Multiple income streams, you keep hearing about them, but what exactly are they?
If you were brought up in the days of ‘go get a good safe job with a weekly / monthly wage packet’ you may be confused, and that’s OK.
The idea that you can earn money from different sources used to be against the rules. If you worked for one company, you had to be loyal. None of this having a second income business thank you very much.
If you work for an organisation, maybe check out what you can and can’t do – I’m not an employment lawyer.
OK, happy? Right let’s dig in.
You are a writer, that’s why you’re here. Or maybe you want to be a writer, great. You’re in the right place, or maybe that should be write place.
The starving artists myth is dead and gone, and we can earn some great income, but it’s probably not in the way you’d think.
1 – Books
A book, that’s one stream of income right? No.
You’ve then got ebooks, paperbacks, audio, hardback and special editions.
People still read hardbacks and large print, and they’re good for libraries because they last longer.
How about a special custom artwork edition of your hard back, as a special edition for fans?
I’m not talking about buying books and having them piled up in your back bedroom. You can use P O D (print on demand) through companies like Draft 2 Digital, Amazon, etc.
Did you know when you buy a product on Amazon, whether it be merchandise or a book, it’s often not even made yet? Once you’ve paid for it all the little cogs start whirring and somebody makes that product for you. It’s good for you and the planet, no surplus books sat in bargain bins, or worse, going to landfill. And, you didn’t have to pay for books you can’t sell either.
2 – Workbooks and Journals.
Writing non-fiction? Why not issue a workbook, with space for the reader to record their actions.
You’re not writing a whole new book. You can even include the tasks in the main book, and literally copy them into the work book as a partner publication. If you are making it easier for your reader, they will respond to that.
Journals are very, very popular.
If you’re artistic, this could be a great way to get your work out in the world.
Tip: Journals and colouring books etc may attract different tax from reading books, so check locally.
3 – Merchandise
This is especially popular in the fantasy, sci fi and horror genres.
If you write about unicorns, create a little toy or t-shirt with the book cover image or character names on.
You can promote them in your book, merchandising can be a big earner.
Create a community of fans, and sell through your website or one of the many services who make the product to order.
Teens and YA (young adult) book readers love to be seen as a part of a community, so they really like merchandise that goes alongside it.
4 – Speaking or Teaching
This isn’t just for self-help and education.
Speaking is difficult at the moment, (Covid 19 era) if you haven’t already got your audience, but you can teach people online.
If you’ve written a book about… [insert topic of your choice!] do online teaching to go with it.
Video and audio is huge. If ‘going live’ frightens you, why not record a podcast or a series You Tube videos?
5 – Box sets / Boxed sets
A box set can be three, or as many as nine of your books. A common theme ties them together.
Don’t panic, if you’ve only got one book, you can still publish in a box set.
Say you write about dragons, seven or eight ‘dragon writers’ get together, and publish a box set. This has an added benefit of sharing the marketing efforts too. It helps you be seen in other communities.
It doesn’t need to be a ‘real’ print box set, in a nice box on the bookshelf, it can be an e-book box set. Networking within your genre is key.
6 – Writing to Market
You write specifically to sell that book to that market. You produce it in a way that everything matches what your reader expects, and loves. The covers, the story, the characters, everything is constructed around what that market requires.
It’s a different way of thinking from, ‘I want to write this great story I love, and then worry about selling it.’
Instead you research, ‘Who’s my reader? Who’s my customer? What do they want? And how can I provide it to them?
It’s switching the writing creative process on its head, and it’s definitely an income earner. It doesn’t mean you don’t love what you write, you just approach the process in a more commercial mindset.
There are WTM writers who issue one book a month, two a month, even one a week, and people buy them. Be aware this is probably not a long term strategy as you can burn out.
7 – Short Stories
Sell them on a subscription model through your email list or on online writer’s forums, to magazines or publications, or put together your own compilation and publish as a collection.
They’re a great marketing tactic. Just deleted a scene you love? Turn it into a short story and share it with your fans.
You can collaborate with other people and have a collection of short stories with other authors.
8 – Crowd Funding
Crowd funding is usually for individual projects, via sites like ‘GoFundMe’ and other services. The writer promises to produce something, and asks for funding up front.
Fans go to a website and pay a set amount in return for a promised return. It could be a limited edition book, or exclusive content. To make the offer more attractive.
Remember that you must produce the goods, you can’t ask for money then not deliver.
9 – Patreon (or similar)
Patrons of the arts have always been around, even back in Michelangelo’s era, it’s how artists made their money.
You have customers, clients, readers who support you each month. In return they may receive exclusive content, get their name in your book, even meet you online. The support can be as small as $1 a month up to $100s, dependant on what is on offer.
You can offer a free ebook, exclusive podcasts, you get the idea. Some writers are rarely on their site, others earn tens of thousands of dollars a month because they’re constantly writing exclusive content, including books and stories for their patrons.
Tip: Be prepared for long term commitment to be successful.
10 – Affiliate Marketing
You work alongside a company / brand to promote their goods in return for a commission.
It usually involves giving a unique code to your clients / readers which can then be tracked.
It doesn’t cost the buyer any more money, doesn’t cost you either and the company also get a sale. So it’s a win, win, win!
Tip: Check the legal situation locally, there are transparency laws around this.
Tip 2: Be authentic, don’t sell something you don’t use, like or genuinely support, it could negatively affect you and your brand otherwise. Also stay in niche, don’t affiliate to BBQs if you write about vegan unicorns.
11 – Blogging or Content Marketing
Content marketing and blogs are the best way to create evergreen content, and build a loyal niche audience.
You are unlikely to earn a huge amount from affiliates or website ads without a large number of monthly visitors so concentrate on the content you’re producing.
Promote it on social media, Pinterest etc and bring people to your site.
You want to get people onto your email list, so offer them something in return for their email address.
You can do sponsored posts and collaborations and guest posts too, which help to attract readers and build your audience.
Tip: Do a course in SEO, stay in niche, give value.
12 – Influencer or Ambassador
This is similar to affiliate marketing, you actively promote something for a higher commission rate or a set fee.
You could become an ambassador for a course you’ve been on. You give a testimonial and you share information, and it’s the next step up from affiliate marketing.
13 – VA / Virtual Assistant
Someone who does a specific task, remotely, online, often working from home.
If you aren’t earning enough just from your writing, this is a great way to supplement your income.
You could ghost write, write blogs, do email management, offer that as a service for a fee. You get the idea?
Maybe you’re really good at book formatting, which is to be honest for many is a total nightmare, you could earn money doing that for other writers.
14 – Illustrator
If you’re good at art, there is money to be made here, you could create book illustrations, or maybe illustrating on websites, logos etc.
If you’re creative, have a passion for art, use it.
15 – Sell a Character Name
Some big name authors charge big money for this one! You offer your readers the opportunity to be a Ha rafter, or at least in name only, in your next project. They pay £10, £20, £1000 to be the named person in your book. Just imagine if your book goes on to be a best seller, and they’ve got their name in that book, that’s amazing for them.
16 – Ghostwriting
Many books, by celebrities especially, are not written by the ‘author’. They’re written by someone else who has been paid to write it and is happy not to have their name on it. If you’re a talented writer and prolific as well, this could be for you. It could be fiction, memoir, non fiction the whole kit and caboodle. If you love writing but don’t want to manage all the other elements of running an author business this might be for you.
17 – Bookclubs and Events
You get paid to attend a book club or an event. It’s also really good for promotion because obviously you’re promoting yourself while you’re there. Online or in the real world.
You can sell your own products, usually, always check small print.
18 – Paid Newsletters
Someone pays you to issue something in your email newsletter, so they have access to your email list through you.
You may need a big list, but not always if your niche is very specific.
And I’ve got two left…
19 – Paid Group Membership
You charge per event, or time period, maybe one week for a specific challenge, three months or a year’s membership, it’s what suits you and your programme.
You’re reliant on the host media, so you need to build some resilience around that.
You can it as a low price subscription model, 10 people at a £1000 each, or 10,000 people at £5 or £2. Some people put a small fee on all their offers, to deter to time wasters. If you’ve got a thousand people, £2 a month, as they say, do the math(s)
And the very last one…
20 – Freelance Writing
You’re writing for someone else. You can start on something like Fiverr.
It’s a great way to build your skills too, start low price and build up as you get good reviews and a larger portfolio.
Bonus Tip:
You can downsize.
Bit extreme right? Don’t rule it out.
Since Covid19 people have realised that what their life is, is not necessarily what they want it to be.
Sell your stuff and downsize, a little house is a lot cheaper to run than a big house, usually.
It may sound dramatic, but it’s a way of bringing money in. You can invest in a smaller home, and keep the rest to live on, or invest in your business or financial investments.
Tip: Get expert advice.
Shift your money mindset
I’ve given you 20 ways to earn money, but what you’ve got to think about is your quality of life?
Your income isn’t everything!
All a bit much to take in?
Don’t worry I’ve created a FREE PRINTABLE WORKBOOK just for you.
Just fill in your info and I’ll make sure it reaches your email inbox ASAP.
Tip: Check your spam folder if you don’t see it, coz sometimes those pesky spam filters put it there. If nothing is there just drop me a DM – I REALLY want you to get this FREE content!