(Business) Diversifying Your Writing Income

diversifyEcclesiastes 11:2 gives sound advice for the writer seeking to make a living from writing: “Invest what you have in several different businesses, because you don’t know what disasters might happen.” Essentially, this verse tells us that we should not put all of our eggs in one basket.

So how does this advice apply to writing?  It does so by bringing up the concept of diversification.  Few writers earn their entire income from one writing source. For example, few writers earn a living from a single book.  Most of us earn income from a variety of sources, including full-time jobs outside of the writing field. The point of the verse is that we should not depend on a single source for our income. Instead, we should make use of various venues for generating writing income.

What are some venues we can implement to ensure that we have enough income to meet our needs? Here are some effective venues you can use to generate income while working on the great American novel:

1) Newspaper columns.  The newspaper column can provide a steady source of income while getting your name out there. Newspapers are often looking for local authors to write about local topics. For several years, I wrote a column entitled Winning with the Word for my local paper.  Eventually, I syndicated that column to other newspapers in my State, thereby increasing my income.

 2) E-books.  The Kindle, iPad, and other electronic reading devices have made the e-book the rage. You can add to your income by converting your books into e-books.  Several companies offer conversion services. One I have used with great success is Living Parables

3) Audio-Books. Today, lots of people “read” while driving. You can record your book on CD and sell it as an audio-book. This is an excellent way to generate income while allowing your listeners the joy of hearing a book’s author read the story he wrote.

Numerous other venues exists for diversifying your income, including speaking engagements, teaching online, correspondence courses, or teaching in your local community college.  What are some venues you have used for investing your writing eggs in more than one basket?

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