Freedom Fund Income in a Package
June Steward here to wrap up the Freedom Fund series for The Writer's Life.
Here’s one final way to generate passive income as a copywriter.
Negotiate royalties from writing sales letters, packages, or website landing pages.
You receive a fee for writing the piece … AND royalties either per piece mailed or for sales generated.
You may not realize it’s very possible for you to write a sales package in a month or less that could generate thousands of dollars in royalties for you. Like AWAI member Peter Fogel … He earned $12,000 a year over two years for one sales letter.
And if you write several sales packages, each bringing in royalties, then the income really begins to add up. That’s what AWAI Co-Founder Paul Hollingshead does. He once worked out that his average royalties per letter were $12,700.
If you write website landing pages or sales emails, you could get a percentage of revenue generated, typically 3-10%.
Not all clients will pay royalties. So if you want to try this, you’ll have to be strategic about the type of work you go after. Two tips:
- Try to get work with companies that mail in big volumes. These are the ones more likely to pay royalties.
- Seek work where you’ll write copy that “closes the sale” such as sales letters, packages, landing pages, and related copy. Here the client can see exactly what sales your copy has generated. Web content is useful, for example, but you can't directly attribute a sale to it. It will be almost impossible to negotiate royalties for writing this sort of copy.
One thing to remember is that sales letters do have a life. A successful sales letter may be mailed anywhere from 2-10 years. Obviously, the longer your sales letter runs, the more passive income you generate for that period!
Four final pointers about building your Freedom Fund …
To finish off, I’ll give you a few steps to get you started on building up your Freedom Fund.
- Divide your time between working to make earned income and passive income. If you work 20 hours a week to make earned income, commit to spending a few hours of that time to begin setting up your Freedom Fund.
- Specify what type of copywriting projects you will work on to generate passive income — Money-Making Website, e-book, info-marketing product, or sales packages.
- Set passive income targets. Many copywriters set income targets for earned income. You should do the same for passive income.
- Be realistic about time frames. It takes more time to develop passive income than to make earned income. You can finish an earned income copywriting project in a week or a month and get paid within another month. It may take several months or even a year before you see regular passive income from your Freedom Fund copywriting projects.
Good luck. I hope we can meet in our future travels … that we’ve taken on the income from our Freedom Funds!
Share any ideas about what you’ll be doing to build your Freedom Fund here.
The Accelerated Program for Six-Figure Copywriting
Turn the ability to write a simple sales letter into a successful freelance career. Find out how you can make a six-figure income working from anywhere you want as a direct response copywriter. Learn More »