If you are wanting to make money by blogging, there are two ways that you can go about it. You can either start your own blog or offer some sort of freelance service. Both are viable options to earn money, but which one is the best? This was one of the questions that I was asking before I decided to shoot for the stars with this blog. While I have decided to stick to owning blogs, it isn't always the best option. Here's a brief overview of the pro's and con's of each one.
Owning multiple blogs offers you the ability to earn more money from advertising. The basic idea is that if you have one site that advertisers are contacting you for, you can also mention that you run advertising for multiple other blogs and that perhaps they would be interested in advertising on these sites as well. This increases your earning potential. If you are able to build up the site enough to the point that you are earning a decent income, you can even hire a staff writer to take care of writing for you. This allows for true passive income.
The only downside to taking this route is that it takes time to build up a site. You can choose the path of purchasing already established sites to shorten this period, but this requires money to invest. Either way, it means that it is going to take some time before you are seeing a huge return on your investment (whether it's time or money).
Staff writing offers a lot of benefits. Most importantly, it's a steady source of income right now. There is no waiting around for money to trickle in. It is immediate – well, usually paid monthly. Staff writing for a blog also offers you very limited responsibility – this means less of a time commitment. You do not have to worry about having to optimize SEO or networking or the many other things that come with owning a blog. Instead, it offers you cold, hard cash.
While it does offer you immediate cash, it doesn't offer you much growth potential. Usually it means that you are paid X amount per article that you write. This can be a great supplemental income, but it is hard to earn a living off of it. One of my blogging friends was once writing for 11 different blogs as a staff writer. She said that with all of that work, she was making about $1,000 per month. This sounds like a lot of money, but this is a lot of effort as well.
Why I Choose Owning Blogs
As I mentioned, I have chosen to go the route of owning blogs. The potential for growth and the option for turning it into almost truly passive income (by hiring staff writers) seems most exciting to me. It allows me to stick to my goal of retiring in 2-3 years and only having to work 3 days a week. Early retirement is made possible by having multiple blogs.
Shawn Manaher is a former financial advisor, has founded 5 online businesses, and is a coach, speaker, podcast host, and author. He's been featured on Forbes, The Consults Corner on TAE Radio, The Writing Biz, What's Your Story, and more.