Did you know that CEO’s who took calculated risks in their career shaved off 10 years to attaining their CEO position?
On average, CEOs are crowned CEOs after 24 years.
But, those who took risks during their climb, became CEO on average in 14 years.
While that suggests taking risks is good, it doesn’t take into account those corporate ladder climbers who did take risks and blew up their career.
Nevertheless, risk can be good.
I’ve taken risks and I’m glad I did.
One eye-popping risk I took (and likely you’re taking it too) is that I opted to be a publisher instead of a freelance writer. In fact, I swapped a stable career for a risky online publishing business.
A competent freelance writer can earn $50K to $100K per year. $150K per year if at the top of their game.
My niche site net income is $35K to $45K per month. That’s $400K per year. This doesn’t include Fatstacks income.
Niche site example
My most passive niche site (learn more here), has about 100 articles on it along with 30 preset email newsletters. I wrote it all long ago (yet still earns $5,500 per month). If I wrote all that as a freelancer, I would have earned around $13,000 ($100 per article and per email).
However, because I own the site and wrote the content as a business, I’ve earned well over 0,000 from those 100 articles and 30 emails.
The only difference is I retained ownership of the content I produced and commissioned. And don’t get me wrong, while I outsource a decent amount of content these days, when I started, it was all me.
The risk I took was that there was a chance I’d never earn a cent from my writing. I certainly didn’t see any money for quite some time when starting out.
Whereas freelancers get paid immediately.
I’m not knocking freelance writing. I’d rather freelance on my terms than report to a 9 to 5 (unless the 9 to 5 paid really well and it was a job I didn’t mind).
I’m just saying that if you can stomach risk, it can pay off big time in the future.
Many people jump into online publishing and never make a buck. For them, freelancing would have been better.
But here’s the thing.
If you can write well enough to command decent freelance writing fees, you can likely publish a successful online publication.
What if you need money now?
Freelance to pay the bills but in your spare time save a little writing gas for your own project.
Is there a point?
Duh, risk nothing, gain nothing. We know that.
It’s less a point than a reminder that starting a content publishing business is not a sure thing, but if it works, it can work great.
Actually there is a point.
If someone is willing to pay you decent rates to do the work required for an online biz, chances are you can do it yourself. Of course, it’s not a sure thing (sure things don’t exist except for death and taxes), but you might as well give it a shot.
I launched more failures than successes
I’ve launched way more sites than I currently run. I’ve launched dozens – probably well over 100 over the years. Many (most) failed. That tells you that despite wasting time and money on failed sites, I’ve still earned far more than I’d ever make freelancing (or practicing law, which was my former vocation).
Risk can hurt, but it can pay off too.
Jon runs the place around here. He pontificates about launching and growing online publishing businesses, aka blogs that make a few bucks. His pride and joy is the email newsletter he publishes.
Hyperbole? Maybe, but go check it out to see what some readers say.
In all seriousness, Jon is the founder and owner of a digital media company that publishes a variety of web properties visited and beloved by millions of readers monthly. Fatstacks is where he shares a glimpse into his digital publishing business.