4 Simple Ways to Make Extra Money as a New Author
By Phil Giangrande
Becoming a full time author is no easy task. Especially in the beginning, authors who are just starting out often find side hustles to add extra income. Many self-published authors, and even traditionally-published authors, have other sources of income.
As of 2017, according to The Author’s Guild, the median income for US authors was down to an anemic $6,080. Those are pretty discouraging numbers, huh?
One option, especially if you are starting out, is finding supplemental forms of income. Here are a few ideas to get you started.
Supplemental Income Streams for Authors
Ghostwrite, Edit, Proofread, Blog
People need writers. There is plenty of work to be found by being a hired gun for small to medium sized businesses. Many of these companies don’t have full marketing departments and therefore, hire freelancers to help get their message out. Do a little research to find writing and editing gigs.
Imagine being able to write articles or blogs about products and services you love. It can be a great way to earn extra income while still pursuing your dream of being a writer. Plus, many writers support each other through guest posts and writing for each others’ blogs.
Become a Consultant
Consultants can make a pretty good hourly rate, in fact, some command a massive one. Don’t be afraid to put yourself out there as an expert. If you’re writing non-fiction, then you’re already positioning yourself as an expert, but what if you write fiction? Maybe people need help with constructing a believable sci-fi world and you can help. Perhaps you’ve written a historical fiction novel and have become an expert on your particular subject through the massive amount of research required to write the book. It might be you’ve become an expert on online dating through writing your romance novels. The point is, there are opportunities for creative thinkers to make some extra money while providing a very necessary service.
There are a few different ways to consult. Some people will want to meet in person one on one for which you can charge a premium. Others will be happy to pay for consultations over the phone or online.
White Pages and Special Reports
White pages and Special Reports are typically PDF’s that are 4-7 pages long and address a specific hot button issue that’s creating a challenge for your target demo. These can be real money-makers if they’re solving a problem. Also, because they are inexpensively priced, they appeal to a wider swath of buyers. How would next month look for you if 1,000 people bought your $5 Special Report? Is five bucks really too much to spend to solve a major problem in your life?
The great thing about White Pages and Special Reports is that they can be delivered digitally. No printing costs! Offer them though your email-list, on your social media accounts and anywhere else you will find people who are suffering from the problem that you are solving.
Now, this doesn’t mean you should give up on your dream of being a successful author. As a matter of fact, we can help with that. Contact us about your author goals and find out if you’re ready to start promoting your work as an author.