What does six-figure success look like for creators?

What does six-figure success look like for a creator? For content entrepreneurs like you, comparisons don't have to be the thief of joy.

Comparing gives you inspiration and increases motivation. You can be sure that you are on the right path. It helps you set ambitious but realistic goals for your content business.

So how does your content business compare to the 2,026 creators surveyed by creator commerce platform Kajabi in its State of Creators '24 Report?

And if you want to do it better, what can you do like these six-figure entrepreneurs are doing?

Let's dig deeper.

entrepreneurs like you

Like most small business owners, most creators never reach the $100,000 mark. However, I believe that what most entrepreneurs are looking to build is a six-figure (or more) business. This study focuses on the people who have done it successfully and are still doing it successfully.

Unlike many creator economy studies that focus on creators who earn income through social media platforms, this study primarily focuses on creators who have built businesses through their channels.

Finally, these creators tend to work in fields that require knowledge and expertise. The top content for these creators falls into three categories: business and marketing, finance, and real estate.

In this group, 58% earn between $100,000 and $499,000, 27% earn between $500,000 and $999,000, and 17% earn over $1 million. I'm getting it.

80% of these creators have at least a bachelor's degree, and 86% work full-time in their business.

As far as personal financial activities are concerned, three-quarters of creators own their own home. However, only 59% of them have health insurance, and one-third (36%) regularly invest in their 401(K).

Role of revenue sources

Revenue diversification makes a difference to your bottom line. A creator whose income is less than $100,000 has, on average, two sources of income. But the creator, from $ 100,000 he earns an income of $ 150,000, operates 5-6 sources of income. On average, a high earner earning more than $150,000 has seven sources of income.

Here are the sources of income for these creators, arranged in order of popularity:

• Digital products – courses, ebooks, templates
• Platform payments – views, streams, advertising sense
• physical product
• Face-to-face consulting/coaching
• Online consulting/coaching

However, popularity is not the best reflection of business success. Selling a product that is popular in the industry may result in very little net revenue.So what is it most profitable What is your source of income? According to the creators, the top four are:

• online course
• digital download
• Subscription/Membership
• Online coaching/consulting

These results resonate with our previous work. In The Tilt's Content Entrepreneur Benchmark report, the top five profitable revenue streams include consulting/coaching, books, online courses/workshops, advertising/sponsored content, and paid communities.

Creative entrepreneurs see the value in diversification for future business growth. In Kajabi's report, one-third of those surveyed said they plan to diversify their income sources in 2024.

Entrepreneur Justin Welsh explains to Kajabi: [diversification] Maybe so for their customers too. A variety of services to suit different learning styles, budgets, and free time means you have more options when choosing the right product or service. That usually means more income for the creator. ”

Role of social media

It’s not like these creative entrepreneurs aren’t paying attention to social media. More than 50% use the platform to engage with their audience, but it doesn't stop there.

Joe Pulizzi, founder of The Tilt, said: Simply put, you don't need a large audience to be successful as a content entrepreneur. Kevin Kelly was right. With 1,000 true fans, content that works he can build a business model. ”

These creators use social media to drive traffic to their channels, promote their products and services, and interact with their target audience on social media.

Platform for lead generation? 22% choose Instagram, 21% choose YouTube, and 19% say they get paid from TikTok.

When it comes to using social media as a community development tool, 22% of creators choose YouTube and 22% choose TikTok. Another 18% are on Facebook.

Develop or improve your monetization strategy

How good is your business when you combine Kajabi's research with The Tilt's Content Entrepreneurs research? Given your company's unique situation, what opportunities can you leverage to grow your business? Is there a way to do this?

If nothing attracts your attention, or everything grabs your attention, consider the following options: Add revenue streams that leverage what's working well. Do you have a newsletter or podcast series? Package that content into an online course or take an online course and conduct a webinar. Have a video channel? Transcribe your content and create an ebook.

That's the best part of being an entrepreneur – the choice is yours. Let our comparative research help you make an informed choice.