I have increased my writing income by 25% or more over the last five years. This year, however, after one quarter, it looks like I might have a dip in my annual income.
Looking at the numbers it is a little demoralizing. My hope was to try and make enough this year to break free of my job in one to two years.
However, with last quarter’s numbers, and this month’s income being the worst it’s been in over two years, I am not so sure that will happen.
Sure, it’s just one month and I am going to need to make adjustments, but looking at my spreadsheet, I realize that I have made some mistakes.
So, today, I want to share with you writers and self-publishing authors a lesson I am learning.
The Cash Cow Platform
In 2019, Medium made me just under $2,000 writing. Prior to this year, I had not made any amount of money with my writing. From 2020 to 2022, Medium and NewsBreak helped me make substancial amounts of money for those three years.
And then, at the end of 2022, Medium started to dry up. This year, NewsBreak earnings have fallen so dramatically that I’m considering leaving the platform altogether.
I held onto these platforms for a long time. And it was okay. But I failed to prepare for the potential that things could drop off. I didn’t start increasing my income on other platforms or in other areas soon enough to make up the difference if things died like they did.
Taking the Cow Out to Pasture
These days, I am forced to take NewsBreak out to pasture. There is no point in continuing to write dozens of articles for less than $10 pay. In the same way, Medium has continued to earn me money, but not a whole lot.
I’m forced to make some changes. Yes, I will still write at Medium, but it probably won’t get the first pickings for my content like it used to. In fact, I am going to repost most content to Medium with very little new content going there at all.
It’s time to take those cows out to pasture. Yet, if you have a cash cow that is making you money, I highly encourage you to find ways to leverage it to help you find other places to make money.
What I would have done differently
Looking back, I would have done a couple of things differently. And there are some writers who are doing this really well now. But, here is what I would have done:
I would have started branching out and using my cash cows to help grow other opportunities. For example, with Medium, I could have started creating more resources for the platform and giving them away or selling them on Gumroad.
Secondly, with NewsBreak, I would have attempted to leverage a email list with affiliate marketing. Many of my hot articles were about money, finances, and wealth. If I would have had a place to capture those emails with my bio link, I could have potentially sold affiliate linked courses.
Lastly, I would have capitalized on the hot topics that did well on those platforms would books, products, or courses of my own. I could still do that with some of the content, but there were a few things that did well that have since died out.
Final Thoughts on the Cash Cow
Well, I have made my bed and now I have to lay in it. But, I’m not afraid to make adjustments with what I have done and try to recover. If I were to give up, that’s what many other writers do. But, I know there are ways to pivot and I have a lot left to give.
That’s partly why I started blogging on my blog again. That and the fact I got tired of people telling me what I could and couldn’t write about.
Along the way, I will find ways to get back into financial strength with my writing. There are a few ways that I am featuring using my blog write now, first is my Bookstore, the second is my Store. These two areas will help me make up the difference and have already!
However, there will be other opportunities and I am going to take them by the horns.
Learn more about Self-Publishing with J.R. Heimbigner on Substack!
J.R. Heimbigner is a #1 Bestselling Author on Amazon who loves helping people grow in their faith and helping writers become authors. You can connect with him on Medium, his website, Facebook, Twitter, Instagram, LinkedIn, and Substack!
Start Here!
Are there other books to read? Sure, are. I have two short lists of them in my Writer’s Starter Pack on Gumroad (It’s free, you should check it out). The only other book I want to highlight is my own.
It’s called Transform Your Medium Stories.
Initially written for writers on the Medium platform, the content of this book works for any online content. And it is a great short guide to help you write and publish your first book. So grab your copy today!
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