The main problem is that in the beginning you don't know what you like best. At the same time, at any moment in time, there will be some get-rich-quick-scheme du jour pulling you towards "the best" business model.
So you end up inundating people's inboxes with cold emails to sell high-ticket services. But you can't stand the pressure of working with clients.
The solution always lies in small, low-risk experiments. Find a way to make test business models before betting the farm.
I always find it unfair that a lot of great resources to learn about managing business is not easily accessible to people who actually need that the most. As a result, as you write- people have no idea about business models, difficulties of sales, managing own money and so much more! Good read! 👏
Great article Maya, and really helpful for me as a newbie to differentiate between the business models. I’m aiming to provide value via my free newsletter in order to build trust and enable clients to chose my services-based business as the best solution for them (I’m a coach and mindfulness practitioner).
It’s been quite inspiring to also see writers on here monetise content/their creativity in that way and perhaps in the longer-term I can add content as a revenue stream. But for now my focus is building an audience and community who value what I offer them, and hopefully convert some into customers down the road! Thanks for all your valuable tips!
This is really interesting thank you Maya, it’s made me realised I’m treating Substack a bit like my business which is service based whereas here I’m all about content. I’m currently exploring & practicing writing.
Looking forward to getting stuck into your content, thanks for making it fully a an available.
I love how you highlighted the difference between a content-based and a service-based business. All of them work, we just have to choose one thing and work on it long enough to see results and then and maybe then diversify.
I’m looking forward to these. I have a product based business that isn’t working (Fine Art prints). I believe the problem is not having enough on my email list. With your help I am looking to build my email list through content and feel Substack is the place to do it. Still searching for my audience.
Oh, thank you so much, looking forward to read what is coming! I first of all purely want to grow free subscribers, but so I guess subcribers are still the currency/value I measure in and hence I can (already) treat it as venturing into a business.
That’s actually precisely my point. He’s done so many different things, and grown immensely, all while focusing on a content-based business. When you think of it this way, you see so many opportunities that go beyond the paid newsletter, or beyond one book. Thanks for restacking ❤️
Great read! Recently read somewhere that to ensure success, you just have to be the "Last one standing".
Yes! :)
Wise words.
The main problem is that in the beginning you don't know what you like best. At the same time, at any moment in time, there will be some get-rich-quick-scheme du jour pulling you towards "the best" business model.
So you end up inundating people's inboxes with cold emails to sell high-ticket services. But you can't stand the pressure of working with clients.
The solution always lies in small, low-risk experiments. Find a way to make test business models before betting the farm.
I always find it unfair that a lot of great resources to learn about managing business is not easily accessible to people who actually need that the most. As a result, as you write- people have no idea about business models, difficulties of sales, managing own money and so much more! Good read! 👏
Great article Maya, and really helpful for me as a newbie to differentiate between the business models. I’m aiming to provide value via my free newsletter in order to build trust and enable clients to chose my services-based business as the best solution for them (I’m a coach and mindfulness practitioner).
It’s been quite inspiring to also see writers on here monetise content/their creativity in that way and perhaps in the longer-term I can add content as a revenue stream. But for now my focus is building an audience and community who value what I offer them, and hopefully convert some into customers down the road! Thanks for all your valuable tips!
You’re welcome, Holly! Happy to have you here ❤️
This gives me a lot to think about. Thank you!
This is such a great prompt to help us all consider what we’re actually aiming towards.
This is really interesting thank you Maya, it’s made me realised I’m treating Substack a bit like my business which is service based whereas here I’m all about content. I’m currently exploring & practicing writing.
Looking forward to getting stuck into your content, thanks for making it fully a an available.
Ooh extra words - ignore the ‘a an’ before available!
Very interesting!
A very insightful article Maya!
I love how you highlighted the difference between a content-based and a service-based business. All of them work, we just have to choose one thing and work on it long enough to see results and then and maybe then diversify.
I’m looking forward to these. I have a product based business that isn’t working (Fine Art prints). I believe the problem is not having enough on my email list. With your help I am looking to build my email list through content and feel Substack is the place to do it. Still searching for my audience.
I'd love to see a few of your Fine Art prints, Graham. Can you send me a few pics in threads (or here, if it's easier)
Oh, thank you so much, looking forward to read what is coming! I first of all purely want to grow free subscribers, but so I guess subcribers are still the currency/value I measure in and hence I can (already) treat it as venturing into a business.
However, Mark Manson used to have a paid newsletter. I unsubscribed a few years agao because he was repeating the same things over and over again.
Sometimes I watch some of his YouTube videos. His content now is different.
He evolved. He doesn’t need to sustain his business with a paid newsletter anymore.
He has his bestselling book. People know him.
He also made cursing a thing! On Medium there are so many who use swearwords because they love his writing style.
That’s actually precisely my point. He’s done so many different things, and grown immensely, all while focusing on a content-based business. When you think of it this way, you see so many opportunities that go beyond the paid newsletter, or beyond one book. Thanks for restacking ❤️