As a thought leader with a paid newsletter, I think about this chart every single day… This chart expresses a very simple and fundamental idea that few paid subscription creators actually consider.
Your considerable research on thought leadership and the changing face of the Internet covers many new ideas.
This is a link to my reflection on your article, where you identified the Internet trends and your five practical steps for thought leadership success in the Internet age.
Great article Michael. You describe very well how this will play out also in conjunction with your previous article.
I am thinking about the skills that will not change with the change in the internet and AI and that is behavior change in people. They always need help with that. Combining a paid newsletter combined with a transformational coaching program would probably be a good model.
I think understanding behavior change for ourselves so we can stay consistent on habits and mastering behavior change of others so we can better connect, educate, coach, and market will continue to be super important.
Also, I do agree that for 99% of people who don't reach a full-time income via paid subscribers alone, that a transformational coaching program is a perfect fit.
And as a person thinking --thinking about starting my own newsletter, while I do understand that the ratio of creator to consumer is still huge, there's still an infinite demand for content --but to be able to find the right people who will buy into your story, There's a push and pull of whether starting is the best idea.
1 way to think about this is do things just because you like it, and even if it does start paying the bills, it helps to have a nice nest egg built up to transtion out of it, --being prepared for multiple revenue streams in case poop hits the fan.
What I'm most curious about is have there ever been any creators who have made their passion their full time thing, --after making a substantial amount of money only to fall flat and return to their day jobs?
From what I've seen (so far) is that most creators venture out into content creation and then build a business (meaning a more durable one like say an agency)
How are you tackling this, Michael? Is the plan to simply ride the success and then just keep churning good content? how do you make this sustainable?
I started with the agency model in 2015. A lot of people who are skilled at content creation start this way. But, I personally didn't resonate with client work and creating content I wasn't super passionate about under someone else's name.
I launched my first course in 2017, The Learning Ritual and almost immediately stopped the agency. I launched the Mental Model Club in January 2018. Then Seminal in 2019.
While there have been a few low points along the way, it has been fairly smooth financially.
I think the hard part is understanding how quickly platforms, culture, and myself change. So, I'm constantly searching for deeper and deeper alignment between myself, the platform I write on, and the people I write and teach for.
---
There are certainty people who launch businesses after leaving a full-time job and then go back to the job. A lot of the decision-making depends on the individual's level of risk tolerance, but some general ways to de-risk things is to:
1. Work hard on nights and weekends to get the initial traction to prove your idea.
2. Build up the key skills you will need before making the plunge.
If you do these two things in advance of launching, the chances of failure are much much lower and the speed to success is much higher.
Another approach people do is to transition from full-time work to being a part-time consultant and part-time creator.
I am surprised that you went the other route, starting an agency and then doing the content creation thing full-time.
I do run a micro-agency and I do feel what you're saying in terms of hawking your passion out. There are days when I feel lucky that I am being paid to do what I am most passionate about, the clients who hire me to do the job for them --aren't as passionate about it as I am (which is understandable) however, one can't subside on passion alone, right? Once the client second guesses your work, you're already viewed as an expense and that's where it falls apart.
The tough part is you're a tool at this point and it can feel as if you're being unheard.
What are some questions you ask yourself (and answer) during the nights that you're grinding through creating your courses?
How are you looking and staying on top of trends (in terms of platforms)? As more platforms emerge from this Subscription Economy, I forsee a niching down of creators, are you in some way preparing for this to happen?
Or are you looking to diversify and be present everywhere (as far as you can handle, ofcourse)?
Thanks! Hoping we can collectively solve this together so that more and more creators on Substack can earn a significant income on the platform while delighting readers.
Thought Leadership and the Internet
Hi Michael,
Your considerable research on thought leadership and the changing face of the Internet covers many new ideas.
This is a link to my reflection on your article, where you identified the Internet trends and your five practical steps for thought leadership success in the Internet age.
https://drive.google.com/file/d/1AkRUX4zbw_g64yOGn0bS7RxR11TwWMAK/view?usp=sharing
John
Great article Michael. You describe very well how this will play out also in conjunction with your previous article.
I am thinking about the skills that will not change with the change in the internet and AI and that is behavior change in people. They always need help with that. Combining a paid newsletter combined with a transformational coaching program would probably be a good model.
Agree on both your points!
I think understanding behavior change for ourselves so we can stay consistent on habits and mastering behavior change of others so we can better connect, educate, coach, and market will continue to be super important.
Also, I do agree that for 99% of people who don't reach a full-time income via paid subscribers alone, that a transformational coaching program is a perfect fit.
I've experienced this.
And as a person thinking --thinking about starting my own newsletter, while I do understand that the ratio of creator to consumer is still huge, there's still an infinite demand for content --but to be able to find the right people who will buy into your story, There's a push and pull of whether starting is the best idea.
1 way to think about this is do things just because you like it, and even if it does start paying the bills, it helps to have a nice nest egg built up to transtion out of it, --being prepared for multiple revenue streams in case poop hits the fan.
What I'm most curious about is have there ever been any creators who have made their passion their full time thing, --after making a substantial amount of money only to fall flat and return to their day jobs?
From what I've seen (so far) is that most creators venture out into content creation and then build a business (meaning a more durable one like say an agency)
How are you tackling this, Michael? Is the plan to simply ride the success and then just keep churning good content? how do you make this sustainable?
Hi Radrad,
I started with the agency model in 2015. A lot of people who are skilled at content creation start this way. But, I personally didn't resonate with client work and creating content I wasn't super passionate about under someone else's name.
I launched my first course in 2017, The Learning Ritual and almost immediately stopped the agency. I launched the Mental Model Club in January 2018. Then Seminal in 2019.
While there have been a few low points along the way, it has been fairly smooth financially.
I think the hard part is understanding how quickly platforms, culture, and myself change. So, I'm constantly searching for deeper and deeper alignment between myself, the platform I write on, and the people I write and teach for.
---
There are certainty people who launch businesses after leaving a full-time job and then go back to the job. A lot of the decision-making depends on the individual's level of risk tolerance, but some general ways to de-risk things is to:
1. Work hard on nights and weekends to get the initial traction to prove your idea.
2. Build up the key skills you will need before making the plunge.
If you do these two things in advance of launching, the chances of failure are much much lower and the speed to success is much higher.
Another approach people do is to transition from full-time work to being a part-time consultant and part-time creator.
Hope this helps.
Hi Michael!
I am surprised that you went the other route, starting an agency and then doing the content creation thing full-time.
I do run a micro-agency and I do feel what you're saying in terms of hawking your passion out. There are days when I feel lucky that I am being paid to do what I am most passionate about, the clients who hire me to do the job for them --aren't as passionate about it as I am (which is understandable) however, one can't subside on passion alone, right? Once the client second guesses your work, you're already viewed as an expense and that's where it falls apart.
The tough part is you're a tool at this point and it can feel as if you're being unheard.
What are some questions you ask yourself (and answer) during the nights that you're grinding through creating your courses?
How are you looking and staying on top of trends (in terms of platforms)? As more platforms emerge from this Subscription Economy, I forsee a niching down of creators, are you in some way preparing for this to happen?
Or are you looking to diversify and be present everywhere (as far as you can handle, ofcourse)?
Kudos for reaching out to the village and bring great minds together to solve the conundrum of successful continuation of this innovative platform!
Thanks! Hoping we can collectively solve this together so that more and more creators on Substack can earn a significant income on the platform while delighting readers.
Hi Michael, hope you are well. I'm pretty sure GK Chesterton wasn't in the automotive industry.
Thanks! Meant Charles Kettering! My bad. Fixing now...