4 Ways to Diversify Your Income as a Writer
Being a writer-for-hire can have many perks. However, a BIG potential downside is income fluctuation— especially if one is trying to consistently earn a full-time salary as a freelancer or is hoping to make enough money via a side hustle to pay off debts, retire early, or reach other financial goals.
Plus, pulling in additional cash is merely one benefit of repurposing your creative talent to pursue new revenue streams. Expanding the services you provide helps to organically grow your professional network. The more contacts you have, the more people are also likely to be interested in articles, essays, poems, and books you may publish in the future. It also increases your odds of having steady work because current client testimonials are essentially free advertising. Each satisfied customer could directly—or indirectly—be the reason you’re offered another contract.
Prior to becoming a senior editor at Madison Magazine, author Maggie Ginsberg piecemealed a path to achieving her publishing goals. "I don't have a creative writing or journalism degree. I also didn’t start freelancing until I was 30 years old, married with kids, and almost a decade into an advertising sales career. So when I finally learned it was a viable side gig, I wasn't wasting any time. I was fortunate enough to learn about freelancing from Minneapolis writer Frank Bures, who led a two-night 'Introduction to Freelance Writing' course that cost $19 back in 2006. It changed my life,” she explains.
“I went home the night of the first class and ordered business cards and set up a website, then called the local newspaper in the morning. For me, the biggest factor was knowing I'd found what I wanted to do. I was passionate about the work; now I needed to learn the hustle. The thing about freelancing is you're not just a writer—you're your own marketing department, bookkeeper, and administrative assistant. You're the boss and the employee. You have all the freedom and flexibility. But none of the stability, so you have to create it yourself.”
Although Ginsberg and I started a freelance side hustle in similar ways, Ginsberg eventually pivoted to working at a magazine full-time rather than forgoing working at a day job altogether. "From the start, I decided to treat myself like a small business owner. I not only learned as much as I could about how (and when and why and what and where) to freelance, but I wrote out my own code of ethics and a very detailed job description... then eventually gave myself the job," she says. "I joined trade organizations like Mediabistro and the American Society of Journalists and Authors (ASJA); read everything I could get my hands on, and took more classes whenever I could. Meanwhile, I wrote two articles a week for the newspaper that first year while pitching magazines... learning as much as I could from my editors. I paid close attention on a line-by-line basis to what they changed and why."
It took over 17 years for Ginsberg to amass enough bylines that she no longer needed to keep taking on assignments that paid a much lower rate.
"I was writing steadily enough for magazines that I left the newspaper behind," she affirms. "I only stopped at the newspaper to move to magazines because they paid better. I loved writing for the newspaper but it took just as much time to write those articles for a lot less pay, so that's why I say it was a financial and timing decision. But I always had a day job while freelancing. I did production/graphics/admin/bookkeeping for a small business all the freelancing years before going full-time at Madison Magazine in 2020... I admit I was never great at pitching, but I learned if I could establish a relationship with an editor, they would send stories to me. I think I developed a reputation as not only a good writer but a reliable one who was easy to work with. Now that I'm an editor on this side of things, I understand even more how valuable it is for editors to have 'go-to' writers they can send stories to- ones who are friendly and open to edits without ego, as well as who meet deadlines and turn in clean work written to specs. Anyone can improve their writing, but developing those other skills are just as valuable to freelancing in the long run."
If you feel like your writers' toolbox is pretty stacked but need more ideas on how to make more profits using your passion, consider:
- Ghostwriting: Books, e-newsletters, website copy, and speeches are all options.
- Producing Sponsored Content: Many of the multi-page advertisements in magazines that look like articles often get written by freelancers that the publication hires rather than the brand.
- Teaching a Class: What is a fave writing topic or a craft element you have mastered and could create course content around?
- Consulting/Coaching: If you find yourself repeatedly hit up for advice from other writers or business owners, there is a strong possibility you could probably charge for the advice you are currently dishing out for free.
For any of the aforementioned suggestions, determine a fair rate based on your level of expertise, in addition to the estimated resources and labor you will need to invest to complete each project. I set the majority of my rates based on time spent. Much like an attorney, I charge for every point of contact. I find this deters clients from requesting unnecessary meetings - or attempting to assign me additional tasks that were not a part of our initial agreement.
All of these opportunities can help strengthen your personal brand, plus expand your professional circle (in person and online). And remember Ginsberg's experience: Folks who feel as though they have a personal connection with you are more likely to support your future creative endeavors by purchasing books, attending author readings, and continuing to hire you as a contributor.