How to Make $10k/Month as a Writer - Nicolas Cole
Added: Jun 28, 2024
In this episode of Deep Dive, Ali Abdaal interviews Nicolas Cole for the second time. Their first conversation focused on five paths to make a million dollars as an online writer, which was well-received by the audience. This time, they discuss the fastest path to making $10,000 a month as a writer. Cole emphasizes that the quickest route to monetization for writers is not through selling products or building a large audience, but rather by offering services to businesses. He explains that while many people think they need a substantial following to start making money, the reality is that finding one client willing to pay for problem-solving in their business is a more effective strategy.
The Fastest Path to Monetization
Cole outlines the common misconception that writers need to have a large audience or sell digital products to make money. He argues that selling a service is actually the fastest path to monetization because it doesn't require a large volume of sales or an extensive audience. The lower the price point of a product, the more volume needed to sustain a significant income. Instead, he suggests finding one client willing to pay $3,000 to $5,000 for a service, which can quickly replace a full-time income.
Identifying Your Information Advantage
Cole introduces the concept of "information advantage," which refers to the unique knowledge and experience a person has in a particular field. He encourages writers to recognize what information they take for granted, as this can be valuable to others. For example, a doctor has an information advantage in the medical field, which could be leveraged to help businesses in the healthcare or biotech industries. The key is to identify the most affluent customers who would be willing to pay a premium for this expertise.
Pricing and Perceived Value
The conversation touches on the importance of understanding how different people and businesses value money. Cole shares his experience of undercharging early in his career and gradually realizing the true value of his services. He emphasizes that businesses, especially those that have recently raised significant funding, often view expenses differently than individuals. This understanding can help writers price their services more appropriately and target clients who are willing to pay higher rates.
The ROI of Free Work
Cole advocates for the value of doing free work, especially when starting out. He argues that free work can be seen as a marketing cost, providing experience, credibility, and pattern recognition. By removing the barrier of price, writers can quickly gain valuable experience and build a portfolio to leverage for paid work in the future. He suggests that getting paid in confidence and network connections can be more valuable than immediate cash in the early stages of a writing career.
The Art of Pitching and Educating
The podcast delves into the importance of approaching potential clients with an educational mindset rather than a sales pitch. Cole emphasizes that the goal should be to educate clients on problems they might not even realize they have, positioning oneself as a solution provider. He recommends using a problem script followed by a solution script when approaching potential clients, focusing on the specific issues a business faces and how the writer's services can address them.
Volume and Persistence in Outreach
Cole stresses the importance of reaching out to a sufficient number of potential clients. He suggests making a list of 50 warm contacts (people you know or who might know someone who needs your help) when starting, and reaching out to at least 100 quality leads if going cold. The key is to do thorough research on each prospect and personalize the outreach, rather than using automated tools or generic messages.
Leveraging AI and Technology
When discussing the use of AI tools like ChatGPT for outreach, Cole cautions against automating processes before fully understanding them. He argues that doing the work manually first provides valuable insights and learning experiences that can later inform more effective use of technology. The "shortcut" of immediately turning to automation often ends up being the longer road because it skips the crucial learning phase.
Building a Hybrid Agency
Cole shares his experience building a ghost writing agency and discusses the concept of hybrid agencies or creators. He suggests that combining service offerings with digital products can create a more profitable and sustainable business model. By maintaining a core service business while developing digital products, creators can benefit from both recurring service revenue and the scalability of product sales.
Book Writing and Publishing
The conversation shifts to Ali Abdaal's experience writing and publishing his book "Feel Good Productivity." They discuss the challenges of writing a book, including dealing with imposter syndrome and the fear of public criticism. Abdaal shares his process of developing the book's concept, from initial ideas to the final title and structure. Cole provides insights on book titling, emphasizing the importance of creating category differentiation and clearly communicating the book's value proposition.
Traditional vs. Self-Publishing
Cole and Abdaal explore the pros and cons of traditional publishing versus self-publishing. Cole argues that for authors with an existing audience, self-publishing can often be more profitable in the long run. He points out that while traditional publishing offers benefits like distribution and the possibility of making bestseller lists, it often comes with lower royalties and less control over the work. They discuss the potential for hybrid models and the importance of owning one's intellectual property.
Future Book Ideas and Branding
The conversation concludes with a discussion of potential future book ideas for Abdaal, building on the "Feel Good Productivity" brand. Cole suggests focusing on subcategories within the "Feel Good" framework, such as "Feel Good Discipline" or "Feel Good Conflict Resolution." They explore the idea of creating a cohesive brand and product suite around the concept of "Feel Good Productivity," similar to how Ryan Holiday has built his brand around Stoicism.
Writing Process and Overcoming Challenges
Abdaal shares his experience of writing his book, including the challenges he faced and the strategies he used to overcome them. He emphasizes the importance of making the writing process enjoyable and taking his own advice about productivity. Abdaal found that intense writing sprints and immersive periods were more effective than trying to write consistently for short periods each day. Cole agrees, noting that for complex projects, immersion can be more productive than trying to juggle multiple tasks daily.
Conclusion
The podcast provides valuable insights for writers looking to monetize their skills quickly and effectively. It emphasizes the importance of leveraging one's unique knowledge, focusing on high-value clients, and approaching business development as an educational process rather than a sales pitch. The conversation also offers guidance on book writing and publishing, encouraging authors to consider their long-term goals and brand-building strategies when deciding between traditional and self-publishing routes. Throughout the discussion, both Cole and Abdaal stress the importance of persistence, continuous learning, and adapting one's approach based on real-world experiences in the writing and online business world.
Related episodes
