Diversifying Your Income Sources

The Writer’s Home Office:

Barbori Garnet

Creating and growing several sources of income is important for writers to implement. Why? Because when one stream of income slows down or dries up, you still have other areas which are bringing in money to cover your expenses. Below are some suggestions on avenues to develop to bring in income from many streams.

  1. WRITE – You can bring in an income by writing books, e-books, stories, and poems. In publishing your books and e-books, you can submit to and publish through small publishers and online on Amazon. In addition, you can submit your writing for competitions and if you win, then you will have earned some decent prize money. Having your writing available in many places in print and online will increase the likelihood of more people buying your work as they will be able to access it in the way that works best for them.
  2. TEACH CLASSES AND LEAD WORKSHOPS – Do you like to teach and show others tips and techniques to help them improve their writing? If the answer is yes, then perhaps teaching classes and leading workshops would be a great fit for you. You can teach kids, teens, and adults a variety of things related to writing – structuring a novel, developing relatable characters, or incorporating facts and research into a historical novel. Because classes and workshops can be offered as one-day events or over the course of several weeks, there is lots of flexibility in offering a class and workshop at the time that works for your schedule.
  3. PRESENT WEBINARS – Share your knowledge of writing – whether that is fiction, poetry, or editing – by presenting webinars. Using platforms such as Zoom, Webex, or RingCentral, you can present the webinars yourself and advertise them to your audience (e-newsletter list, social media followers, and others). If you record your webinars, you could then make them available for people to purchase and download online anytime, thus creating another passive income stream. Or, you could team up with another writer and figure out a way to co-present the webinars.
  4. COPYWRITING AND EDITING – Having a copywriting job or contract can be a good way of bringing in an income from writing. Many businesses and people need copywriting services for their websites, advertising, e-newsletters, and other material. Having several copywriting clients means that you will have a more reliable income stream and if one client no longer needs copywriting, then you still have other clients. Another way to make money through writing is by editing. It takes time to develop editing skills and to be able to provide this service to others in need of editing. If you have experience with editing, then it is possible that you could offer editing services. Ensure that the type of editing you offer are areas in which you excel.
  5. ARTICLE WRITING – Can you write articles on a regular basis, such as weekly or monthly, for a newspaper or magazine? As mentioned before, writing for more than one newspaper or magazine is a good idea so that if something happens to one publication, you still have others to write for and you can take the time to find another publication to write for. Writing a combination of weekly and monthly articles in a variety of formats – Q&A, tips, and lists – will keep things interesting and mean that you always have something to work on.
    Diversifying your income streams from writing is a great idea. Not only will you have many things to work on but if one stream slows down or ends, you still have other sources to bring in an income.
    With these suggestions of writing books, stories and poems, teaching classes and workshops, presenting webinars, copywriting and editing, and penning articles, it is my hope that you will be encouraged to find and create several ways to diversify your income sources. ▪

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