Becoming an author can be financially rewarding and personally fulfilling. You’re getting paid to share your insights and can earn a great living based on your wordsmithing abilities.
However, if you’ve been in the writing game for some time, you’ll know that freelance writing comes with some risk. You can insulate your pay by diversifying your income streams. Diversifying your income streams can help you gain valuable experience in roles like editing, content creation, and public speaking, too.
How to Earn More as an Author: Diversifying Your Income Streams
Becoming an author can be financially rewarding and personally fulfilling. You’re getting paid to share your insights and can earn a great living based on your wordsmithing abilities.
However, if you’ve been in the writing game for some time, you’ll know that freelance writing comes with some risk. You can insulate your pay by diversifying your income streams. Diversifying your income streams can help you gain valuable experience in roles like editing, content creation, and public speaking, too.
Understanding Volatility
Volatility and uncertainty are a part of every industry. Even folks who work in relatively stable careers are at risk of declining profits undermining their ability to work. This applies to writing, too. Despite the fact that the writing profession has been around for centuries, sudden shifts in the market may impact your ability to find work.
Rather than ignoring the volatility of the writing market, take steps to offset your financial concerns and secure your earnings. Start by building a healthy emergency budget and begin building a retirement fund that will keep you in good standing for years to come. This reduces the stress associated with working for yourself and puts you in a stronger financial position.
You can further protect yourself by changing the way you manage your income streams. Use technology like built-in banking apps to keep track of your budget and maintain a separate spreadsheet to catch any errors in the software. If you’re still concerned about volatility and your income security, consider speaking to a financial advisor who can help you better understand your options.
Passive Income
Accounting for volatility can help you manage your expenses and strengthen your savings. However, if you want to put yourself in a strong financial position, you’ll need to increase your income year-on-year. Get started by searching for modes of passive income that work for you. Common examples of writer-friendly passive income streams include:
- Ad revenue from blog pages;
- Patreon or substack subscriptions;
- Merchandise;
- Audiobook sales;
- Downloadable content
These passive income streams can boost your profits with minimal effort. You don’t necessarily have to boast a massive following to sell merchandise, either. Sometimes, simple goods like writing-themed mugs and pins are all you need to start building some extra profit for your writing business.
Future-Proofing Your Career
As a writer, you may fear the rise of AI and the impact it will have on your career. But, in reality, AI is only swallowing up the low-paying, mill-style writing gigs. This means, as a serious writer, you have little to fear in the way of automation. However, that doesn’t mean you should ignore tech tools or changes in the market.
You can future-proof yourself and improve your income by investing in skills that will be relevant for years to come. For example, if you write in the tech industry, consider developing your computer and analytic skills. This will help you write with authority and keep you up to date with the latest breakthroughs in coding, machine learning, and computing.
You should also work on your soft skills. This is crucial, as skills like critical thinking, flexibility, and time management will serve you well when you want to move into a new niche or industry. You can do this by working with a writing mentor who understands the pressures you face and has the connections necessary to help you develop as a writing professional. Alternatively, you can consider furthering your education with an MBA to boost your business know-how.
Writing-Adjacent Gigs
As an author, you’ve developed skills beyond wordsmithing and touch typing. You’re a critical thinker with an eye for detail and a passion for creativity and self-expression. These attributes will serve you well in a range of writing-adjacent roles. So, if you want to branch out, consider starting your search by looking for careers in:
- Editing: Your hands-on experience with writing will serve you well as an editor. Consider looking for editing gigs in industries that innately appeal to you, as you’ll need to work through hundreds of pages of written content per week.
- Content Creation: Put your creativity to good use by starting a social profile for your writing services. This will help you land positions with creative agencies that are looking for versatile marketers.
- Grant Writing: Grant writing is a writing niche that comes with a great salary and brilliant perks. You will need to invest in some further training and education but can expect to work in a rewarding role helping organizations secure funding.
- Education: Your experience in writing will serve you well if you decide to work with the next generation of wordsmiths. You don’t necessarily have to teach children, either, as aspiring writers will be keen to attend your workshops and sharpen their skills in a serious writing environment.
Writing adjacent gigs makes the most of your skills and boosts your earning potential. Gaining experience as an editor or grant writer can help you command more pay when you do return to writing, too. Just be aware that you may need to take a pay cut to enter a new field.
Conclusion
Diversifying your income streams protects your income and minimizes your risk. Gaining experience in new roles can help you discover new professional passions and increase your earnings, too. Just be sure to invest in some extra education to ensure that you’re qualified enough to land new gigs quickly.
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