Showing posts with label business models for writers. Show all posts
Showing posts with label business models for writers. Show all posts

Thursday, August 25, 2022

A Few Tips for Choosing the Best Business Model to Make Money Writing

by Suzanne Lieurance


If you want to make money writing, but you’re just getting started, you’re probably wondering—what is a business model?

 

Well, for a writer, a business model is simply the way you will earn money writing.

 

There are many models to choose from to create a lucrative freelance writing business.  

 

Yet not all business models are a good fit for every writer.

 

So, here are a few tips that will help you choose the business model that's right for you!

 

Tip #1. Write down all the types of writing that you LOVE to do.

 

Many writers never stop to fully consider the type of writing they like to do—and all that it entails—before deciding on a model to follow.

 

So, if they end up with a writing career, it's often a career they don't enjoy because they are usually working on writing projects that don’t interest them very much (if at all).

 

Then, they aren't very successful at freelance writing because they don’t enjoy it, so they give up fairly quickly and move on to something else. 

 

To be sure this doesn’t happen to you, make your list of all the types of writing you love to do, then pare down the list to just a few niches or areas of interest. 

 

Think of it like this, what niche or topic could you write about for months, years, even decades, without getting sick of it?

 

Also, note that it’s usually a good idea to focus on only one or two niches, so you can become known as an expert in those one or two niches, instead of being regarded as a “generalist” in all sorts of niches. 

 

That’s because specialists tend to earn more money than generalists.

 

And, since things change so often in today’s world, it’s easier to keep up with the latest innovations, discoveries, etc. in only one or two niches than it is to be well informed in dozens of niches.

 

Note, though, that you can become known as a specialist in either nonfiction or fiction.

 

Think of it like this, Stephen King is an expert in horror fiction, that is his niche or specialty.

 

But another writer might focus on travel writing and write only about travel related topics.

 

Another writer might decide to write for children and further specialize in writing nonfiction books (on assignment) for children’s educational publishers.

 

Tip #2. Do some online research to locate other writers who successfully follow the model(s) you'd like to follow.

 

You can get tips just from reading these writers' websites or blogs and articles they post in their newsletters and ezines (if they have them).

 

Also, look for workshops or courses that show you how to earn money writing the types of things you like to write. 

 

For example, don't simply take a course in how to write ad copy if you wish to become a successful copywriter. 

 

Take a course in how to market yourself as a copywriter, too. 

 

And, even though you will want to pay for some of the courses and other resources that will help you build your writing business/career, also look for free ways to learn more about the writing you wish to do. 

 

There are thousands of free online resources, so take advantage of them.


Tip #3. Stick to just one or two models at the beginning.

 

For example, if you want to become a business-to-business writer, you might start out blogging for other businesses in your niche.

 

If you want to make money as a novelist, you will get busy writing novels as opposed to nonfiction articles for magazines, etc. 

 

When you stick to only one model at the start, you will find it easier to focus on the work that comes in (and the constant marketing you’ll need to do to continue to get new work) since you won’t be pulled in too many directions.


Tip #4. Add additional models to your overall business plan as you get the first model working successfully.

 

Eventually, adding other models to your overall business will allow you to create additional streams of freelance income.

 

For example, if you have a niche blog of your own, once you have created enough content for this site so you are attracting readers (and even have a mailing list of these readers), you can start blogging about the products and services of other businesses as an affiliate, so you earn a commission any time a reader uses your affiliate link to make a purchase.

 

Or, if you’ve successfully promoted your own blog through social media, eventually you might decide to offer your services as a social media marketer to other businesses.

 

If you’ve written a how-to book or self-help book, you might decide to create courses based on your book or earn money speaking about the content of your book (and sell books on the side at your speaking gigs).


Tip #5. Periodically step back and evaluate the models you're following.

 

If your business is not as successful as you would like, chances are, you're trying to follow too many models, so you're following none of them very well.

 

It can be a delicate balance at first—between trying to do too much or doing too little.

 

Often, at this point, a coach can be particularly helpful in keeping you focused so you don't get overwhelmed.

 

Consider working with a coach if your career gets stalled or you just can't seem to get it off to a good start.


Tip #6. Keep thinking BIGGER and BIGGER.

 

Some people figure "if it ain't broke, don't fix it", so they never expand their business.

 

Don't get stuck following just one or two models forever. 

 

As your business grows, add additional business models to the mix.

 

This will keep your business fresh and exciting—for you and for your clients and customers!

 

Try it!


And, if you'd like to learn more about business models, get your free subscription to The Morning Nudge.You'll also to get access to our private resource library, where you'll find A Short Guide to Business Models for Writers.



Suzanne Lieurance is an award-winning author with over 40 published books, a freelance writer, a writing coach, and founder and CEO of writebythesea.com.

 

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