Exploring the Creator Economy: Insights from ConvertKit's 2023 Report

Welcome back to another episode of the Potty Report. So this week is going to be so much fun because I am diving into ConvertKids 2023, state of the Creator Economy Report, and this is something that I don't know if last year was the very first year they had ever done anything like this, but I remember taking the survey and reading it for the first time last year and it was so insightful because so many of us don't know the ins and outs of other people's creator businesses, so it's nice to see either one you're not alone, or two there's other people struggling with some of the same things that you're struggling with. So you can go to convertkitcom forward slash reports slash creator economy 2023. And I will put it in this week's show notes for all the episodes, but you can go download this whole thing. It's totally free and it's a 47 page report, which is why I'm only covering the surface of a lot of these. But the first thing I wanted to cover is how they define creator, like who is a creator, and what they said in this report is creating is innately human. From cave paintings to TikToks, we've always wanted to understand and share our experiences, and technology enables an entirely new reach and opportunity that creators certainly don't take for granted.

The creator economy is made of coaches, consultants, musicians, artists, educators, influencers, podcasters and anyone else who earns a living online through digital and physical products or services. Creators build global audiences to teach, inspire, connect and entertain. So this was so incredible and I love that they kinda like there's so many charts and lots of data in this entire report. So if you are a numbers nerd, absolutely go download this and check it out, because they show like well, are creators full-time, are they part-time, are they hobby creators? And in taking this survey of thousands of creators, they've documented how many people are, you know, doing this full-time, how people are doing it part-time, and they actually offered great advice for someone that is looking to transition from a part-time creator into a full-time position and they talked about. Before you take the leap of faith into full-time creating, calculate how much money you need to make or to cover minimum debt payments, compare your business revenue versus your profit, and then aim to have at least six months of expenses saved as a financial runway. Research business financial essentials like taxes and accounting, and understand your insurance options. I thought this was all fantastic advice and it's usually something that I see a lot of creators thinking about after the fact. So don't do that, think about it now. But one of the other things is they talked about.

Well, how long does it take for a creator to build an audience? And this is one of the charts that I loved, because I think a lot of people think, oh, it takes, you know, two months and then I'll have millions of followers in this huge audience. No, it's usually not the case. For most people, it looks like a lot of people range in between the one to two year mark and then I mean there's like 20% and that's about 10 to 12% is more than 10 years, so it's a lot. And then, like the median range is between three to five years and six to 10 years. So it takes a while. That's like.

I hope that that's encouraging to you, for those just starting out, that it does take a while, but you can do this. You can be a creator and, you know, create your podcast and do all the incredible things that you're wanting to do with your content, and it is absolutely possible. It just may take longer than some of the ads that are online that say, oh, you can do this and overnight you'll be a success. It does take more effort and time than that, but, like I said earlier, go download this report, because I'm gonna continue to dig through it throughout the week and share the important pieces that I think that you should know, but that's all I have for you today. So, as always, remember, keep it fresh, keep it fun and just keep going.