I know I talk a lot about the creative side of writing. Finding inspiration, developing ideas, perfecting your craft and the like. But I saw this piece in writersdigest.com about the business side of writing and thought it might be worth sharing to give a different and more practical perspective on what you can do to manage your finances as they pertain to your writing as you wait for your first big bestseller.
This particular piece focuses on items that are tax deductible when you are earning income writing, or as the author, Brian A. Klems, points out “at least trying to earn money from it”. I wanted to do a bit more research into the business of writing, and came upon another useful article from Forbes.com. The author, Suw Charman-Anderson, offers a number of ideas for ways to generate income from writing. As she suggests, some are more likely than others to spend your time on. One idea she doesn’t mention that could be worth considering is writing articles, although I suspect all of her ideas are aimed at writers of fiction. In this market, there are so many outlets to be published, especially if you’re willing to branch out into areas outside of your comfort zone. Think about the numerous blogs and websites, as well as the rise of web-based media that is easy to pitch to like Buzzfeed, Longreads, the Awl, etc. While many are not income-generating, if you do enough of them and make a name for yourself, you might find at some point you’re actually able to get paid for your work.
I do appreciate her final takeway: “You don’t need a big fat advance to achieve financial security, you need to be creative and fully explore all the opportunities to earn money that are open to you.” Sometimes good old fashioned hard work, networking, and a little bit of luck will take you somewhere on your writing path you never anticipated you’d go.
Do you have any ideas for generating income from writing? Or thoughts about managing your money that weren’t covered here? I’m sure there are many authors who would like to know.