So, you have the perfect idea for a book, you have beaten your writer’s block, and now you are ready to dedicate yourself to crafting your story. But how will you sustain yourself financially during the weeks, months (or perhaps even years) necessary to write a great novel? Luckily, you don’t have to choose between creating your art and signing up for a traditional 9-to-5 job. Instead, there are many ways to boost your earnings and enjoy additional income streams. Unsure where to start? Here are 4 ways to earn money while you write your book!
1) Take on a Side Hustle
There are endless side hustle ideas that you could try out while writing your book. Although the income you’ll be able to earn varies widely, recent surveys have found that the average side hustler makes between £6,783/$8,948 per year (men) and £4,613/$6,085 (women). Respectively, this amounts to approximately £565/$746 and £384/$507 per month.
While this is below a standard salary, a side hustle can potentially offer regular boosts to your income nonetheless. And you can even choose to spend time working a side hustle that will benefit your author career. For example, you might consider becoming a blogger, copywriter, content creator, online English tutor, or book formatter for other authors. Whatever your passion is, there are plenty of ways to make some extra money from your skills and/or hobbies and interests.
2) Create a Course or Guide
If you are something of an expert in your field, a great way to generate eventual passive income is by creating courses or guides that can help others improve their skills and knowledge. For example, you could consider creating a creative writing course and selling it on major platforms, including Skillshare and Teachable.
Just make sure you can regularly update it, price it fairly, and make it accessible for all users. And, don’t forget to craft a marketing strategy or social media advertising campaign that can help you close more sales. Check out @courseconfident.co on Instagram for inspiration!
3) Consider Investing
Thanks to today’s multitude of trading platforms, retail investors are taking over the market. And for more than one reason! Investing – when done wisely – can make your money work harder for you. Especially when compared to just keeping your savings in a savings account!
However, when investing, it is important to understand what trading platform to trust, what risk tolerance you have, and how to diversify your portfolio. These are just the basics of investing, but these basics can save you from significant monetary losses.
When diversifying your portfolio, make sure to tap into different alternatives, including Share CFDs, cryptocurrencies, individual stocks, mutual funds, ETFs, NFTs, art, and commodities. Investing for Beginners and How to Start Investing: A Guide for Beginners are both helpful, informative resources if you want to find out more.
4) Leverage Your Property
If you have assets, such as a car or house, today’s gig economy can help you make money out of it. For example, you might consider listing a room on Airbnb or offering your services as a Uber driver. Or decluttering then selling surplus clothes and belongings on sites such as eBay, Depop and Vinted. You might also consider renting out equipment such as clothes steamers, kitchen appliances and garden machinery.
If you’ve found ‘4 Ways to Earn Money While You Write Your Book’ helpful, check out these related posts and/or follow me on Instagram for all things writing, editing, proofreading and formatting!