Guest Speakers: Maurice Broaddus, James P. Nettles, James Palmer, Adam Stemple
What do we mean by income streams? These are the various ways that Authors are able to make money – not just by selling books. Think about it from a tax perspective. There is “Active Income” which means you’re actively doing something to earn the money. “Passive Income” is when you’re not actively doing things, but you’ve set something up to run itself automatically. The third type of income is “Investment Income” which is making profit from other business investments, 401k, etc.
Imagine you’re an author who teaches classes on writing. If you were teaching at a campus on a day-to-day basis and earning income from the school/university, this would be Active Income. If you establish an online course series, after the initial set up and recordings, you could publish it on a website. People could then purchase the coursework at any time and listen at their own pace, without any additional effort on your part – this would be Passive Income. Here is another test example: an author writes a book and sells it vs. an author is a guest speaker on a radio talk show for a day. Can you identify which is Active or Passive Income?
This is your business. Don’t put all of your effort into one stream of income. Always be on the lookout as a freelancer, for copyrighting, etc. Be flexible. Consider doing one thing for active income while writing your novel on the side until it takes off, or vice versa if your novel is currently earning income. Time is money, and whatever you do needs to be worth your while – because that is time that is taken away from other things that are important to you, such as family, friends, etc.
Many writers approach the business of authorship from a passion perspective. However, bills are due today – and on an ongoing regular basis. What are you doing today to pay those bills? Being an author doesn’t have to be limited to writing novels. You can have brief speaking gigs at a bar, eBooks, Patreon subscriptions, Kickstarter projects, submitting short works to magazines and anthologies. As a writer, you need as many open routes as possible, due to how unstable the writing field is as a career.
Public speaking can be a form of income, such as going to conventions or other events and speaking as a Writer/Author. Negotiate for your time spent. Also, look into writing grants that are provided by state institutions. You can usually find topics ranging from Humanities, Education, Arts, etc. These programs don’t usually reserve publishing rights. Other options include editing or managing social media. If you’re good at these things, other authors will pay you for these services.
Many writers feel compelled to offer their time, effort, and completed works freely. Some would even feel guilty if they are compensated in any way. It’s ok to profit from your art, do not feel guilty for it! You are offering an experience to your audience, and money is not evil. It is a tool that allows you to continue creating experiences for other people to enjoy.
Audio, Hardcover, Paperback, and eBook rights – all of these can be sold separately. Keep as many rights as you can! Publishers don’t get upset if you try to negotiate with them. You’re not selling a piece of fiction, you’re licensing a product. This could turn into an audiobook or movie later. From a legal perspective, this is HUGE! Read the contract, and be certain that you understand it!
When it comes to things like Patreon, don’t offer to do something that you’re not already doing (like song-writing.) That’s a lot of extra work to appease one person who may be requesting it, or even a small group of people. Patreon usually works better for someone who is already well known. Watch the starting video which explains success and realistic stories.
Kickstarter is more about crowdfunding. You do cater to smaller audiences, which will bring in a level of income. And when you have released the product, then go to Amazon afterwards. Crowdfunding can be really useful as a marketing tool and cover your expenses. However, it is additional work in and of itself. Look at it as a great option for pre-sales. Once you have proven yourself, these methods build on themselves.
Teaching, consulting, community organization, and problem solving all involve imagination. Sci-fi is envisioning future problems and solving them. Integrate your interests and skillsets – whether that is networking with others at conventions, participating in online forums regarding entertainment and genre fiction, acting as a consultant for writers regarding business models, podcasting, etc. The point is, get out there and make yourself known.
It’s important to learn how to do sales ethically. Once you’ve made the pitch for your services, product, or story, it is up to your potential client to decide if they want it or not. However, don’t be ashamed or embarrassed to market yourself – you are providing something of value, and it is your duty to inform others that it exists (especially if it’s something that would interest them!)
In order to strategize your efforts, it may not be a bad idea to have a publicist look over your income streams. You want to know how to maximize these options, by utilizing them correctly and implement them in ways that work best for you. Be open to trying new things, and learn from every experience.
Don’t give up your day job until you’re REALLY sure that you’re ready to become a freelancer. That means drawing a budget, finding how much you need on a monthly/yearly basis for your ALL of your expenses (for your business and personal bills). How much will you need to save for taxes and your 401k or other investments, healthcare, etc.? If you choose this career path, know that it’s hustling every hour of the day, and it doesn’t turn off when you go home.
When it comes to creativity, you’ll want to carve out personal writing time on a regular basis. Many aspiring writers wait for inspiration to strike them, so that they have a passion when they write, and the words flow easily from one page to the next. While this is certainly the dream state we all crave, waiting for our Muse to bless us with divine guidance is a much rarer occurrence, and results in far less productivity long-term.
So how do we access our creative minds on command? It’s possible to teach ourselves ‘triggers’ to set ourselves in a particular ‘mode’ – much like Pavlov’s dogs. Do a ritual of sorts prior to getting yourself in a writing state of mind. Whether that is drinking tea, taking a shower, listening to a specific song, etc. After practicing this enough times before sitting down to write, your brain will automatically associate this action with your writing mindset. Another way to inspire creativity is to participate in other creative actions. What inspires you? Drawing? Painting? Music? Vary it up, engage your mind so that it can begin flowing freely with ideas.
If you’re still stuck looking at a blank page, just write ANYTHING! You can fix something that’s written down (that’s called a rough draft), but you can’t fix a blank page. Another effective strategy is the BIC method, which stands for Butt in Chair. Remember, you don’t have time for writerly angst – angst does not pay the bills! If you struggle with distractions, then work on multiple ideas at the same time. Juggle from one project to the next, and that way, over time, you actually wind up being quite productive. If you utilize this strategy, then you may want to keep a board that tracks multiple projects at the same time. If you enjoy working on short stories, this is something you can quickly build into a collection.
Whatever you do, just be consistent! Set time aside in the morning or at night, and develop a routine. You can also dictate your ideas or prose into an audio recorder (there’s apps available for smartphones) while you’re driving. Every minute counts, and is a minute closer to finishing your work! And finally, trust your creative intuition.
What are your favorite writing strategies? Have you tried something you thought would work well and didn’t? Or did you reluctantly try something you didn’t think would work, and surprised you with success? Do you have any nuggets of wisdom that aren’t listed here? Let me know in the Comments Section below!
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