The fastest way for writers to earn a substantial income online is through providing services, particularly ghostwriting, rather than selling products. The podcast outlines a five-step process for building a six-figure writing business, emphasizing the importance of identifying one's informational advantage, targeting businesses as clients, and focusing on educating potential clients about their problems before pitching solutions.
Identify Info Advantage
• 00:06:00 Everyone possesses a unique informational advantage, which is knowledge they take for granted due to their experiences. Recognizing this advantage is the first step in building a writing business, as it allows writers to identify areas where they can help others. It's okay to be a guide and not a guru, as long as writers are authentic and honest about their expertise and do not try to fake it.
Sales to Businesses
• 00:10:27 Businesses are more willing to pay a premium for services compared to individuals. The most affluent customers are businesses like biotech startups, pharma companies, and other corporations. Targeting businesses rather than individual consumers is the most efficient path to a high-income writing business. It's crucial to understand that businesses value money differently than individual consumers, with a higher tolerance for expenses.
Free Work
• 00:15:20 Initially, providing free services is a powerful marketing tactic to build experience, credibility, and a portfolio. It's a way to remove the friction of sales in the early stages of a business, and it's more important to gain valuable skills and experience than to earn money immediately. Free work builds valuable skills and allows writers to establish themselves as credible professionals.
Problem Pitch
• 00:18:29 Understanding the client's business and its problems is essential before pitching a solution. It's crucial to focus on educating potential clients about the issues they may be facing, such as struggling to attract high-quality customers or acquire leads. Writers should create a problem script and a solution script to provide a clear understanding of the issue and how they can solve it.
Educate, Not Sell
• 00:24:51 The focus should always be on educating potential clients about their problems and providing valuable insights, rather than directly selling services. This approach removes the pressure of selling and positions the writer as a helpful consultant. This ‘abundance mindset’ is more attractive to clients than a ‘scarcity mindset’ where writers seem overly desperate for work.