Hi Reader,

I’m back from a 10-day holiday in Greece.

I used the time off the grid to reflect on my current business model.

Over the years, I’ve switched business models a few times.

Here are a few I’ve tried:

Freelancing

I freelanced as a tech journalist and copywriter for a few years.

I enjoyed this business model the least.

Here’s why:

Freelance writers spend most of their time creating content for somebody else’s business.

That’s ok when you’re starting and need some money.

But it’s hard to scale a freelance writing business.

And freelancers often find themselves chasing clients at the end of the month for payment or recurring work.

And now, with ChatGPT and dozens of other AI tools spitting out generic content at scale, it’s a race to the bottom.

I chatted with a freelancer the other day.

He’s getting paid 3 cents per word.

That’s below the minimum wage in many countries.

Content websites

For a few years, I published 100s of articles each month with the help of a team of writers. My business earned money from ad revenue.

More articles meant more traffic.

More traffic meant more ad revenue.

It was a good business model for writers who enjoyed editing the work of other writers.

Caveat: you need to get comfortable tracking numbers like traffic and subscriber counts in Google Sheets.

But building content websites is much harder today, thanks to AI and a brutal series of Google updates.

Those following this model today rely more on social traffic than search.

Hint: Facebook and Pinterest

Paid newsletters

A variation of the above model involves creating a paid newsletter on Substack or Beehiiv.

Pick one niche.

Write a weekly or daily newsletter.

Turn parts of your newsletter into social content.

Funnel social traffic to your list.

Scale with ads.

Growing a newsletter is easier than growing a website because you don’t need to worry about SEO or publishing hundreds of articles.

It’s also more profitable than writing a book, as you can charge recurring subscriptions and add sponsors.

I regularly work with writers who want to go from 0 to 1k subscribers.

Authorship

I’ve self-published nearly a dozen books.

Writing a book is fun.

I love holding something I wrote in my hands.

And they’re an amazing credibility builder.

But it’s hard to earn a living from writing books alone. The profit margin on a $10 or $20 ebook means authors need to sell thousands of copies.

I did that with Amazon Ads for a while.

Then publishing companies discovered ads… and my costs went up.

It’s hard to scale a single or even a few books into a full-time living.

I’ve interviewed dozens of best-selling authors who write full-time.

They all earn a living from a deep back catalog - think dozens of books.

Or they use their book to sell a related service, like a course.

Course creation

I’ve sold thousands of dollars of online courses.

This model works well with the right amount of traffic from the right sources.

However, selling online courses is more complex now than it was a few years ago.

Most people don’t want another video to scrub through on x2.

Course completion rates are incredibly low.

Instead, students and clients want access to the course creator through a cohort or community.

That said, this model pairs neatly with writing a popular book.

Coaching and consulting

These days, coaching and consulting is my preferred business model.

I write in the mornings and coach in the afternoons.

I work with a select group of Pro Writers who want to build their businesses.

If you’re an expert in a topic, you can easily coach someone in your niche.

You don’t even need to do sales calls.

Many coaches I know are earning a full-time living by selling their services with a simple Google Doc.

You can charge a weekly retainer for helping a small group of ideal clients and easily earn five figures a month.

You don’t need to try ALL these business models. Instead, pick one that aligns with how you want to spend your days and which you can earn a good living from.

If you want help building your coaching business and earning an extra $3-5k a month, I’ve got 4 spots open in my Pro Writers Only coaching program. Reply COACH to this email, and I’ll send you the details.

Write on,
Bryan Collins