{"id":234491,"date":"2023-08-07T16:34:20","date_gmt":"2023-08-07T20:34:20","guid":{"rendered":"https:\/\/coreywilkspsyd.com\/?p=234491"},"modified":"2023-10-11T16:48:03","modified_gmt":"2023-10-11T20:48:03","slug":"7-critical-lessons-to-flourish-in-the-creator-economy","status":"publish","type":"post","link":"https:\/\/coreywilkspsyd.com\/7-critical-lessons-to-flourish-in-the-creator-economy\/","title":{"rendered":"7 Critical Lessons to Flourish in the Creator Economy"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><iframe title=\"How to Succeed in the Creator Economy\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/7LsTJi6MdF4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p>Being a creator sounds amazing. You get to spend every day doing whatever you want? Complete control over your calendar? No boss? People pay you to just\u2026be you, share what you\u2019re excited about, and explore your creativity?<\/p>\n\n\n\n<p>Sounds like a dream come true.<\/p>\n\n\n\n<p><strong>But how viable is the creator economy, <em>actually<\/em>?<\/strong><\/p>\n\n\n\n<p>Sure, there are those famous creators who make big bucks, but what about your <em>average<\/em> creator?<\/p>\n\n\n\n<ul>\n<li>How much do they make?<\/li>\n\n\n\n<li>How do they make it?<\/li>\n\n\n\n<li>How big of an audience does it take to make a livable income?<\/li>\n\n\n\n<li>What are the biggest barriers that keep creators from succeeding?<\/li>\n\n\n\n<li>How can creators overcome the dreaded algorithm?<\/li>\n\n\n\n<li>What <em>really<\/em> separates creators who succeed from those who struggle?<\/li>\n<\/ul>\n\n\n\n<p>Well, thanks to research done by <a href=\"https:\/\/kajabi.com\/blog\/creator-economy-predictions-2023\" target=\"_blank\" rel=\"noreferrer noopener\">Kajabi<\/a>, <a href=\"https:\/\/convertkit.com\/reports\/creator-economy-2023\" target=\"_blank\" rel=\"noreferrer noopener\">ConvertKit<\/a>, and <a href=\"https:\/\/www.thetilt.com\/research\" target=\"_blank\" rel=\"noreferrer noopener\">The Tilt<\/a>, we have answers to all these and more.<\/p>\n\n\n\n<p><strong>Turns out, some creators are flourishing while many are floundering.<\/strong><\/p>\n\n\n\n<p>This is going to be a deep dive into their findings on the current state of the Creator Economy\u2014I\u2019ll share what they found and add my own interpretations to give you tactical tips and specific actions you can take to make sure your creator business succeeds.<\/p>\n\n\n\n<p>If you\u2019re a creator who wants to go full-time, or level up your creator business, here are<strong> 7 critical lessons<\/strong> you need to know\u2026<\/p>\n\n\n\t\t\t\t<div class=\"wp-block-uagb-table-of-contents uagb-toc__align-left uagb-toc__columns-1  uagb-block-9da44bc2     \"\n\t\t\t\t\tdata-scroll= \"1\"\n\t\t\t\t\tdata-offset= \"30\"\n\t\t\t\t\tstyle=\"\"\n\t\t\t\t>\n\t\t\t\t<div class=\"uagb-toc__wrap\">\n\t\t\t\t\t\t<div class=\"uagb-toc__title\">\n\t\t\t\t\t\t\tTable Of Contents\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uagb-toc__list-wrap\">\n\t\t\t\t\t\t<ol class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#lesson-1-learn-to-directly-monetize-your-audience\" class=\"uagb-toc-link__trigger\">Lesson 1: Learn to Directly Monetize Your Audience<\/a><li class=\"uagb-toc__list\"><a href=\"#lesson-2-hit-10k-asap\" class=\"uagb-toc-link__trigger\">Lesson 2: Hit $10K ASAP<\/a><li class=\"uagb-toc__list\"><a href=\"#lesson-3-start-coaching-then-productize\" class=\"uagb-toc-link__trigger\">Lesson 3: Start Coaching, Then Productize<\/a><li class=\"uagb-toc__list\"><a href=\"#lesson-4-build-a-deep-audience-over-a-big-audience-why-less-is-more\" class=\"uagb-toc-link__trigger\">Lesson 4: Build a Deep Audience Over a Big Audience (Why Less is More)<\/a><li class=\"uagb-toc__list\"><a href=\"#lesson-5-you-need-a-newsletter\" class=\"uagb-toc-link__trigger\">Lesson 5: You Need a Newsletter<\/a><li class=\"uagb-toc__list\"><a href=\"#lesson-6-think-like-an-entrepreneur\" class=\"uagb-toc-link__trigger\">Lesson 6: Think Like an Entrepreneur<\/a><li class=\"uagb-toc__list\"><a href=\"#lesson-7-conquer-the-mental-game\" class=\"uagb-toc-link__trigger\">Lesson 7: Conquer the Mental Game<\/a><li class=\"uagb-toc__list\"><a href=\"#final-thoughts\" class=\"uagb-toc-link__trigger\">Final Thoughts<\/a><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\n\n\n<p class=\"has-text-align-center\">\u2022\u2022\u2022<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Lesson 1: Learn to Directly Monetize Your Audience<\/h2>\n\n\n\n<p>Most creators are overly reliant on 3rd part monetization strategies like AdSense revenue or brand deals. <\/p>\n\n\n\n<p>Kajabi found that 69% (nice) of creators say they depend on brand deals, but brand deal money has been drying up, making it increasingly competitive to get and causing creators who depend on it to struggle. And though AdSense is one monetization route that makes YouTube appealing, Kajabi says 97.5% of YouTubers don\u2019t make enough to reach the U.S. poverty line.<\/p>\n\n\n\n<p><strong>What does this mean for creators?<\/strong><\/p>\n\n\n\n<p><strong>It means learning to rely on yourself and directly monetize your audience is critical to succeed as a creator and weather any economic turmoil.<\/strong><\/p>\n\n\n\n<p>When sponsorship or ad revenue money is coming in, that\u2019s awesome. But you don\u2019t control what cut you get. Your AdSense payout can get cut anytime. And company sponsorship budgets shrink all the time. But learning to create products and services your audience loves is much more in your control.<\/p>\n\n\n\n<p>If you don\u2019t create your own products and services, you\u2019re just a glorified vacuum or makeup salesman\u2014you don\u2019t own anything you sell.<\/p>\n\n\n\n<p>When I entered the Creator Economy, I had to monetize <em>immediately<\/em>. I\u2019d <a href=\"https:\/\/coreywilkspsyd.com\/how-getting-fired-catapulted-me-into-entrepreneurship\/\" target=\"_blank\" rel=\"noreferrer noopener\">gotten fired<\/a> a month prior and didn\u2019t have the luxury of a 6-month runway to figure things out.<\/p>\n\n\n\n<p>I\u2019ll go more in-depth with this in Lesson 3, but the shortest path to monetization for me (and many others) was coaching.<\/p>\n\n\n\n<p><strong>Coaching has a low barrier to entry and high margins.<\/strong> After I coached for a while and honed my systems, I productized them into a live course. After I ran multiple cohorts and further refined the strategies in it, I evolved it into a convenient self-paced course called <a href=\"https:\/\/creatoralchemy.coreywilkspsyd.com\/intentional-life-design-course\" target=\"_blank\" rel=\"noreferrer noopener\">Build an Intentional Life<\/a>.<\/p>\n\n\n\n<p>Build an Intentional Life is basically a self-paced coaching course where you get the exact same strategies I run all my 1:1 clients through to help them clarify what matters, overcome limiting beliefs, and build a life and business aligned with their values.<\/p>\n\n\n\n<p>As people heard about some of the high-profile coaching clients I worked with, and saw how much people loved the live and self-paced courses based on my coaching frameworks, they wanted to know how to become a coach or level up their current coaching practice.<\/p>\n\n\n\n<p>So I \u201csold my sawdust\u201d and created a course about how I coach and productize my coaching systems called <a href=\"https:\/\/coreywilkspsyd.mykajabi.com\/world-class-coaching\" target=\"_blank\" rel=\"noreferrer noopener\">World-Class Coaching<\/a>.<\/p>\n\n\n\n<p>I specialize in helping creators reach their potential, so my audience is primarily creators. Creators struggle with clarifying what matters and overcoming limiting beliefs (which keep them from reaching their potential), but creators also want to find ways to stand out from their competition and monetize effectively\u2014so many creators are also interested in learning how to coach.<\/p>\n\n\n\n<p>So I have 3 rungs to my value ladder: 1:1 coaching, a course based on my coaching frameworks, and a behind-the-scenes course on how to build a coaching practice.<\/p>\n\n\n\n<p><strong>See the synergy?<\/strong><\/p>\n\n\n\n<p>Any creator can do this.<\/p>\n\n\n\n<p>I don\u2019t care about ad revenue and have never done a brand deal.<\/p>\n\n\n\n<p><strong>By focusing on promoting <em>my own<\/em> products and services, I stay in control and can focus on promoting my own stuff instead of panicking that a platform cut ad revenue share or a brand\u2019s marketing budget shrank.<\/strong><\/p>\n\n\n\n<p>But most creators don\u2019t even get to this point, because they haven\u2019t cleared the first major hurdle of being a creator\u2026<\/p>\n\n\n\n<p class=\"has-text-align-center\">\u2022\u2022\u2022<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Lesson 2: Hit $10K ASAP<\/h2>\n\n\n\n<p>Of the creators they surveyed, Kajabi found 42% made less than $10,000 last year, while ConvertKit found 55% made under $10,000. <\/p>\n\n\n\n<p><strong>So about half of everyone in the Creator Economy made less than $10,000 last year.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/ck-income-10k-1.png\" alt=\"ConvertKit state of the creator economy report 2023\" class=\"wp-image-234527\" srcset=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/ck-income-10k-1.png 1600w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/ck-income-10k-1-300x169.png 300w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/ck-income-10k-1-1024x576.png 1024w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/ck-income-10k-1-768x432.png 768w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/ck-income-10k-1-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p>Which is nowhere near enough to go full-time.<\/p>\n\n\n\n<p>Sounds depressing, right?<\/p>\n\n\n\n<p><strong>The Tilt found it takes creators roughly 5 months to earn their first dollar, 12 months to go full-time, and 18 months to make enough money to fully support themselves. <\/strong><\/p>\n\n\n\n<p>The Tilt also found most creators need about $10,000 in seed money to get their business off the ground.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-timeline-18-months.png\" alt=\"The Tilt's content entrepreneur benchmark research report 2023 creator economy\" class=\"wp-image-234495\" srcset=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-timeline-18-months.png 1600w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-timeline-18-months-300x169.png 300w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-timeline-18-months-1024x576.png 1024w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-timeline-18-months-768x432.png 768w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-timeline-18-months-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p>There\u2019s that $10,000 number again\u2026<\/p>\n\n\n\n<p><strong>But there\u2019s good news.<\/strong><\/p>\n\n\n\n<p>The Tilt also found creators averaged $82,000 after 3 years and $104,000 after 6 years (ConvertKit found 20% of creators made over $60,000 and 12% made over $100,000).<\/p>\n\n\n\n<p>What does this mean for creators?<\/p>\n\n\n\n<p>Finding the shortest path to $10,000 is critical to success.<\/p>\n\n\n\n<p><strong>Hitting the $10,000 milestone helps validate your ideas are valuable, validates you\u2019re on the right path, and gives you seed money to invest in your business.<\/strong><\/p>\n\n\n\n<p>Everything is downstream of that first $10,000.<\/p>\n\n\n\n<p><strong>But staring $10,000 in the face might seem impossible. But if you break it down, it feels way more achievable.<\/strong><\/p>\n\n\n\n<p>Here\u2019s the simple math to hit $10,000 in 2 months:<\/p>\n\n\n\n<ul>\n<li><strong>Coaching at $500\/hour<\/strong> = 3 clients a month * 4 sessions each a month = $6,000 a month = $12,000 in 2 months<\/li>\n\n\n\n<li><strong>An online course at $200<\/strong> = 25 per month (less than 1 per day) = $10,000 in 2 months<\/li>\n\n\n\n<li><strong>A paid newsletter at $100 per year<\/strong> = 100 subscribers (less than 2 per day)<\/li>\n<\/ul>\n\n\n\n<p>Simple? Yes. Easy? No. <\/p>\n\n\n\n<p>But once you break it down, your goal isn\u2019t to hit $10,000\u2014it\u2019s to generate 1 sale per day, 2 subscriptions per day, or 1 client per week. Way more approachable.<\/p>\n\n\n\n<p><strong>Viability is one of the biggest hurdles to entering the Creator Economy.<\/strong><\/p>\n\n\n\n<p>So finding a way to make a viable income is your primary goal early on.<\/p>\n\n\n\n<p class=\"has-text-align-center\">\u2022\u2022\u2022<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Lesson 3: Start Coaching, Then Productize<\/h2>\n\n\n\n<p>Creators who offer coaching (and products related to coaching) are fairing much better than creators who don\u2019t.<\/p>\n\n\n\n<p>Kajabi found 40% of revenue from direct monetization came from online courses and 35% came from coaching.<\/p>\n\n\n\n<p>The Tilt found coaching is the most profitable (and most popular at 49%) way to directly monetize.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-coach-monetize.png\" alt=\"The Tilt's content entrepreneur benchmark research report 2023 creator economy\" class=\"wp-image-234496\" srcset=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-coach-monetize.png 1600w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-coach-monetize-300x169.png 300w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-coach-monetize-1024x576.png 1024w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-coach-monetize-768x432.png 768w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-coach-monetize-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p><strong>What does this mean for creators?<\/strong><\/p>\n\n\n\n<p>Start coaching people.<\/p>\n\n\n\n<p>I go more in-depth with this point in <a href=\"https:\/\/coreywilkspsyd.com\/3-huge-opportunities-creators-who-dont-coach-are-missing-out-on-right-now\/\" target=\"_blank\" rel=\"noreferrer noopener\">3 Huge Opportunities Creators Who Don\u2019t Coach Are Missing Out On Right Now<\/a>, but coaching is the single-best strategy creators, especially early creators looking to validate their ideas, build an audience, and generate a livable income, should do.<\/p>\n\n\n\n<p>In the 3 years I\u2019ve been in the Creator Economy, I\u2019ve seen countless people dip their toes into being a creator, struggle to get attention or monetize, then give up in a few months. <\/p>\n\n\n\n<p><strong>But the creators who offer a direct service like coaching? Most are still in the game, and many are absolutely crushing it.<\/strong><\/p>\n\n\n\n<p><strong>Coaching subsidizes your learning.<\/strong><\/p>\n\n\n\n<p><strong>Here\u2019s what I mean\u2026<\/strong><\/p>\n\n\n\n<ul>\n<li>Your ideal client pays you to learn how to help them better.<\/li>\n\n\n\n<li>You take these insights and create content targeted to people like them.<\/li>\n\n\n\n<li>You continue to refine your 1:1 coaching strategies, generating more testimonials and better content.<\/li>\n\n\n\n<li>You productize your coaching frameworks into courses and other digital products.<\/li>\n\n\n\n<li>Your free content attracts more people like your ideal clients, so they buy your courses and hire you to coach them.<\/li>\n<\/ul>\n\n\n\n<p>And you keep repeating this cycle of coach, learn, share valuable content, attract true fans who buy, repeat.<\/p>\n\n\n\n<p><strong>This is the beauty of a value ladder.<\/strong><\/p>\n\n\n\n<p>Now you have a high-priced coaching offer and a lower-priced course. People who can\u2019t afford coaching can take the course. Some people who take the course will want to work with you 1:1. As demand for coaching increases, you can charge more because there\u2019s more demand, you\u2019ve gotten better and have results to prove it, and you have a course to downsell people on.<\/p>\n\n\n\n<p>If you want a full breakdown of this process, including fundamental coaching skills, how to get your first clients, create value ladders, generate inbound leads, attract life-changing opportunities, and start charging $500+ an hour, check out <a href=\"https:\/\/coreywilkspsyd.mykajabi.com\/world-class-coaching\" target=\"_blank\" rel=\"noreferrer noopener\">World-Class Coaching<\/a>. It\u2019s a self-paced course with everything you need to know and do to get started coaching, or level up your current coaching practice.<\/p>\n\n\n\n<p>I know I sound like a broken record, but <strong>coaching is a phenomenal first step toward viability as a creator\u2014both because it helps you make money faster and helps you develop valuable, unique content that attracts True Fans and ideal clients.<\/strong><\/p>\n\n\n\n<p>Because not all audiences are created equal\u2026<\/p>\n\n\n\n<p class=\"has-text-align-center\">\u2022\u2022\u2022<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Lesson 4: Build a Deep Audience Over a Big Audience (Why Less is More)<\/h2>\n\n\n\n<p>You don\u2019t have to have a million followers to succeed in the Creator Economy. In fact, 99% of creators have way less than a million followers.<\/p>\n\n\n\n<p>Kajabi found 61% of creators had under 10,000 followers across platforms (26% had under 1,000 and 35% had between 1,000-9,999).<\/p>\n\n\n\n<p><strong>The Tilt found the median number of followers is 4,000.<\/strong><\/p>\n\n\n\n<p><strong>What does this mean for creators?<\/strong><\/p>\n\n\n\n<p>Focus on who follows you, not how many follow you.<\/p>\n\n\n\n<p>Follower count is largely a vanity metric, especially if you don\u2019t have a monetization strategy. <\/p>\n\n\n\n<p>I know plenty of accounts with 70,000-500,000 followers who can\u2019t monetize their audience. Because they built their following by posting platitudes and roundups of the \u201cbest X every Y should know about,\u201d and wonder why their massive audience is lukewarm and uninterested in buying.<\/p>\n\n\n\n<p><strong>The Tilt also found most creators use 4 channels on average, but only 2 of these generate revenue.<\/strong><\/p>\n\n\n\n<p>I\u2019ve seen this, too. Most of my revenue comes from my newsletter and Twitter. I\u2019ve tried other social media platforms, but haven\u2019t seen enough engagement to make them worth my time.<\/p>\n\n\n\n<p>So by focusing on fewer platforms (that you actually enjoy using), attracting the <em>right<\/em> people, and deeply connecting with them (it\u2019s called <em>social<\/em> media), you can make a solid income from a small audience.<\/p>\n\n\n\n<p>If you want a deep dive into strategies to help you create content your ideal audience loves, <a href=\"https:\/\/coreywilkspsyd.com\/4-psychological-razors-to-create-content-your-audience-loves\/\" target=\"_blank\" rel=\"noreferrer noopener\">check out this article<\/a>.<\/p>\n\n\n\n<p>But 4,000 followers aren\u2019t created equal, which brings me to my next point\u2026<\/p>\n\n\n\n<p class=\"has-text-align-center\">\u2022\u2022\u2022<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Lesson 5: You Need a Newsletter<\/h2>\n\n\n\n<p>If I could spread out an audience of 4,000 across platforms, I\u2019d concentrate them all in a newsletter. Not Twitter, TikTok, Instagram, LinkedIn, or even YouTube.<\/p>\n\n\n\n<p><strong>If you\u2019ve built a large audience on a social media platform, you\u2019re one algorithm change away from having no reach, no audience, and no way to recover.<\/strong><\/p>\n\n\n\n<p>Kajabi found 77% of creators said algorithm changed had a moderate-to-significant impact on their audience engagement. They also found that, due to algorithm changes, 25% of creators estimate they\u2019ve lost $1000-$9,999 and 24% estimate they\u2019ve lost $10,000-$49,999.<\/p>\n\n\n\n<p><strong>So the algo can steal $50,000 out of your pocket without warning or recompense.<\/strong><\/p>\n\n\n\n<p><strong>What does this mean for creators?<\/strong><\/p>\n\n\n\n<p>You need a newsletter.<\/p>\n\n\n\n<p>If you have a newsletter, you own your distribution. Meaning if you have 1,000 subscribers and send an email, all 1,000 will get it.<\/p>\n\n\n\n<p>If you have 1,000 Twitter\/IG\/whatever followers and post something, maybe 100 will see it. But I\u2019m increasingly seeing accounts with over 100,000 followers getting a couple <em>hundred<\/em> impressions total.<\/p>\n\n\n\n<p>Newsletters also allow you to develop a deeper relationship with your audience and dive deeper into topics. Social media isn\u2019t known for nuance, but newsletters are.<\/p>\n\n\n\n<p>Social media is great to raise awareness for your content, but move people from social media to your newsletter ASAP so you\u2019re not beholden to the algo.<\/p>\n\n\n\n<p>My main CTA for all my content (unless I\u2019m doing a launch) is always to subscribe to my newsletter.<\/p>\n\n\n\n<p>ConvertKit found 54% of creators have a newsletter. If you\u2019re in the 46% who don\u2019t, do yourself and your audience a favor and start one.<\/p>\n\n\n\n<p>Here\u2019s a layer deeper into why this is so important\u2026<\/p>\n\n\n\n<p class=\"has-text-align-center\">\u2022\u2022\u2022<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Lesson 6: Think Like an Entrepreneur<\/h2>\n\n\n\n<p>Something no one prepares you for when you enter the Creator Economy is that most successful creators spend the majority of their time <em>not creating<\/em>.<\/p>\n\n\n\n<p>The Tilt found creators spend 54% of their time on tasks <em>other <\/em>than creating.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-div-work.png\" alt=\"The Tilt's content entrepreneur benchmark research report 2023 creator economy\" class=\"wp-image-234497\" srcset=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-div-work.png 1600w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-div-work-300x169.png 300w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-div-work-1024x576.png 1024w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-div-work-768x432.png 768w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-div-work-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p><strong>What does this mean for creators?<\/strong><\/p>\n\n\n\n<p>Most creators struggle to succeed (aka, make a living) from their content because they treat it like a hobby. There\u2019s nothing wrong with having a hobby.<\/p>\n\n\n\n<p>But it\u2019s called the Creator <em>Economy<\/em>, not the Creator Hobby-For-Funsies-Playtime-Jamboree.<\/p>\n\n\n\n<p><strong>If you want to succeed in the Creator Economy, you need to develop an entrepreneurial mindset.<\/strong><\/p>\n\n\n\n<p>Don\u2019t expect a hobby work ethic to lead to commercial success.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Think of yourself less as &quot;just a creator,&quot; and more of an &quot;entrepreneur who creates content.&quot;<br><br>Too many creators build huge audiences they can&#39;t monetize, go broke, then give up.<br><br>Those who treat it like a business, succeed.<\/p>&mdash; Corey Wilks, Psy.D. (@CoreyWilksPsyD) <a href=\"https:\/\/twitter.com\/CoreyWilksPsyD\/status\/1688281734318620673?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">August 6, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/figure>\n\n\n\n<p>An entrepreneurial mindset basically boils down to identifying a problem and providing a solution:<\/p>\n\n\n\n<ul>\n<li>Who do you want to help?<\/li>\n\n\n\n<li>What do they need help with?<\/li>\n\n\n\n<li>How can you solve this for them?<\/li>\n\n\n\n<li>Where do they hang out so you can get your solution in front of them?<\/li>\n<\/ul>\n\n\n\n<p>Everything else is downstream of clarifying these questions.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-entrepreneur.png\" alt=\"The Tilt's content entrepreneur benchmark research report 2023 creator economy\" class=\"wp-image-234499\" srcset=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-entrepreneur.png 1600w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-entrepreneur-300x169.png 300w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-entrepreneur-1024x576.png 1024w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-entrepreneur-768x432.png 768w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-entrepreneur-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p>Treating yourself and your work like a business also means investing in yourself and your business.<\/p>\n\n\n\n<p>ConvertKit found 47% spend $500 or more per month on their creator business, and The Tilt found creators spend $10,700 on average to start their business.<\/p>\n\n\n\n<p>But don\u2019t fret, there are tons of ways to mitigate these expenses early on. Check out this article on <a href=\"https:\/\/coreywilkspsyd.com\/creator-economics-101-how-to-de-risk-and-de-stress-your-business\/\" target=\"_blank\" rel=\"noreferrer noopener\">how to de-risk and de-stress your creator business<\/a>.<\/p>\n\n\n\n<p>Your biggest expenses tend to be software and courses, so choosing ones you actually need and have the highest ROI is key.<\/p>\n\n\n\n<p>I\u2019ve tried tons of platforms and taken loads of courses, and here\u2019s what I currently recommend (some are affiliate links)\u2026<\/p>\n\n\n\n<p><strong>The backbone of my creator business:<\/strong><\/p>\n\n\n\n<ul>\n<li><a href=\"https:\/\/app.kajabi.com\/r\/EMgP53AA\/t\/jlneiccy\" target=\"_blank\" rel=\"noreferrer noopener\">Kajabi<\/a>\u2014course hosting, landing pages, coaching CRM, + tons more.<\/li>\n\n\n\n<li><a href=\"https:\/\/convertkit.com\/?lmref=xwWDMg\" target=\"_blank\" rel=\"noopener\">Co<\/a><a href=\"https:\/\/convertkit.com\/?lmref=xwWDMg\" target=\"_blank\" rel=\"noreferrer noopener\">n<\/a><a href=\"https:\/\/convertkit.com\/?lmref=xwWDMg\" target=\"_blank\" rel=\"noopener\">vertKit<\/a>\u2014newsletter and email marketing.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.notion.so\/\" target=\"_blank\" rel=\"noreferrer noopener\">Notion<\/a>\u2014drafting content ideas and all-around second brainery.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.spotify.com\/us\/premium\/\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a>\u2014I need bitchin\u2019 tunes to focus. I legitimately couldn\u2019t stay on task with music.<\/li>\n<\/ul>\n\n\n\n<p><strong>Courses that\u2019ve been instrumental in helping me succeed as a creator:<\/strong><\/p>\n\n\n\n<ul>\n<li><a href=\"https:\/\/wofp.samcart.com\/referral\/XTxI3C30\/y53PWZaEVFlchmUo\" target=\"_blank\" rel=\"noreferrer noopener\">Write of Passage<\/a>\u2014Learn how to write for an online audience.<\/li>\n\n\n\n<li><a href=\"https:\/\/aliabdaal.mykajabi.com\/a\/2147588646\/RrJeCHDk\" target=\"_blank\" rel=\"noreferrer noopener\">Part-Time YouTuber Academy<\/a>\u2014Everything you need to start, grow, and monetize a YouTube channel.<\/li>\n\n\n\n<li><a href=\"https:\/\/gumroad.com\/a\/1058473171\/afpckd\" target=\"_blank\" rel=\"noreferrer noopener\">2-Hour Writer<\/a>\u2014Build a personal brand, develop a content ecosystem, and monetize your audience.<\/li>\n\n\n\n<li><a href=\"https:\/\/moretothat.com\/stories-course\/\" target=\"_blank\" rel=\"noreferrer noopener\">Thinking in Stories<\/a>\u2014Level up your storytelling and learn the strategies behind what makes one of the best modern writers, Lawrence Yeo\u2019s, articles so compelling.<\/li>\n<\/ul>\n\n\n\n<p><strong>Creators who succeed invest in themselves and their business, and approach their content with an entrepreneurial mindset.<\/strong><\/p>\n\n\n\n<p>If you want to succeed, embrace being an <em>entrepreneur who creates content<\/em> and you\u2019ll do well.<\/p>\n\n\n\n<p class=\"has-text-align-center\">\u2022\u2022\u2022<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Lesson 7: Conquer the Mental Game<\/h2>\n\n\n\n<p>Succeeding in the Creator Economy comes down to finding ways to stay in the game long enough to gain traction. <\/p>\n\n\n\n<p>Beyond the financial viability strategies, the other biggest obstacle creators struggle with is the mental side.<\/p>\n\n\n\n<p>Of all the barriers to launching a creator business, the Tilt found most boil down to human psychology.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-barriers.png\" alt=\"The Tilt's content entrepreneur benchmark research report 2023 creator economy\" class=\"wp-image-234500\" srcset=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-barriers.png 1600w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-barriers-300x169.png 300w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-barriers-1024x576.png 1024w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-barriers-768x432.png 768w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-barriers-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p><strong>What does this mean for creators?<\/strong><\/p>\n\n\n\n<p><strong>Lack of money, resources, or intelligence isn\u2019t what holds most creators back. <\/strong><\/p>\n\n\n\n<p><strong>Limiting beliefs are\u2014especially the <a href=\"https:\/\/coreywilkspsyd.com\/the-four-horsemen-of-fear\/\" target=\"_blank\" rel=\"noreferrer noopener\">Four Horsemen of Fear<\/a>.<\/strong><\/p>\n\n\n\n<p>Imposter Syndrome, FOMO, Shiny Object Syndrome, uncertainty, insecurity, and so many other things that prevent creators from putting themselves and their ideas out into the world revolve around the Four Horsemen of Fear.<\/p>\n\n\n\n<p>So finding strategies to overcome these fears is critical to success.<\/p>\n\n\n\n<p><strong>But even after you manage to overcome these fears, many creators struggle with another psychological barrier\u2014burnout.<\/strong><\/p>\n\n\n\n<p>ConvertKit found 47% of creators experienced burnout last year, but that\u2019s a decrease of 14% since their previous report. They found burnout was highest for part-time creators, probably because they had to juggle a job and their creator business (another reason to find a way to go full-time ASAP).<\/p>\n\n\n\n<p><strong>The biggest reasons for creator burnout tend to revolve around a sense of obligation to \u201cfeed the machine\u201d and be everywhere all the time.<\/strong><\/p>\n\n\n\n<p>But remember how most creators average 4 channels, but only 2 generate meaningful revenue?<\/p>\n\n\n\n<p>When I was on a bunch of platforms, especially whose formats I\u2019m not keen on, I started to feel burnout creeping in.<\/p>\n\n\n\n<p><strong>Here are a few constraints that\u2019ve helped me avoid burnout and continue to be energized by my creator business:<\/strong><\/p>\n\n\n\n<ul>\n<li>Pick 1 primary platform (<a href=\"https:\/\/twitter.com\/CoreyWilksPsyD\" target=\"_blank\" rel=\"noreferrer noopener\">Twitter<\/a>, for me)<\/li>\n\n\n\n<li>Pick 1 \u201cmain\u201d thing (my <a href=\"https:\/\/coreywilkspsyd.com\/newsletter\/\" target=\"_blank\" rel=\"noreferrer noopener\">newsletter<\/a>)<\/li>\n\n\n\n<li>Set healthy boundaries (I work until 4 or 6)<\/li>\n\n\n\n<li>Use social media to be social, not spout platitudes from on-high<\/li>\n\n\n\n<li>Surround yourself with inspiration (books, podcasts, etc.)<\/li>\n\n\n\n<li>Hang out with other creators<\/li>\n\n\n\n<li>Explore your creativity (build new courses, articles, bigger projects, etc.)<\/li>\n<\/ul>\n\n\n\n<p>Remember, you\u2019ll spend most of your time <em>not <\/em>creating.<\/p>\n\n\n\n<p>But you\u2019re a creator, and you got into this because you love creating. <\/p>\n\n\n\n<p>So it\u2019s critical you actually enjoy creating when you get the opportunity to do it.<\/p>\n\n\n\n<p><strong>If creating feels like a grind, and the admin side of your business also feels like a grind, you\u2019ll burn out fast.<\/strong><\/p>\n\n\n\n<p>Find ways to rest, reset, and reenergize so you can fully show up every day.<\/p>\n\n\n\n<p class=\"has-text-align-center\">\u2022\u2022\u2022<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Final Thoughts<\/h2>\n\n\n\n<p>Being a creator is hard and full of uncertainty. <\/p>\n\n\n\n<p><strong>But despite these issues, more people are joining the Creator Economy every day.<\/strong><\/p>\n\n\n\n<p>Why?<\/p>\n\n\n\n<p><strong>Because creators value freedom.<\/strong> They seek autonomy, authenticity, and adventure\u2014and building a creator business is the best strategy to pursue this path.<\/p>\n\n\n\n<p>But it\u2019s easy to fall into the trap of comparing yourself to creators a few steps ahead of you who are killing it.<\/p>\n\n\n\n<p>The Tilt found full-time creators earned approximately $86,000 in 2022 and expect to generate $108,199 in 2023.<\/p>\n\n\n\n<p>But they also found that 59% of creators have been in business fewer than 4 years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-years-in-business.png\" alt=\"The Tilt's content entrepreneur benchmark research report 2023 creator economy\" class=\"wp-image-234501\" srcset=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-years-in-business.png 1600w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-years-in-business-300x169.png 300w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-years-in-business-1024x576.png 1024w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-years-in-business-768x432.png 768w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/tilt-years-in-business-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p>So if you\u2019re 1-3 years in, don\u2019t compare yourself to creators 5-7 years in. <\/p>\n\n\n\n<p>See them as inspiration\u2014as proof this creator thing is viable.<\/p>\n\n\n\n<p><strong>This is why so many creators are optimistic about their creator business and income potential.<\/strong><\/p>\n\n\n\n<p>ConvertKit found that, despite economic turmoil and layoffs in traditional sectors, almost 80% of creators expect to make more from their creator business this year than last year.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/convertkit-outlook.png\" alt=\"ConvertKit state of the creator economy report 2023\" class=\"wp-image-234502\" srcset=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/convertkit-outlook.png 1600w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/convertkit-outlook-300x169.png 300w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/convertkit-outlook-1024x576.png 1024w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/convertkit-outlook-768x432.png 768w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/convertkit-outlook-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p>Some creator niches feel even more confident about their business this year\u2014with 95% of coaches expecting to make more money this year.<\/p>\n\n\n\n<p>Why?<\/p>\n\n\n\n<p><strong>Because although being a creator, like any type of entrepreneurship, is full of uncertainty\u2014unlike most jobs, the better you get, the better you\u2019re rewarded.<\/strong><\/p>\n\n\n\n<p>At my old job, it didn\u2019t matter how great I got at helping people or how many people I helped\u2014I got paid the same as the person who sucked at their job but did just enough to avoid getting fired.<\/p>\n\n\n\n<p>As a creator, the more you learn and iterate, the better you get and the more people you help, the more impact and income you generate.<\/p>\n\n\n\n<p>This is why creators, especially creators who focus on directly monetizing their audience through coaching or digital products, are so optimistic about their impact and income potential.<\/p>\n\n\n\n<p>Because we know our success tomorrow depends on our work ethic today.<\/p>\n\n\n\n<p>But more importantly, creators overall love their work.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/ck-satisfaction.png\" alt=\"ConvertKit state of the creator economy report 2023\" class=\"wp-image-234503\" srcset=\"https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/ck-satisfaction.png 1600w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/ck-satisfaction-300x169.png 300w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/ck-satisfaction-1024x576.png 1024w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/ck-satisfaction-768x432.png 768w, https:\/\/coreywilkspsyd.com\/wp-content\/uploads\/2023\/08\/ck-satisfaction-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p>Few people can honestly say they love the work they do.<\/p>\n\n\n\n<p>But we can.<\/p>\n\n\n\n<p><strong>This is why so many people are joining the Creator Economy.<\/strong><\/p>\n\n\n\n<p>But the uncertainty and inability to make money is what causes so many people to leave the Creator Economy.<\/p>\n\n\n\n<p>So finding strategies to generate a livable income, attract the right audience, build a deep connection, overcome your own fears, prevent burnout, and remember why you do what you do are critical to succeeding as a creator.<\/p>\n\n\n\n<p>I hope this (long) article gave you some solid tactics, strategies, and concepts to thrive in the Creator Economy, because I legitimately want you to succeed\u2014and major thanks to <a href=\"https:\/\/kajabi.com\/blog\/creator-economy-predictions-2023\" target=\"_blank\" rel=\"noreferrer noopener\">Kajabi<\/a>, <a href=\"https:\/\/convertkit.com\/reports\/creator-economy-2023\" target=\"_blank\" rel=\"noreferrer noopener\">ConvertKit<\/a>, and <a href=\"https:\/\/www.thetilt.com\/research\" target=\"_blank\" rel=\"noreferrer noopener\">The Tilt<\/a> for doing all this research.<\/p>\n\n\n\n<p>Happy creating\u2026<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-black-background-color has-black-color is-style-wide\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Curious about trends in the Creator Economy? 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