The EXACT Income Streams for Writers to Earn Big in 2024

Summary

In this video, Ela Kaine explores three effective passive income streams for writers to supplement their freelance businesses. She highlights the power of affiliate marketing, using platforms like Teachable and Medium to earn commissions, as well as creating a paid newsletter for direct audience engagement. Ela also emphasizes the importance of writing niche eBooks that offer actionable insights, and discusses how writers can easily sell their digital products while promoting them through social media and email marketing. These strategies enable writers to diversify their income while building their personal brand.

Takeaways

• 😀 Freelance writing offers multiple income streams beyond just client work, including passive income options like ebooks, courses, and newsletters.
• 😀 Narrow and focused topics make for successful ebooks, as they should offer actionable advice that readers can apply immediately after reading.
• 😀 Ebooks can be easily created using tools like Canva and can be sold on platforms like Amazon, your blog, or Teachable.
• 😀 Selling an ebook about a specific aspect of freelancing, such as surviving your first year as a freelancer, is a great niche topic for writers.
• 😀 Teachable is a great platform for hosting and selling ebooks, and it also offers affiliate marketing features to help you manage affiliates easily.
• 😀 Even if you don't market your ebook aggressively, it can still generate income, as seen with the example of the Genius Pinterest Secrets ebook.
• 😀 A great ebook can be the central point of your content strategy—such as promoting a Pinterest marketing ebook through YouTube videos.
• 😀 Freelance writers can diversify their income streams by combining client work with personal brand-building activities like creating digital products.
• 😀 Other freelance services like content strategy, virtual assistance, and editing can supplement your income alongside freelance writing.
• 😀 Ela advises that establishing passive income streams—such as through ebooks, affiliate marketing, and online courses—is key for long-term freelance success.
• 😀 Building a personal brand is essential to creating consistent and passive income streams, making freelancing sustainable while growing your audience.

Q & A

What is the first step in making money through freelance writing as mentioned in the video?

The first step is building a freelance writing business, which involves finding clients, building your portfolio, and establishing a reliable income stream.

How important is it to niche down in freelance writing?

Niching down is very important in freelance writing as it helps to differentiate your services from others, making it easier to market and build a reputation. The video stresses the importance of being very specific in your niche to attract the right clients.

What is the advantage of creating a digital product like an eBook for freelancers?

Creating an eBook allows freelancers to build passive income streams by selling products that can be marketed on multiple platforms like Amazon, Medium, or your blog. It also serves to establish authority in a niche.

What are the challenges of broad topics in ebook creation?

Broad topics like 'how to start a freelance business' can be overwhelming for readers, and they don't provide actionable advice that someone can apply immediately. It's better to focus on specific, actionable tips that can be applied right away.

What example does the video provide for a specific eBook for freelancers?

The example given is an eBook titled '365 Days of Freelance Writing: The Practical Guide to Surviving Your First Year,' which focuses specifically on the challenges and strategies in a freelancer's first year.

What platform does the speaker recommend for hosting eBooks?

The speaker recommends Teachable for hosting eBooks because it allows easy digital downloads and provides affiliate marketing options, which makes managing affiliates simpler, especially internationally.

How does Teachable help with affiliate marketing?

Teachable simplifies affiliate marketing by handling the payments for affiliates directly, reducing the administrative burden on the content creator, which can be especially useful for international sales.

What income did the speaker's eBook 'Genius Pinterest Secrets' generate?

The speaker's eBook 'Genius Pinterest Secrets' generated $861 within a couple of months after its launch, with the eBook priced at $27. The speaker notes that this is without heavy marketing efforts.

What are the three income streams that the speaker recommends for freelance writers?

The three income streams recommended are freelance writing for clients, creating digital products like eBooks, and building a personal brand as a content creator.

Can freelancers create other digital products besides eBooks?

Yes, freelancers can create other digital products such as courses, guides, templates, and services like editing or content strategy. The video highlights the importance of diversifying income streams to maximize earnings.