Diversifying Your Writing Income: Strategies Without Burnout
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Chapter 1: The Importance of Diversification
Relying on a single source of income can be risky, especially in the writing industry. After previously depending solely on two platforms, I faced a sudden drop in earnings when both platforms faltered. Thankfully, this side gig didn’t push me into financial distress. However, had I relied entirely on that revenue, I would have found myself in a precarious situation.
In this chapter, I’ll share some effective strategies to diversify your writing income without overwhelming yourself. It took me six months to devise this approach, which has allowed me to establish multiple income streams without significantly increasing my workload. While hard work is still necessary, it’s about finding a sustainable balance.
The Streams of Income
Initially, I made the mistake of concentrating on just a couple of income streams, but when those fell short, I overextended myself by trying to create too many new avenues at once. This approach led to burnout. Now, I’ve identified a manageable number of income sources that complement each other, leading to a more harmonious and less exhausting workflow.
Income Stream #1: Book Royalties
My primary source of income now stems from book royalties. With 13 published books and several low-content options, I enjoy a consistent monthly income.
Income Stream #2: Medium
Despite some misconceptions, Medium remains a viable income source for me. It not only generates revenue but also directs readers to my other content. You can check out my Medium profile for more details.
Income Stream #3: Substack
Substack ranks as my next most lucrative income source. I’m excited to expand this revenue stream in the upcoming months by offering guidance to aspiring authors on writing their books.
Income Stream #4: Gumroad
Interestingly, Gumroad has gained traction recently as I've found my niche. It serves as an excellent platform for individuals looking to purchase writing resources.
Income Stream #5: Affiliate Marketing
My final income source is affiliate marketing, which has started to gain momentum. I focus on promoting only products I personally use, such as Publisher Rocket, Designrr, and Amazon Affiliate links.
Final Thoughts on Income Streams
Each of these income streams supports the others. Medium and Substack help me build a following and an email list. Substack subscribers receive discounts on Gumroad products and are directed to my books, alongside my affiliate links for resources I recommend.
While my focus is not solely on financial gain, as a side-hustling author, generating income is essential for sustaining and growing my endeavors. Someday, this might transition from a side hustle to a full-time commitment.
What income streams do you have as a writer or author? I’m here to assist you in publishing a book this year!
If you’re ready to write and publish, join me on Substack for in-depth guidance on the writing and publishing process.
My name is J.R. Heimbigner, a #1 Bestselling Author with 13 self-published works. Here are two resources I want to share:
- A brief guide on utilizing your Medium stories to craft books.
- The First Draft Masterclass, where I outline how to write your first draft for publication.
Already have a book? Discover how I can help promote it through my newsletter!
P.S. This post may contain affiliate links, which means I could earn a small commission on any purchases made. Thank you for your support!
Chapter 2: Turning Passion Into Profit
In this insightful video, "10 Easy Steps on How to Turn Your Passion Into Profit," Lilian Katiso shares actionable tips to help you monetize what you love. Whether you're a writer or pursuing another passion, these steps can guide you toward financial success.