Many of us dream of making some money from writing on Medium, Substack, or other platforms. A few of us really desire to make a good living from it.
But it won’t be easy!
The failure rate for any business venture is always high and the amount of people who will give up writing after a few months will be staggering.
Yet if you have a strategy for making money online, you will increase the odds of achieving success. I’ve found this true with every business idea I’ve ever chased.
Of course you also need a some luck.
The other day I wrote about how I plan to grow my businesses in 2024 that included my goal of earning a million bucks, my reasons for doing so, and the ways I will do it.
Now I want to share a breakdown of my strategy for making money from my writing.
When I started writing again, I had no focus on topics. I simply wanted to test different platforms and subjects to see what happened.
Now my only purpose is helping people grow and build unconventional companies — lifestyle businesses that cater to solopreneurs and freelancers.
This is where my expertise is and where I can deliver the most value to you. I’ve made an amazing living with my skills and talents and have shown thousands of others how to do it in the past.
So this is where I’m planting my flag.
Topics will include business strategies, marketing, branding, sales, technology, ideas, and other advice to help you earn a living.
While I believe formal business plans are a waste of time, having a business strategy is extremely invaluable.
He who fails to plan is planning to fail. — Winston Churchill
This why it’s imperative to have some idea of how you plan to achieve your goals and the steps to get there. A one page strategy is good enough to get started and to track your progress, plus you can adapt it as needed.
Here’s my current (rough draft) strategy for writing this year.
- Publish consistently, 4–5x per week, on Medium.
- Engage with other writers and readers, 30 minutes per day maximum.
- Pitch or write 1–2 articles per month for other publications.
- Automate my content promotion on Facebook and Twitter (X).
- Publish unique content, 3x per week, on Substack.
- Repurpose my content for live webinars, twice per month, and invite followers to attend for free.
- Offer discounted consulting rate (1 on 1) for subscribers who need help launching or growing their ideas.
I also have great SEO strategies for each of my content pieces to drive traffic to these posts and will always wrap up with a CTA (Call to Action).
In order to keep me accountable and to guide me in the process, I’ve created a Google spreadsheet with content ideas, where to publish and when, analytical tracking links, and more.
Why I like Substack over Medium
I was using this platform before going back to Medium and it’s great for various reasons, but ultimately I want to do the following:
- Build my email list and connections
- Create a close knit community and support network
- Offer one on one consulting to solopreneurs and freelancers
- Sell my eBooks, templates, and other valuable resources
Some of this could be achieved with Medium but it’s better to have a website or platform that provides the tools you need to grow your business.
Additionally we should always have a backup of our content somewhere because we never know what could happen with any platform.
The Monetary Goal
As many other established writers have stated, it’s hard to predict revenue with any platform, especially when the algorithms seem to be like the Wizard of Oz!
What goes on behind the curtain we will never know.
Ultimately there are no guarantees and we must accept we’re at the mercy of the technology gods. Despite the algorithm bullshit, I cannot and will not let that deter me.
My goal is to generate $1,500 per month by the end of the 2024 (counting Medium and Substack) with the hope it will grow exponentially from there.
Yet this “passive income” is not my focus right now.
My main objective is selling consulting services and project work driven by my writing. These are the big ticket items that will help me reach the overall goal of a million dollars.
The other businesses like my eCommerce shops will follow suite. More on that another time.
So there you have it.
What do you think? Please feel free to share your thoughts or experiences.