Is it just me, or are there more opportunities than ever in the creator economy right now?
The more time I spend in the space, the more I see countless ideas and ways to build a career as a creator.
Whether you're aspiring, part-time, or full-time, the overall goal of this newsletter is to help you understand the business, money, and strategy behind the creator economy so you can build a sustainable creator business that allows you to focus more on the creative aspect.
And some creators have figured it out and make more than the top CEOs in the country - we break down a few of them below 💰
But in this week's edition of The Loaf:
Business: Why YouTubers are Selling Their Channels [Video]
Where the attention goes, the money follows.
And few industries are getting as much attention as the creator economy. We've seen more and more people turn their hobbies and passions into careers.
And as the business side of the creator economy grows, VC's and other investors want a piece of it.
But when should you take outside money to help growth?
Blake & Reed break down the pros and cons of accepting investments and using venture capital to grow a creator business.
1) Before taking venture capital (or even a loan), ensure that the additional money can be used for growth - and that any equity potentially given up is truly in you and your business' best interests
2) As more businesses are built on the back of content, we'll see more creator investments made in coming years"
3) Reed's 3 key questions to ask yourself before taking outside money:
As a creator or freelancer, you're most likely responsible for withholding taxes out of payments you receive.
And when you're self-employed, you have to pay two types of taxes:
First is the self-employment tax: Since you're your own employer, you don't have a company paying this tax for you (like someone earning W-2 income does).
Then you're required to pay income tax.
In addition to filing taxes annually, since taxes aren't being withheld from each payment, the IRS requires self-employed people to file estimated quarterly taxes.
This guide walks through everything you need to know about calculating and filing.
Strategy: Inside MKBHD's $1,000,000 Studio [Video]
While he started creating in his bedroom, MKBHD's newest videos are some of the best-produced tech videos on the internet - and that's made possible by the addition of a $1,000,000 studio to his creator business.
The 7,000 sq. foot playground costs about $350,000/year in rent.
Colin & Samir create some of the best videos about the creator economy and this one was no exception.
Watch their full walkthrough and tour of MKBHD's million-dollar studio to see how design decisions were made and why it's built different than most offices.
If we needed any more confirmation that the creator economy is here and it's an established industry, it's reported that $800 million was invested into the industry since October '20.
Some of that money is going towards building tools and softwares, creating service businesses, as well as influencer marketing and brand deals.
Most creators have several different revenue streams which range from ad revenue to brand deals, but trends are showing that more and more creators are turning it into a full-time career.
NeoReach completed a survey and found 43% of creators make a livable wage from their content at $50k in annual income or higher.
Now, there are some creators building an entire economy around themselves.
Charli D'Amelio earned $17.5 million, beating out the CEOs of Exxon, Starbucks, Delta, and McDonald's:
And some YouTubers are bringing in multiple 8 figures:
View Top YouTube Creator Earnings Report
Mr Beast: $54 million
Markiplier (gaming): $38 million
Rhett & Link: $30 million
Unspeakable (gaming): $28 million
Nastya (toy unboxer): $28 million
Ryan Kaji (toy reviewer): $27 million
Dude Perfect: $20 million
🎉 7 proven steps to build a valuable skill, quit your job, and join the creator economy (@nicolascole77)
❤️ Mr. Beast's food bank is accepting donations - they've delivered over 1,000,000 meals so far
📈 BBTV creators can now get paid in crypto
🧑🏻⚖️ Legal issues creators are facing in 2022
🐦 How Justin Welsh built a $1,300,000 business as a solopreneur
🎥 Japanese firefighter gets in trouble for YouTube gaming side hustle (via TubeFilter)
Tool of the Week: Harry's Copywriting Examples (free) - Released this past week, this is one of the best copywriting library/database on the internet. If you're looking for website copy inspo, taglines, ad copy, etc. this is the place to find it.
Freelance Finds: Rosemary Egbo's guide on How to Use Twitter as a Freelancer to Get Clients (thread)