People who write are artists because they construct worlds where others can get lost. But even though they may be magicians who can seemingly conjure up fantastic tales out of thin air, they also have unique challenges. Harshada Pathare speaks about some of these challenges are particularly peculiar to writers, while others are more universal in nature.
One of the primary challenges faced by many new writers is their income. In writing, they forget to earn a lumpsum amount essential to living a good life in society. After all, we all have families to support and society to live in.
This is the reality for many writers and is one of the most significant challenges writers deal with in making a living. We will explore the realities of the writing industry and how you can overcome these challenges to make a living as a writer.
What Are Authors’ Multiple Income Streams?
Today, having multiple streams of income for a writer is essential. The needs of everyday life are increasing along with inflation. After all, writers are also human beings, and they have to support their families. There are a couple of ways to have multiple income streams as a writer. You could sell your writing services through an agency or freelance site or self-publish your work and generate income from book sales, speaker engagements, and more.
In order to make money from your writing, it is essential to be adaptable and innovative, regardless of the traditional route that you decide to choose. You should have multiple sources of income that flow into your bank account weekly, monthly, and annually.
You can expand your income through publication of your book. In addition to that, you can join many online platforms or work as freelance writer / creative consultant to earn a good living. Starting you own writing blog will add to your passive steams of income.
For authors, different product types generate multiple streams of income. As an example:
Books (all formats)
Reviews or recommendations
Subscription income / Merchandise / Sponsorship
Public speaking or talk shows on OTT
Creative or Content Consulting
Being an Authors, you can also go for non-writing income such as day jobs, side hustles, and investments. These are not the subject of this post; you can earn money through writing and publishing.
Whatever path you choose, always be flexible and creative your approach. With a little effort and creativity, there’s no doubt that multiple income streams are possible for you as a writer!
Why Write with Multiple Income Streams?
Many authors say they “just want to write,” but this is a dangerous mindset because it is an impossible for most authors. A better way is to establish income streams that do not consume excess time and energy to manage.
Accept it or not, book income is highly volatile. Algorithms change frequently, and a book can stop selling for various reasons, including the vagaries of self-publishing platforms. Reader preferences can also shift. Advertisements can stop working. A global event like COVID-19 has already proved that it has the potential to change or stop everything.
You are not in an all-or-nothing situation if you have multiple sources of income. In this way, you will be in better position to fight against any unlikely circumstance.
When creating or selecting types of work and income streams, keep in mind the overall impact on you, not just your time. Time drains are more than just the number of hours on the clock!
Patience as an Art
Success does not happen overnight. It takes time and energy along with resources to become successful in what you do. Success in a creative business may take longer. You have to be patience!
You want to satisfy your creative passions as well as your financial goals. That is why, as a authors may also need more understanding of the business. It is a competitive environment; you need to put efforts to make your living.
Most creative businesses fail because the creative in charge becomes exhausted, bored, or distracted. And Authors in the embryo are no different in this volatile situation. So, be patient and work hard. You are only inches away from the success you deserve!
Luckily, there are several things that you can do to help combat this obstacle and boost your income regardless of the situation by creating better content that is more valuable to your target audience or by pursuing marketing opportunities that will bring in more traffic.
If you are stuck and don’t know how to move forward, please do not hesitate to ask for help. Many talented professionals would love to assist you in achieving your writing goals.