Boosting My Medium Income: A Strategy for Success
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Introduction
I'm aiming to double my income this September, and here's how I intend to achieve that.
Although I never formally documented it, I previously stated that my target was to earn $1000 in 90 days.
Adjusting My Goals
I revised my goal to $500 in 90 days, feeling that was a more attainable target given my initial progress. After earning $220 in my first full month on Medium, reaching $1000 by the third month now seems feasible again. The immediate objective is to exceed last month's earnings and aim for $500 in October.
September Reflection
In September, I earned $220 from 47 articles, including 12 poems. I differentiate the poems from regular articles since they generally yield lower earnings for similar engagement. I have my theories about this, but I'll reserve those thoughts for another article.
By the end of the month, I had accumulated 830 followers, meaning each follower was worth just over 26 cents.
If you're thinking, "That's far less than the 50 cents per follower you mentioned before," you are right.
However, those 12 poems I mentioned earlier significantly reduced my per-follower earnings. Among the 12, only one earned $1, while the rest generally attracted at least ten followers. In contrast, my other articles with ten followers earned between $1 to $7, highlighting the stark difference in revenue potential.
I fully understand the challenges poets face in reaching the $100 milestone on Medium; much respect to those who continue to write despite earning minimal amounts.
October Objectives
For October, my target is to earn $500. Using my earnings per follower from last month, I would need approximately 1950 followers to reach this goal. However, I suspect my per-follower rate would be higher if I excluded the poems from the calculations.
To keep things simple, I’ll adjust my earnings per follower to 30 cents, which means I would need around 1700 followers to meet my $500 target. Here's the breakdown of followers needed:
- 1700 followers for the month
- 425 followers for the week
- 60 followers for the day
Although it's actually 57 followers daily to achieve 1700 for the month, I rounded up to 60 for ease.
The Game Plan
The first component of my plan is to increase my posting frequency. Last month, I published 47 articles, but this month, I aim for at least 60, ideally between 90 and 150.
If these figures seem overwhelming, they shouldn't be. As a full-time writer, I typically produce between 5 to 10 articles daily.
In a previous article, I shared how I employ the Pomodoro Technique to write 5000 words each day, making these targets quite achievable.
To earn money on Medium, it's crucial to build a substantial back catalog of articles that generate revenue weekly alongside new content. Writers like Shannon Ashley have noted that their monthly income often comes from a significant number of articles, while Brian Rowe discusses the $2 and $3 pieces that contribute to his $1000 monthly earnings.
To make $100 weekly, consider these combinations:
- 10 articles that make $10
- 20 articles that make $5
- 50 articles that make $2
- 100 articles that make $1
While I haven't yet published 100 articles (this piece marks my 82nd), hitting 20 articles that earn $5 weekly, or even 50 that earn $2, is certainly within reach. This is why I'm keen to write extensively early in my journey; the sooner I establish a robust back catalog, the faster I can achieve my financial goals.
Content Strategy
Now that I have defined my goals and content strategy, the next step is determining what I will write about. Based on my performance metrics, the most lucrative topics are:
- Writing
- Medium
- Sex & Relationships
While I enjoy discussing politics, pop culture, and poetry, those areas haven’t proven financially rewarding.
Nevertheless, I won't completely abandon these interests; I'll allocate a few days each week to write outside my primary focus areas. A potential schedule might include:
- Monday: a poem
- Wednesday: a political article
- Friday: a pop culture piece
This approach allows me to explore my interests while still working toward my monthly objectives.
Conclusion
In summary, I've outlined my goals for October. While I'm uncertain if this plan will yield the desired $500, a key to success on Medium is managing what you can control and letting go of what you cannot.
I've developed a well-thought-out plan, and as long as I stay committed to executing it, I believe I have a strong chance of success.
Additional Insights
I’m part of the small percentage of writers on Medium who have made at least $100 in my first month. Here’s a glimpse of what I did each week to reach my target, and I hope my experience aids you in achieving your own financial goals.
- My First Week on Medium: One Down Many More to Go
- Medium Week 2: The Views Apocalypse Continues
- Medium Week 3: I’m $41.73 Richer
- Medium Week 4: Here’s Why Your Curation Rate Keeps Falling
- How I Made $135.00 My First Month On Medium