Writers Need More Than 1 Income Stream

Hi Reader,

In 2008, I relied on one income stream.

Freelance writing.

When the banks stuck dynamite on the Irish economy, my income went with ka-boom.

I spent a few months on social welfare.

I figured earning a living from writing was too hard.

So I almost quit.

Then, I took a few courses, worked with a mentor, and (accidentally) started a writing business.

I discovered how to fix my pre-Great Recession mistake.

Pro writers don’t rely on one income stream, no matter how lucrative. They build multiple income streams, each a little finger on the hand that is their business.

You see…

Going all in with a single client or business model is too risky. You need an insurance policy.

Sure, freelancing is fun, but what happens when your client can’t or won’t pay up? Or when a VP suddenly kills next month’s budget for freelancers?

Over the years, I built up several income streams from writing online.

I tried freelancing again but this time around the margins of a day job.

I wrote articles and sales copy for business owners.

I spent some of the week on client work and some pitching new clients. Insurance policy secured.

Later, I self-published over a dozen non-fiction books on Amazon, Kobo, and via my website.

At one point, my non-fiction books earned several thousand dollars a month.

I recently read about a LitRPG indie author earning six figures… a month.

The self-publishing business model can still work, but top indie authors also sell directly to readers, create multiple book formats like audible and print, and invest in ads.

I formed affiliate partnerships with brands and companies I like.

Then, I created content about their products and services.

This was insanely profitable for a few years. Affiliate marketing is harder now, thanks to a series of brutal Google algo updates.

You’ll find a lot of affiliate marketers lurking sub-Reddits ready to deploy their lousy AI content spinners.

I built my site up to millions of pageviews with SEO.

I used profits from my other income streams to hire a team of writers.

Then, I monetised my site by running ads on my site.

These ads earn money as long as my sites get traffic. That’s as close to passive income as I managed.

I created and sold online writing courses.

These writing courses still sell well today. It’s a straightforward business model if you can marry what you teach to your audience.

However, many students and clients don’t want more videos to scrub through on X2 or another library of Teachable courses they’ll never log in to.

They prefer access to the teacher or mentor.

That’s more time-intensive for you. And it means less time writing.

I also run sponsored slots for my daily newsletter.

They don’t earn as much as some of the other revenue streams listed above. But I get paid for writing emails that I’m sending anyway.

My email marketing provider hooks me up with sponsors.

Not all my attempts at building new income streams worked out.

I had less success flipping niche content websites and selling writing printables and other writing tools.

These are a few of the ways you can monetize your writing.

So, where to start?

The easiest way to combine these income streams is with a newsletter or email list.

Then, you can promote your latest books, courses, and products to your list.

It brings each income stream together. And it’s fun to write, too.

I’d like to invite you to a Pro Writers Only workshop next week on this topic. How to Start a 6-Figure Newsletter Business. Buy a ticket.

Write on,
Bryan Collins