avatarAnn Venkataraman

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2098

Abstract

ks!</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*wiFQIYPq01NFxiNlpIHR4A.jpeg)"></div> </div> </div> </a> </div><h1 id="996b">Advice to new authors</h1><p id="9d9f">If you are not making money on Medium or earn under $100, then think very seriously about what constitutes your moat — why should anyone follow you or read your stories, unless you are already a celebrity? <b>What is your USP?</b> Why should readers pay you with their scarce attention, rather than reading the Top Trending stories or jump off to YouTube to watch a funny cat video?</p><p id="a823">Just as customers will flock in larger hordes to a restaurant that is already full (illusion of quality), readers on Medium find it easier to follow accounts with tens of thousands of followers and Top status badges in topics of interest. Even with this disclaimer, large Medium publications like Ascent and PSILY have already shut down. Views are down, and rules keep changing.</p><p id="b95d">New writers do not stand a chance unless you change expectations and strategy. If money is an important goal, why not put the same effort to upgrade your skills and earn money via a stable job?</p><p id="9c25">I’ve argued before that entrepreneurship is not everyone’s cup of tea and side-hustles have been unnecessarily glamorized.</p><div id="3863" class="link-block"> <a href="https://readmedium.com/why-does-everyone-want-to-be-an-entrepreneur-a0b06ee5b28a"> <div> <div> <h2>Why Does Everyone Want To Be An Entrepreneur?</h2> <div><h3>Take This Quiz To Check if You are Ready! #5 is Critical.</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*MmhGgPPn9pwmcGnY)"></div> </div> </div> </a>

Options

</div><p id="27c1">The creator economy is 100% true, but making a sustainable income for life is extremely hard. Sites like Medium and YouTube do make large payouts to an elite set of creators but it took them a lot of effort, some luck, and risk-taking to achieve it.</p><p id="c0bd">Business owners know that it is foolish to depend on a single client for the majority of their revenue. Similarly do not count on these sites to pay you money because you do not own the platform and have no control over changes.</p><p id="f1f9"><a href="undefined">Winston</a> wrote an interesting article about the changing landscape of publications on Medium — worth a look.</p><div id="99bd" class="link-block"> <a href="https://readmedium.com/what-is-the-future-role-of-publication-9735f89e3623"> <div> <div> <h2>What Is The Future Role Of Publication?</h2> <div><h3>Publications should help writers transit to the new normal.</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*R14fzoZQOL2dRo46)"></div> </div> </div> </a> </div><p id="0eea">He also runs a wonderful new publication that is evangelizing the concept of writer communities that support one another. They even have paid monthly contests, which should give you additional motivation. October challenge details here:</p><div id="27e5" class="link-block"> <a href="https://readmedium.com/a-new-month-a-new-challenge-86a9e78ee1c2"> <div> <div> <h2>A New Month, A New Challenge</h2> <div><h3>October Coffee Challenge</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*uBOr33Kln5nZPfzL)"></div> </div> </div> </a> </div></article></body>

What’s Your Moat?

An uncomfortable question for New Writers

Photo by Patrick on Unsplash

Why should anyone read your work?

If you write on Medium, please ponder on this question very deeply.

Medium is free to join and get started — basically zero barrier to entry, as my economics teacher would say. Ergo, competition is cutthroat and supply exceeds demand. You can start making a few cents here and there, giving the illusion of a side-hustle and alternative income stream but getting to a minimum living wage is extremely difficult.

What should new writers do to make money?

Change expectation is the most optimistic answer.

Use this platform to test your idea, hone your marketing skills and writing voice, expand your communication skills, build your tribe, and validate your ideas with paying readers.

Medium is a brilliant and valuable site for me as a reader. As a writer, the equation changes dramatically. Keep expectations compartmentalized when you use the platform.

As a writer, engage with the community to learn and grow. Do not come with a follow-unfollow mentality, to solely make money from your connections.

Instead, try something radical — you have nothing to lose. Starter ideas in the article below.

Advice to new authors

If you are not making money on Medium or earn under $100, then think very seriously about what constitutes your moat — why should anyone follow you or read your stories, unless you are already a celebrity? What is your USP? Why should readers pay you with their scarce attention, rather than reading the Top Trending stories or jump off to YouTube to watch a funny cat video?

Just as customers will flock in larger hordes to a restaurant that is already full (illusion of quality), readers on Medium find it easier to follow accounts with tens of thousands of followers and Top status badges in topics of interest. Even with this disclaimer, large Medium publications like Ascent and PSILY have already shut down. Views are down, and rules keep changing.

New writers do not stand a chance unless you change expectations and strategy. If money is an important goal, why not put the same effort to upgrade your skills and earn money via a stable job?

I’ve argued before that entrepreneurship is not everyone’s cup of tea and side-hustles have been unnecessarily glamorized.

The creator economy is 100% true, but making a sustainable income for life is extremely hard. Sites like Medium and YouTube do make large payouts to an elite set of creators but it took them a lot of effort, some luck, and risk-taking to achieve it.

Business owners know that it is foolish to depend on a single client for the majority of their revenue. Similarly do not count on these sites to pay you money because you do not own the platform and have no control over changes.

Winston wrote an interesting article about the changing landscape of publications on Medium — worth a look.

He also runs a wonderful new publication that is evangelizing the concept of writer communities that support one another. They even have paid monthly contests, which should give you additional motivation. October challenge details here:

Writing
Money
Entrepreneurship
Publications On Medium
Coffee Times Movement
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