It’s a been a productive week on my side. Although it is sweltering outside here in Dubai, we are making the most of the quiet city. Some highlights:
Connecting with creators: Mums and community
I continue to connect with some amazing mums and I cannot get enough of all the amazing creator communities I am part of.
I connected with really cool creator mum Ana Bibikova who I met over Twitter.
I also had a catch up Tania Dsouza after I interviewed her and we realised how much we have in common.
I started Daniel Vassallos Small Bets cohort. There is so much there to digest and so many amazing creators to connect with in the community!
Exercising my writing muscles
With some of the writing I do for Triple Pundit to stay inspired and keep my writing on par, I recently interviewed the CEO of micro-loans website Kiva. I also have an interview in the pipeline with the CEO of sustainable water company, Manhat.
And, a few other big steps forward for me:
1) Personal front:
We did ice-baths at home!
At the end of last year, I tried doing an ice-bath and it was life-changing in many ways. I write about my terrifying yet rewarding experience here. This was done in a group setting, with guidance - which is mandatory in my opinion when you first try this.
After that, we bought our own ice-bath tub and last week we did it ourselves in our back garden. Super hard, but we did it! This opens up a new path towards looking after ourselves at home.
2) My creator journey:
Working Mums Club is now a knowledge business: I have lodged an application to make Working Mums Club an official knowledge business. This is a huge step for me towards achieving my own creator goals.
How much money can we really make?
Now, on to the main reason you opened this email :) A very important question that we all have when deciding to enter a new space.
Of course we want to make an impact.
Of course we want to work doing something we enjoy.
But we have bills to pay, right?
There are many reports on the state of the creator economy - I will link to them at the end FYR. Together they survey over 6,300 creators.
Here is a summary on what they say about making money via the creator economy.
How much money do creators make?
1/3 creators (from a sample of 578) who worked full-time on their knowledge business made over six figures. (Kajabi Creator Pulse Report)
Around 17% of full-time creators made $100,000-$249,000 while only 9% of creators who worked part-time made $100,000-$249,999.
No part-time creators made over $1 million while 3% of full-time creators did.
Over 35% of 2000 creators surveyed have been building an audience for over four years and earn over $50k annually (Influencer Marketing Hub)
Both these reports show a connection between time in the industry and earnings. In other words, success in the creator economy is in the long haul.
Annual revenue for full-time creators (from a survey of 1058 creators and aspiring creators)
Average revenue: >$100,000 / year; Median revenue: $50,000 / year
(The Tilt)
22% of full-time creators make an annual revenue between $50,000-$150,000 (Convertkit State of the Creator Economy Report; 2071 total sample size)
In the US, the number of creators earning a living wage (>$69K/year )has increased 41% year-over-year (Stripe report)
Full-time creators need roughly 17 months to earn enough income to support at least one person. (The Tilt)
https://www.thetilt.com/research In a nutshell:
It is not unrealistic to earn $70,000-$100,000 / year from the creator economy in 3-5 years. You have to stick with it for the long haul.
Resources
Links to all the reports quoted:
2.The creator path to time freedom and financial independence for mums:
If you are a mum and want to know more about the creator economy and how it can give you some time autonomy and financial freedom, I created a small intro to it, you can download it here.
3.Launching a resource hub for mum creators:
I’m getting so many questions on how to start in the creator economy, where to start, what do I need, what topic to pick, what skill can I monetize, etc. So I am going to build a series of resources to help you.
If you are interested in this, drop your email here and you will be the first to know about it!
That’s all for today!
As always, reply to this email or leave a comment if you have any questions.
Have a great week,
Love,
Abha x
Great info, thank you, Abha!
Good one! Thanks for the research :)