This is a really cool concept that Ben Settle discusses here:
He suggests that copywriters break out their working time into thirds:
- Doing fee-based copy projects
- Doing performanced-based projects (joint ventures)
- Creating/enhancing one’s own products
This struck me as a very synergistic model. Here are my thoughts:
- Fee-based projects can bring in consistent income, assuming you have a good marketing funnel. Keeping one of these “in the hopper” at all times keeps you involved with what is happening in the marketplace, outside of your own business.
- Performance-based projects keep you focused on those activities that produce income.
- Your own products can create long-term, semi-passive income.
The great part is… this is not limited to copywriters! I’m convinced that almost anyone whose job is to provide a service can apply it in some way.
In future posts, I’ll provide some examples.