Ali Abdaal
December 3, 2024
5 Steps to Build a $10,000/Month Writing Business
TL;DR
Learn how to earn $10,000+ monthly through digital writing by identifying your information advantage, selling services to businesses rather than products, pitching solutions to real problems, educating instead of selling, and systematically generating warm and cold leads.
Key Takeaways
- 1You don't need a massive following to monetize writing—focus on finding a small number of clients willing to pay premium prices rather than trying to sell low-priced products to thousands of people
- 2Your information advantage is already valuable; you don't need to be a guru, just know more than the average person in your field to help others solve problems
- 3Service-based writing (ghostwriting, content creation for businesses) offers the fastest path to income compared to selling low-priced products like ebooks or courses
- 4Starting with free work for businesses builds credibility, testimonials, and networks faster than trying to charge from day one
- 5Educational pitching (identifying problems and offering solutions) is far more effective than traditional sales tactics and removes pressure from both parties
- 6Warm leads from your existing network should be exhausted first before pursuing cold outreach; you need to personally reach out to 50+ warm contacts or 100+ cold contacts to build a viable client base
Notable Quotes
“You don't need a million followers. You need one person willing to pay ten thousand dollars.”
— Nicholas Cole
“I have no idea how to value my value.”
— Nicholas Cole
“You're never selling anything to anyone. You're giving them an opportunity.”
— Nicholas Cole (quoting a mentor in Chicago)
“In the beginning, you're trying to learn, not earn.”
— Ali Abdaal
Chapters
1. The Biggest Myth About Making Money Online as a Writer
Most writers incorrectly assume they need massive follower counts (millions, hundreds of thousands, or even 10,000+) to start earning. The reality is that the fastest path to income is selling high-ticket services to a small number of clients rather than selling low-priced products to large audiences. Traditional publishing (books, ebooks) generates minimal royalties and requires enormous volume to sustain income.
2. Step 1: Identify Your Information Advantage
Everyone has knowledge they take for granted that others lack. An information advantage is simply knowing more about a subject than the average person—you don't need to be an expert. Examples include professional experience (being a doctor, lawyer, etc.), specialized training, or even dedicated learning. You can be a guide rather than a guru.
3. Step 2A: Sell Services to Businesses
Target businesses and affluent professionals rather than consumers. A biotech startup or pharma executive sees $10,000 as nothing, whereas individual consumers view it as significant. Businesses value expertise highly and are willing to pay premium rates. Identify who would benefit most from your information advantage and pitch them directly.
4. Step 2B: Alternative Path—Start with Free Work
Free work functions as a marketing cost and removes friction. In the beginning, getting paid in experience, credibility, testimonials, and network connections is more valuable than immediate cash. Free projects help you build a portfolio, gain confidence, and generate referrals that lead to paying clients. Testimonials from free work can later be used to justify premium pricing.
5. Step 3: The Problem Pitch Script
Effective pitching follows a formula: identify a specific problem your prospect faces, present the solution, and show the positive outcome. Start with warm connections (family friends, colleagues) rather than cold outreach. Use conversational language via text or email to initiate contact, then move to a call. Example: pitch a spine surgeon on creating LinkedIn content to attract minimally invasive surgery patients.
6. Step 4: Educate, Don't Sell
Frame all interactions as free consulting and problem-solving rather than sales pitches. Educate prospects about problems they may not know they have, then they naturally ask for your help. This abundance mindset—helping people out of goodness rather than desperation—makes prospects more receptive. The law of reciprocity ensures people want to pay for genuine value.
7. Step 5: Generate Lots of Leads
Start with warm leads: create a list of 50+ people in your network who either need help or know others who do. For cold outreach, reach out to 100+ carefully researched prospects with personalized messages. Do your homework on each person, use the problem-solution script, and track which bottlenecks prevent conversions. Avoid automating outreach with tools before you've learned the process manually.
8. The Role of AI and Automation
Don't automate processes you haven't mastered yourself. Like training with ankle weights before running a marathon, manually executing outreach and sales teaches you what drives results. Only after understanding the full process should you layer in AI tools like ChatGPT. Attempting shortcuts by automating early often backfires because you lack the knowledge to optimize automation effectively.
Key People & Entities
- Nicholas Cole
- Digital writing expert, author, and founder of the Ghost Writing Academy; built multiple seven-figure businesses through online writing and helps others monetize their writing skills
- Ali Abdaal
- Host of the Business Class video series; entrepreneur who built and sold a six-figure business as a medical student and now generates seven figures annually through online ventures
- Trading 212
- Commission-free investment app sponsoring the video; offers social pie features to copy other investors' asset allocations and a rewards card with cash back
Glossary
- Information Advantage
- Knowledge or expertise you possess that others lack, often gained through professional experience, training, or specialized learning. It's the foundation for identifying who would benefit from your skills.
- Ghostwriting
- Writing content (articles, white papers, emails, social media posts, etc.) on behalf of a client who takes public credit; the writer remains anonymous but is paid directly for the work.
- White Paper
- A professional, in-depth document that explains a complex problem and presents a solution; commonly used by businesses and startups to educate prospects or justify investments.
- Problem Pitch Script
- A structured communication approach that outlines a prospect's problem, presents your solution, and describes the positive outcome, used to initiate a sales conversation educationally rather than directly selling.
- Warm Leads
- Prospective clients from your existing network (family, friends, colleagues, acquaintances) who already know you or have a connection to you.
- Cold Leads
- Prospective clients who have never heard of you and have no prior connection; require more research and personalized outreach to convert.
- Leaks and Faucets
- Two categories of leads: a 'leak' is a prospect who already knows they have a problem and needs help; a 'faucet' is someone who doesn't have the problem but knows others who do and can refer business.
- High-Ticket Service
- A premium-priced service (typically $3,000–$10,000+ per project or monthly) sold to a small number of affluent clients or businesses, as opposed to low-priced products sold in high volume.