Diversifying Income as an Author- September IWSG Post

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Diversifying Income – The Way to Actually Make Money as an Author.

* This post is part of the Insecure Writer’s Support Group Monthly Blog Hop. (click the link for details on what that means and how to join.) The first Wednesday of every month, we all post our thoughts, fears or words of encouragement for fellow writers. This is my September IWSG Post. To see the other authors participating, click HERE.

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September 4 question – Since it’s back to school time, let’s talk English class. What’s a writing rule you learned in school that messed you up as a writer?

I honestly don’t have much of an answer for this one. I’m back in the English classroom teaching so I guess I could say something I’ve changed my tune over in teaching my students. I used to believe that formulaic writing was inhibiting or potentially stifling. I steered away from templates or formulaic methods of storytelling. However, I’ve now found that to be the opposite of true.

I am now a die-hard outliner and I’ve also found since giving my students templates to help them structure their writing, it actually makes them more creative. It’s like it takes the pressure off so their creative juices can then take center-stage. What about you? Have any of you found this to be true?

Moving on to my other thoughts this month-

Establishing Your Goals

I’ve said before, every author is different and has different expectations for their author career. Some people have a day job and are doing this as a side hustle, others are retirees just doing this to fulfill a lifetime dream. And then there are the folks who actually want to try and make a living from their writing. I fall into the latter category and want to share my personal experiences in hopes it will help others find their way.

I published my first book in 2021. I was still working another job at the time. But I decided to take the scary jump and walk off the cliff to write full-time. I’m not going to lie, it has been a HARD road since then. And I’m still finding my way. There are definite feast and famine times. But I have made money and the key to doing that has been by Diversifying Income Sources. By doing this, you can build a flexible patchwork quilt of income sources that together can provide security. Here are ideas for doing so.

1. Speaking Engagements

Everyone has a different comfort level with speaking in public. But it is one of the simplest ways to add to your author income. And depending on what your book is about, there could be a broad range of topics you can discuss. Children’s authors can do school visits, Genre authors can find audiences who will want to hear more about their expertise, Other authors might want to hear about your writing tips etc. It definitely is worth considering how you can add speaking engagements into your repertoire.

I’ve had decent success with this in doing speaking engagements with Historical Societies, Women’s Clubs, Book Clubs, Author Guilds, and museums etc. One additional word of advice, do NOT do a speaking event for free. I know it is tempting to accept to get the “experience” but your time is valuable. Many places will say they do not have the budget to pay you up front and will instead offer you the opportunity to sell your books at the event. This has backfired on me and not been worth it.

I booked a speaking engagement with a museum for Women’s History month. They promised to take care of all the advertising and to pay me by book sales. I spent hours preparing a detailed presentation and showed up to 4 people. There weren’t even posters up at the museum pointing to the event space. I now know I will only accept an engagement if I’m paid up front so my time is covered.

2. Freelance Writing & Content Creation

Evaluate your fields of expertise and see if there are places where you can freelance. For instance, children’s authors can expand into the Educational Market with Work for Hire projects. These could range from How To books to short historical or science based books on outlined topics. For more on this check out this fantastic book on Writing for the Educational Market by Laura Purdie Salas. There is also a great website by Evelyn B. Christensen about where to find publishers accepting Work for Hire writers.

Your freelancing also does not have to be limited to your book topics.There are magazines and online publications ranging on topics. Think of where you have “expert” knowledge.For instance, I write historical fiction, but I have celiac disease and was once employed at a hospital to educate others on the gluten-free lifestyle. I’ve used this experience and knowledge to freelance and publish a range of articles in publications nationwide.

3. Teaching, Coaching, Editing, Consulting etc.

Share your knowledge and expertise with others. There are so many flexible ways you can do this. For instance, I offer developmental editing services to authors.I also coach other authors about the self publishing process. I am also now a college adjunct teaching writing. But I also know authors who substitute teach, copy edit, offer graphic design and website design services and more.

These have been some of my most successful ways of Diversifying Income so far. Some other ideas I either want to try or know others have had success with are:

4. Online Courses & Educational Content

Creating an online course and some e-books on Author businesses is on my to-do list.Unfortunately, there is a large amount of prep and time that goes into creating this content. However, once it’s done it’s an “evergreen” source of income you can leave to earn money in your sleep. Once you figure out how to market it that is.

5. Merchandising

This is one I’ve started, but need to expand upon. I’ve created book themed merchandise and been very successful selling it in person at festivals and markets. Especially around the holidays. But, what I want to really work more towards is having it, again be an “evergreen” source, selling for me on Etsy. I have an Etsy store already, but I need to work towards getting more traffic to it.

6. Crowdfunding & Patronage

I have not had much success with this one. But I know other authors who swear by it. I know authors who have had great success monetizing their newsletters on Substack, others who have built VIP communities on Patreon and people who have funded their publishing expenses on Kickstarter. I’d say gauge what your goals are and see how you can market and garner interest to supporting them. The big question would be, what do your supporters get from you for it though?

7. Affiliate Marketing

This one is honestly over hyped in my opinion. But, I do take part in affiliate marketing and it does earn me some money. From my experience, unless you’re willing to go full-on influencer and put a decent amount of time into building up a ton of traffic to your website and social media accounts, you’re not going to make too much money from Affiliate Marketing. But, it’s still something and the point of this is the threads in the quilt right? So, make sure if you’re sharing links anywhere, they’re affiliate links. Never miss an opportunity to earn a commission off a shared link.

I hope this gave you some decent ideas to try. Do you have other effective income sources that I missed? Please share in the comments, I’m always open to learning and trying something new. Thanks!

Did you like this post? If so, be sure to check out my other Author Business Posts Here!