May 26th, 2022 Creator Economy

It’s a dream for many of us: to make a living from your passion. After all, isn’t the old adage to “love what you do, and you’ll never work a day in your life?” While it’s an excellent dream, you may be wondering how exactly to make it a reality. 

The good news is that the market for turning your passion into a business has never been hotter. This is thanks to the creator economy  – the monetization of self-produced content (goods, videos, websites, courses) all centered around one’s passion, expertise, or personality. It’s the ultimate way to be your own boss. 

Below, we’ll detail why we think it’s easier than ever to turn your passion into a business this year by leveraging the creator economy. We’ll give you practical advice you can turn into action to kickstart the career of your dreams.

Why Content Creation Has Staying Power 

The first reason we think your passion can become a business is that the business of creating content has shown no indication of slowing down. The emergence of the content creator matches up essentially with the launch of Web 2.0. Once the internet broadened to become the place where people mingled, shopped, and shared content, the creator economy slowly and steadily emerged. 

Merge the concept of a content creator to the surge of entrepreneurs and remote workers, and you have what Vogue Business calls an “economy gold rush.” What’s emerged is a new market for goods and content unlike anything the world has seen before. It is a market composed of over 50 million content creators, streamers, social network influencers, and bloggers, and the monetization revolving around them. 

There are so many self-starting creators and social network platforms that the creator economy is growing faster than ever before and shows no sign of slowing down any time soon.

Start By Building Your Audience and Reach 

The basic premise of content creation is to first build an audience, and then monetize that reach. 

Simple, right? When starting out, this might seem a daunting task.While the creator economy is full of potential, it’s also crowded. You might look at the followings of famous influencers and despair at the millions of followers they have, feeling like your follower list is paltry in comparison. 

However, your audience size doesn’t matter as much as its devotion. Enough dedicated “super fans” can provide a base for you to begin monetizing your reach. In fact, according to 

The Technium, “you don’t need millions of fans, only thousands of true fans.” 

Think about it: If you can build a following of 1,000 fans, who each spend $100 per year on your content, that’s enough to make a living from their purchases. Of course, this number fluctuates based on how much you charge for your content, the demographics of your target audience and how much they’re willing to spend, and how much income you need to live. The truth of this concept can help new content creators focus more on quality of the product delivered to the dedicated few rather than mass appeal. 

Begin Monetizing Your Content 

With enough of a base audience and reach, you can feel confident to begin monetizing. A  staple in the business of monetization is finding places to sell products, like Ebay, Etsy, and Amazon Publishing. 

However, the biggest money grab for monetizing your content is social media; specifically, in video content creation. This is where creators are seeing their top-earning potential. Digiday gives the nitty gritty details of how these social platforms cash out their top-earning performers using various partner programs and sponsorship deals. 

For years, YouTube was the place for creators to make money, most notably via ad revenue from advertisements. While many content creators still use YouTube, the short viral video has driven monetization as of late, thanks to platforms like Instagram and TikTok. These social media platforms offer partnership deals for creators who bring a large audience to their site. Additionally, companies will offer sponsorships to see their products featured in popular video clips and social posts, leading to the rise of the influencer. 

The wide reach of content creators has encouraged many to take advantage of other profitable ventures that provide passive income, such as writing e-books or even offering a course. 

We think that monetizing your content by offering a course is an excellent and passive way to add to your earning potential. You’ll do the work of building the course upfront and earn as more and more interested folks take your course. Plus, creating and building out a course can realistically be done in a weekend, and most course platforms or learning management systems make course creation intuitive and easy-to-use. The revenue potential for courses is truly unlimited and dependent on your level of commitment and the demand for your expert knowledge. Check out our tips for organizing your online course content before getting started to maximize your impact. 

Treat Content Creation as a Business from the Start

One key to turning your passion into a business is to treat it as such from the start. All careers require dedication, consistency, and skill development, and the business of content creation is no different. 

Entrepreneur points out that a successful content creator is actively involved within its niche on a day-to-day basis. This way, you are continually understanding what content is going to hit with your audience. Network with other creators in your niche, just like you would any job. Continually analyze your data to assess performance. Focus your efforts on what receives the highest engagement rates. Experiment with different post types and subtle changes. Even small tweaks in captions and imaging can result in engagement spikes.

Have more questions about getting started in the creator economy? Check out Creator Lean Canvas, which is a repository to answer the most important questions about your creator business.

Ready to get started? Download our creator business canvas template to build your own path to financial sustainability with content.

Rachel Kolman photo

About Rachel Kolman

Rachel Kolman is a Content Strategist for StellarWP. She has over 10 years of experience writing and editing for a variety of clients and brands. With two MFAs in Creative Writing, Rachel loves playing with language in new and surprising ways and exploring how to tell a story. She is passionate about education, social change, pop culture, and video games. She lives in Seattle, WA with her husband and two cats.

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