Alternative ways for authors to make money

Vanessa Grossett shares how authors can create multiple streams of income

As a writer, waiting for the next royalty payment can be a long, drawn-out process, especially if the earnings aren’t high. You want to be a full-time author but with the royalties coming in you can’t survive and thrive on it.

Other than taking a day job, you may be wondering what else you could do to sustain yourself and whether there is another way as an author you can make money. Well, there is.

Many authors are now diversifying – and not just waiting for the royalties. When you’re an author you are a business, so it is only right you put on your entrepreneurial hat – especially with so many opportunities available to create more income. Here are some of the other ways as an author you can make money.

Public speaking
This is very common, and it is many authors’ first choice in promoting their book. However, not many see it as a career. As an author, you have a wealth of knowledge you can bring to your audience, and your advice is needed.

Now, you may not want to charge initially, just to get your name out there, but eventually you can start charging. With public speaking, there could be array of things you may be an expert in – especially if you are a nonfiction writer.

Also, the more bookings you get as a public speaker, the more your profile increases, and you could eventually join a speaking agency.

Book mentoring and coaching
This involves offering your expertise to another author and seeing them through the whole publishing process. You will be reading through their manuscript, making suggestions, checking on them to see how they are doing, as well as helping them put a marketing plan in place for book promotion.

A lot of seasoned authors are doing this with other writers and are making money. Plus, you get the satisfaction of helping another author who may be new to the industry and needs support.

Writing workshops and festivals
An example of an author, who has successfully established a book festival, is Selina Brown. In fact, her festival, the Black British Book Festival, is one of the largest in the UK, and the largest celebration of Black literature in Europe. It’s a great way to connect with other authors as well as with publishers.

If you see a niche in the market and believe you can host your own festival – even a workshop – then go for it. There is always a need for authors – especially new authors – to learn about the publishing industry.

Also, as stated before, workshops and festivals are a great way for writers to connect with other authors, as the writing world can be isolating. By hosting workshops and organising festivals, you are bringing people together who can create networks.

Starting a Publishing Company
This is very common, especially among Black authors, because of the lack of opportunities available from mainstream traditional publishing houses to authors from different backgrounds.

Authors have taken matters into their own hands by giving others a chance to get their work published.

If you have been a self-published author, you have the advantage of knowing the industry and are aware of how publishing works.

There are authors who have successfully turned their publishing company into a six-figure business. Not only do you have a second income, but you are giving unknown authors a chance to get their books published and be seen by the world.

Screenwriting and producers
Authors are now becoming screenwriters and producers. Rather than wait for a TV production company to offer option rights, authors are learning about the TV industry and doing their own production.

Yes, this will initially require funding, but if the movie is popular, it will be beneficial financially. Plus, there are many online streaming platforms where authors can post their work, such as YouTube. Also, once you have acquired the knowledge of screenwriting, you can actually start pitching your work to other producers and get paid.

There are other things that authors do, like lecturing. Nonfiction authors can lecture in their field, and even host events for other authors.

The author world is very advanced now. Gone are the days of just writing a manuscript, submitting to publishers, and waiting for royalty payments. As a writer, you need to publicise your own book and build your own brand. Why not start diversifying and create multiple sources of income?

Happy writing

Vanessa Grossett
www.theauthorscare.co.uk