Making Money As A Writer: Product vs Service
There are two paths for making money as a writer.
- Sell your expertise per hour (service).
- Sell your expertise per asset (product).
All revenue streams flow down these two paths.
If you go the service route, your revenue streams become things like selling content marketing services, ghostwriting, building a business that provides writing, editing, or marketing services, consulting, and so on.
If you go the product route, your revenue streams become things like selling books, courses, newsletters, journals, physical products, digital downloads, and so on.
So, what’s the difference?
The benefit of selling your expertise per hour (providing a service) is that it is 10x easier to start generating revenue. You can go from $0 to making $500, $1,000, even $10,000 a month by selling your expertise through hours of labor.
The problem is that you only have so many hours of labor. You are capped at 24 hours per day, and you still have to eat, sleep, shower, and so on. And every additional hour you spend working, your effectiveness likely goes down.
Easy to start generating revenue, but your revenue has a ceiling.
