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For those who have wondered, this post will explain what I work on and how I function as a "million-dollar writer." It is my hope this will stimulate you into taking the required steps to earn significantly more income than you do now. After I spell out how I manage to create a million dollars in revenue, I'll give you a simple 3-step roadmap to increase your own income.(By the way, even though I am describing the life of a writer, virtually all of what I'm about to share will work for any freelancer or business owner.) Links My Copywriting As A Million Dollar Business April Workshop - Want to work on building your business together, live and in person? There are a few seats remaining for my upcoming workshop this April. These seats will sell out - Click Here For Details and Availability. Read This or Die - Click to preorder my soon-to-be-released book, Read This or Die. Notes From This Episode This subject seems slightly impolite to write about. Like many, I was taught from my earliest years that it is impolite to talk about politics, religion, or money. I routinely violate all three of these directives, however, so this is not new territory for me. Let's begin…I am not writing to boost my own ego. I am writing to answer a very frequently-asked question: "How does a writer make a million dollars?"This is a great question, because the industry income average for freelance writers is just under $5,000 per year.When someone asks me how, as a writer, I make a million dollars, they may not actually express it, but what they really want to know is: "How does a guy who writes ad copy, who has never published a book I've even heard of… how does that guy make a million dollars?"And of course, ultimately, the real question burning in their heart is: "Could I do that? Or even half that?" That's what people really want to know and that's what I want to share with you.Before I get to the tactical stuff like:• How do you get paid?• What are your rates?• How do you get clients?It's imperative that I share 3 Prosperity Principles for Writers.PROSPERITY PRINCIPLE #1: YOU MUST DISCOVER YOURSELF Many writers and other creatives have a not-so-secret fantasy. They labor intensely for years on a masterpiece, hoping that an influential publisher or literary agent will "discover" them, and they'll be catapulted to fame and fortune.That's a nice fantasy, but with one problem: it doesn't happen that way. It never does, or at least almost never. Okay, rarely it happens. But you're more likely to be struck by lightning on the same day you win the Powerball, than you are to be "discovered" in this way.You must discover yourself!You must identify what makes you different, what "special sauce" you add to this common craft (writing) that makes you a distinctly differently voice on a common subject. In what way are you a player with a unique, unduplicable advantage? We spend 3 full days answering this question definitively in our Dreamstorm Workshops, using our Core Thesis Process; obviously, if you don't already know the answer to this question, you'll need to spend some time on it,PROSPERITY PRINCIPLE #2: YOU MUST PROMOTE YOURSELF To succeed, dear Reader, you must realize you are not actually in the "writing business." You are in the business of You, Incorporated.It is your unique personality, and the fascinating persona you share with the world, that shapes how that world sees you. Done right, this can make you an irresistible character to whom people are attracted as their chosen and trusted authority. Done wrong, this can break the ties between you and your readers.Specifically, instead of promoting and advertising your highly-developed craftsmanship as a writer, you must be in the business of promoting you. You cannot rely on word-of-mouth, or critical acclaim, or impersonal ad campaigns. You must conscientiously promote yourself, and intentionally craft the way customers perceive you.If you have interest in knowing HOW it is I do all this, and want to see the detailed steps I take, let me know your interest in the comment section. Enough interest expressed will generate a new post on this "Implementation" phase. But for now, on to…PROSPERITY PRINCIPLE #3: YOU MUST GET OVER YOURSELF You might be disappointed to learn that your dream of being a purely creative being whose hands are never "sullied" by crass commercialism or "manipulative" marketing are mere fantasy. This may be hard to swallow, but you need to get over yourself in this regard.So, let me get the disappointing stuff out of the way right upfront:1. This approach may require a readjustment of what you think of as "craft." The kind of writing I do is very specific: direct response copy. This is copy meant to result in a sale. It's copy that moves the reader to buy. Personally, I find the craft of writing sales copy to be endlessly fascinating and fun. While you may not choose to write sales copy (arguably the most lucrative kind of writing available to the average writer), you may also have to spend a little less time writing poems about the secret lives of elves.2. My approach is not an "instant income" strategy. This whole system of "writing as a business" has taken me a few years to figure out and build up. I am able to pass on some hard-won lessons (like those in this post), which I believe may considerably shorten your learning curve. You can go faster than I did. But it's still not instant. And I'm constantly learning new things. You and I are very much works in progress.3. There is more than one way to achieve a million-dollar income as a writer. For instance, there is a writer (whose name you would not recognize) who writes 3-4 books a year and gets paid $300,000 – $400,000 for each book. He's a ghostwriter. You'd be shocked to learn how many New York Times best-selling books with famous names on the covers were actually written by this one ghostwriter. Another writer I know raked in a million dollars last year writing content, white papers, and annual reports for big corporations. As I said, my way is not the only way. But it is worth noting that though the kinds of writing differ, the basic ideas I share here apply to every wealthy writer I know.4. In my experience, a million-dollar writing business means you're selling more than "just" writing. You will probably find it necessary to offer products and services that are not strictly writing (but which you would not be able to sell without your foundational work as a writer). It's the rare writer who can merely write and cash checks (our ghostwriter friend notwithstanding). I'll dive more deeply into this in the next section.5. This whole endeavor requires me to use a four-letter word that will shock and offend some people. But I feel the use of this word is required to communicate the force of my argument. The four-letter word is: w-o-r-k. Work! Ya gotta put in the effort!This is a glimpse "behind the curtain," and you may or may not like what you see. Then again you may find it encouraging to know there is a proven path to prosperity as a writer, and you don't need a fat contract from a big publisher to pull this off. You can simply decide, and then go do it."The miracle of the seed and the soil is not available by affirmation; it is only available by labor … the greatest form of maturity is at harvest time. That is when we must learn to reap without complaint if the amounts are small and to reap without apology if the amounts are big … you must either get good at sowing in the spring or begging in the fall. The soil says: don't bring me your need, bring me your seed." — Jim RohnHOW I GET PAID The first thing to know is I "fudged" a little on my income – it wasn't really $1 million last year. The actual number is closer to $1.2 million.The second thing to know is I didn't get to keep most of it. Where did it go? A lot of places:• The IRS and the State of Washington got their portions, of course.• Then there are payroll taxes, Social Security, etc.• Employee salaries.• Affiliate commissions.• Vendors and independent contractors.• Other business expenses.• There are the medical expenses related to my little neurological disorder.• Plus we finished paying off all consumer debt, which at its height topped $400,000.(I'm actually embarrassed by this. I learned a lot through the mistakes which landed me in so much debt – perhaps I'll share more about that journey in a future post.)So, you can forget asking me for a loan. I didn't sock a million into the bank. But I'm not complaining – the Edwards household did, and still does, quite well.With all that out of the way… here's where the money actually comes from. How I get paid.Product SalesProduct sales are far-and-away our biggest source of revenue. These include high-ticket items ($1,000 and up) sold mostly via PLF-style launches, advertising, purchased solo email campaigns, and organic website traffic."Day with Ray"Consulting This is where I meet with a single client (or their team). I require this meeting before Private Client Copy Engagement. The "Day With Ray" costs $15,000 if you come to me in Spokane, WA, or $20,000 plus private air charter if I come to you. What do we do in such a meeting? It depends on the client (everyone is different, so there is no template for this). I grill the client for the first hour or so, and generally this will lead to a discovery of the 1-3 most powerful "levers" we can pull in their business to increase revenue and profits, while providing the business owner with less stress and more peace of mind.Private Client Copy EngagementAfter a long period of protesting that I was no longer writing for clients, I am finally giving in to market demand. I am accepting a very few assignments wherein I personally run the copy project and write the copy. This is prohibitively expensive for the client, and if you have to ask, you can't afford it. Also, I require that all Private Clients pass a rigorous application process, and agree to my admittedly unreasonable demands (100% compliance with my advice, 100% commitment to running my copy as written, 100% commitment to testing and tracking, payment of a percentage of gross sales to be made quarterly, and acceptance of my total lack of availability for "chummy chats," psychological counseling, and babysitting sessions). I charge a minimum of $150,000 payable up front. Maximum four clients per year, booked well in advance.RoyaltiesThese are payments on gross sales of Private Client projects. They also include royalties on co-created projects and revenue share deals. This is becoming a more significant percentage of my company revenue. Please do not contact us looking for me to do your marketing for free and offering me a percentage. I only do these deals when I know the person well, know the company and market well, and when it is my idea.Group CoachingGroup coaching has been lacking in my portfolio of services until recently. Experiments thus far show it to be fun and profitable, as well as extraordinarily valuable to participants. These are online groups of up to 20 people at a time, who receive coaching and feedback from me once per week for a finite period (usually 6-12 weeks).WorkshopsI host a few small group workshops that focus on a single theme or outcome each year. Participants pay a premium fee ($5,000 – $10,000) and must qualify through application. These consist typically of three intense and productive days that can significantly alter the course of the client's business and life for the better.Private MastermindsSmall group Mastermind Alliances involve a strict application process, membership requirements, and required compliance to meeting attendance and participation.Affiliate CommissionsWe generate commissions through the recommendation of products and services we ourselves use. This accounts for about 7% of our company revenue each year, but nearly 18% of our annual profit. Why is it so profitable? All we do is promote the product. We don't actually do any work, creation, or customer support.REIC MembershipThis is our newest offering. Members receive a printed newsletter each month with my best (and freshest) thinking, a monthly video training, a live Q&A once per month, and more. We are launching this in September 2017. Those methods fairly well sum up how I earn my income.HOW I GET CLIENTSMy marketing system is not immediately obvious to most. It is complex, carefully thought out, and rigorously tested. I am constantly experimenting. Every "thing" we do is designed to point to all the other "things" we do.Client Attraction vs. Client PursuitClient attraction is foundational. Long ago I decided I did not wish to "chase" business, but prefer instead to let business chase me. So, I have carefully designed a ubiquitous system for attracting a steady flow of possible clients and customers from many different streams. This adds up to a large flow of potential business at various levels of engagement and investment, all swimming (upstream if necessary) to me. Some of the "pools" from which I attract business include:• Podcasting. This is one of the most intimate mediums available. Podcast listeners have me literally "in their head" for an hour per week (or more, if they binge-listen… and many do just that from our library of nearly 300 episodes). This is a curiously powerful medium. Numerous customers have listened to 1-3 episodes and proceeded directly to a $5,000 – $10,000 purchase.• YouTube channel. This is a new, experimental marketing tool for me. I have been enjoying playing around with the possibilities, and have now settled on a strategy going forward. Look for a slight shift in focus on my YouTube channel in the coming weeks. The goal, as with all third-party media, is to move people off third-party properties like YouTube (and Facebook, and Twitter, etc.) and onto my email list.• Social media. While many claim direct money making power through social media, my approach is to use it to attract and build a bond and relationship with my tribe, and then move them from social media to the media I own, i.e., my email list.• Printed newsletter. Already mentioned once, this is not only a product but also a marketing tool. Since the largest primary segment of my audience is made up of writers (meaning, presumably, they're also readers), having a print newsletter is vitally important. Print media carries more impact than electronic media. This is not something I'm guessing at. According to this Millward Brown study, brain scans demonstrated the same message presented to the human subject printed on paper lights up more areas of the brain than the electronic equivalent. More areas of the brain lighting up equals more engagement.• Speaking. This is a way that I accomplish a number of objectives: for instance, I like to travel. I want to travel to exotic places. So, I have a speaking engagement next month in Hong Kong, primarily because I've never been there. This will also afford me the opportunity, as do all speaking engagements, to establish personal contact with a new group of people, perhaps add them to my mailing list, and maybe generate a few clients along the way. Speaking automatically grants you a certain amount of gravitas and authority. As far as generating clients, this is an indirect benefit of speaking. I do not hock or pitch my services from the stage. I do, however, strategically communicate that I am available to be hired by the right people, and that I have products available for people who are not ready to hire…
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