Authors can diversify their writing to earn more passive income
It’s no secret that since the introduction of Amazon’s Kindle Unlimited (KU), royalty returns for ebook authors are not as profitable.
An ebook with a selling price of $4.99 will return now less than a return of $1.40 for KU reads. There is no need to do any complicated arithmetic.
Every author wants to dedicate their time to writing new books. But there are a lot of ways to supplement book sales with other income streams.
Some of these ideas are not going to interfere, or take all that much time away from ebook and novel writing. But for others, you might need to find a way to balance your time.
How to make money from writing
Making money as a writer is not an easy business. But successful writers usually have more than one string to their bow.
Publishing books is now as much a part of making money online as writing online content.
Authors and content writers have a lot in common. Both create content and try to sell it or make money from it online.
If you can put these two together, you can hope to create reliable long term passive income streams.
Here are seven ideas about how you can use your writing skills to help you make more money from your writing.
1. Monetize your blog.
Blogging is the easiest way to earn extra long term income from your writing. There is some hard work, to begin with when you set up a new blog with the aim of creating income.
But once it is set-up and it has regular traffic, it takes up very little of your time. All you need to do is keep writing new blog posts from time to time.
There are many blog monetizing options. Google’s Adsense is the best-known and easiest way to get paid every month for income from advertising.
On every published article on your blog, Google will insert ads. You will get paid every time someone clicks on an ad.
Are you already writing blog posts regularly? Adding a couple of pay-per-click ads to your blog is quite easy. It’s a great way to create a modest, but steady income stream.
You could also consider adding affiliate marketing to your blog. Two of the most popular are Amazon Associates and Shareasale.
There are many ways you can make money from blogging. It takes time to build an effective money-making blog.
But it is a time investment that will return a steady and reliable income for many years to come.
If you don’t want to have your own blog, you can write articles as guest posts for other blogs. Some will let you include your affiliate links included in your articles.
2. Write content.
There are thousands of paying openings for freelance writers to write content for websites, blogs and newspapers.
You only need to do a quick Google search to find sites that are looking for writers. There are many many ways you can get paid to write content for blogs, companies and online magazines.
However, to save you time here is a great listing of websites that pay writers for writing.
The Internet is all about content marketing. So there are always ways for good writers to earn money from freelance writing and content writing.
You want to write, but if you have good writing skills you can use to earn more. You can even build a full time, work from home job.
Proofreading, beta reading, cover design or writing and publishing coaching for new authors are all in demand now.
Set your price, and the time you have available, and offer your services. Social media is an easy way to tell people about the services you can provide.
If you have a lot of time available, you could consider editing or story development. But these are quite intensive services, so make sure you can dedicate the time.
4. Publish Poetry.
No, I’m only joking here.
But then again, poetry ebooks and short stories are proving to be popular now. So perhaps you could consider trying more short-form publishing.
5. Become a ghostwriter.
There will be no accolades for you. But writing a book for someone else is a lucrative paying contract.
Pay rates vary according to specific writing jobs. Do your research first about what you plan to charge.
It is also a very good way to fine-tune your writing skills. Perhaps it will give you the chance to write in a different genre than you are used to.
6. Write Book Descriptions.
Most authors find it a chore to write effective book descriptions. Do you believe you can do a lot better?
If you can, this will surely make you a nice little side income. If you are feeling confident, you could also offer to write author bios.
7. Think Outside The Nine Dots.
There are always many ways for writers and authors to add small, or perhaps significant side income streams. These can ride out the humps and bumps of book sales.
A little research can go a long way in finding new writing for money possibilities.
You might be writing your next bestseller.
But maybe it is worth spending a few minutes doing some research into how you can diversify your income. Then you can profit even more from your writing.
More reading: Blogging For Beginners – How To Start A Blog