is wiser to act as a collaborator by partnering with others, as I explained in this article. Balancing Monetary Aspects of Writing with Creativity, Productivity, & Collaboration: How freelance writers can create a sustainable writing business
Now let me introduce specific points to transform your active freelance writing investments into a passive income-generating business source.
1 — Build Digital Assets Quickly
You need to consider writing pieces as an asset class, like real estate or stocks. As a content developer, you create digital assets. An asset has intrinsic value; hence it can be turned into revenue and profit if monetized correctly.
In this phase, you need to refrain from perfection. Dealing with perfection is a problem for beginners. Focusing on perfection can curve your creativity and delay your productivity. Instead, you can progress pragmatically.
Being a prolific writer without compromising quality is a critical success factor. A progressive approach by testing the waters gradually can help you achieve this goal.
The entrepreneurial approach is producing minimally viable products. They are called MVPs in the agile methods by entrepreneurs. An MVP product has minimum functional requirements for the consumers.
An MVP can be a short article, a short book chapter, or a full blog post in the writing business. Then you can join these MVPs logically to turn them into more significant products. This brings us to the next significant point.
2 — Connect Your Digital Assets Logically
Connecting your minimally viable products can make you more productive. In addition, when small products are integrated logically, they can turn into new products and bring additional value.
In business, this integration is called synergy. Two value propositions create the third value. The more connective digital assets you make, the more synergy you create.
Linking the products meaningfully and attractively is important to present them to your customers.
This smart approach can also increase your chance by creating serendipity. However, to be able to connect digital assets, you need a well-functioning platform. This brings us to our next critical point.
3 — Create a Well-Functioning Platform
A platform is a tool to keep your products in one place and allow easy access to your consumers. It is like a wallet keeping your money in one place for easy access.
Using other platforms can be helpful and attract new consumers. However, you cannot create a scalable writing business without having your own platform aggregating your content. Scalability is critical to turning active income into passive.
A well-functioning platform requires automation. In addition, creating a scalable business requires automation. This brings us to the next important point.
4 — Automate Functions and Processes
In your platform, everything can be automated. Automation saves time and increases creativity and productivity.
Automation increases creativity because you have more time to do creative work. In addition, it enhances productivity because your content can be consumed faster by a bigger audience.
You can automate development activities, marketing, distribution, and even sales. You can script the functions on a website.
In addition, you can integrate tools to run functions, processes, and procedures seamlessly and speedily.
Automation also helps with repurposing your content fast. This brings us to the following essential point to scale your freelance writing business.
5 — Repurpose and Productize Your Digital Assets
Repurposing means creating multiple versions of your digital product in various formats. For example, you can convert your articles to blog posts, and you can convert your blog posts and articles to book chapters.
In addition, you can repurpose your content in various media types. For example, your content can be presented as an online course, a YouTube video, or a podcast. So repurposing your content helps you productize it as a digital asset to bring passive income.
You can create bigger markets by repurposing your digital assets. This brings us to the next important point, marketing.
6 — Use Smart Marketing & Niche Affiliate Marketing
Without marketing, even if you create the best content, it won’t have any value. Remember, you need to create value to create a passive income stream.
When you automate and repurpose your content on a platform, you can market your products faster and to a bigger audience.
Smart marketing helps you scale your business. Automating marketing using various tools is essential. There are various marketing approaches. The most lucrative one is increasing the number of subscribers.
Email marketing is a sustainable model. You own your email list, which allows you to access your audience at your convenience. Your email list is also your asset as a freelance writer.
Social media marketing is excellent for growth. It lets you find new customers. However, when email marketing is integrated with social media marketing, it can even be more powerful. I call it smart marketing.
While marketing your own products brings you many benefits, you can also promote other people’s products, usually your collaborators. This approach is called affiliate marketing.
Affiliate marketing allows you to help your collaborators sell their products using your capabilities while bringing you passive income. Affiliate marketing is a win-win for the owner of the product and the marketer.
You can use various products in your niche as a freelance writer. For example, you can consider marketing books, websites, podcasts, and online courses of your collaborators that resonate with you. On the other hand, marketing beauty, gardening, or tech products might not be the best choices unless your content relates to these topics.
The critical success factor for affiliate marketing is to endorse products you like and are comfortable introducing to your valued customers.
When you do it ethically, you can also gain new customers for your own freelance business. So affiliate marketing creates a double whammy proposition.
If you are new to affiliate marketing, you might check my book to gain get some helpful tips: The Power of Digital Affiliate Marketing -Chapter 1 How Authors Can Write More And Earn Passive Income.
7 — Outsource Routine Tasks
By using the above points, your business grows rapidly. As a result, your customers grow, and demands significantly increase. Now what?
The solution is to outsource monotonous tasks as much as possible. But as a creative writer, you might be hesitant to outsource content development. That’s fine initially. You can outsource all other things that consume 90% of your time. I don’t think any writer would consider writing uninteresting.
You can outsource all administrative things, including marketing and selling tasks, to others. I know that not many creative writers like these activities.
When you outsource these tedious tasks, your creativity and productivity can increase. You can develop better and more content.
Partial outsourcing can make your business grow fast. If you have an entrepreneurial spirit, you can start outsourcing some creative work too. This is where freelance writers and entrepreneurs differ.
Since you now know the content creation business well, you can effortlessly find talent who can work for you.
In addition, you can include digital products of other freelance writers in your automated and partially outsourced marketing and selling process.
Digital products of other people can be partially your own digital assets.
So, What Now?
When you follow this process, your valuable digital assets grow fast. They turn into a passive income stream. Passive income is a dream goal for entrepreneurs. You achieved your dream of creating passive income. So what is next?
When you have a passive income, you gain economic freedom. You don’t do writing for money anymore. The values you created bring cash consistently. It is time to write for fun, joy, bliss, or altruistic reasons.
Some people get greedy and want to create an empire. I don’t know about you, but creating too much wealth does not necessarily bring happiness in my experience. I prefer economic independence to extreme wealth and reputation.
Sufficient income giving us economic liberation allows us to do what we enjoy and contribute to society meaningfully. We need to balance health and wealth for a satisfying life.
In my opinion, our physical and mental health is more important than being too wealthy or reputable in the market. This is, of course, an individual choice. We can’t judge people for their aspirations.
New Writers: Enhance the Chance of Boosting By Using This Checklist
Thank you for reading my perspectives. I wish you a joyful and successful writing career.
Other Guiding Stories for Freelance Writers
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I Wish I Had Gone Self-Employed 40 Years Ago for Three Reasons.
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