One of the best things about being a writer is that, even when you’re partying till dawn (by which we mean reading past your bedtime), your writing can still be hard at work raking in some extra income. The trick is knowing how to play the publishing game! Writer’s Relief presents some ways to earn passive income as a writer:
How Writers Can Earn Passive Income
Write a bestselling book. Yeah, you’re probably smacking yourself in the head right now, thinking: Duh! But we have to mention every possibility. Sure, there’s all the work of writing the book, but afterward, if it’s incredibly popular, you can just back and watch as the whole world lines up with credit cards at the ready. However, while you’re waiting for a big break that nets regular and sky-high royalty payments, you might as well try these other ideas for generating passive income until your ship comes in. Read on.
Write a practical e-book. Though some publishing pundits proclaim that the e-book market is as overcrowded as a Starbucks during rush hour, a savvy scribe with a little indie publishing know-how can capitalize on niche markets in the genres of how-to and self-help. Do you have expertise on a topic that might have a lively readership? Or maybe you have highly specialized knowledge that could help an underserved community that is ravenous for expert advice? You might be able to make the self-help genre help your wallet. BONUS TIP: Go wide! Offer your e-book in multiple formats, including audio, to make the most of your moneymaking efforts!
Create a virtual e-class. Why not use your expertise on writing and publishing (or maybe your expertise on snail farming or vegetable pickling) to create a virtual class? Once you’ve written your class text, you can use your lecture materials again and again. Reach out to online learning websites (including those that are specifically for your audience) to see if there’s a market for your particular specialty. Or offer your fee-based class to your own loyal social media following. And if you need help getting the creative wheels turning, try this: How To Come Up With A Lecture Or Seminar Idea.
Consider affiliate marketing. If you have created a relatively popular blog or website that caters to a particular clientele, you might be able to capitalize on affiliate marketing opportunities. Gourmands who post recipes might connect with food manufacturers who will pay for click-through affiliate links. Or DIYers and craftspeople might earn a kickback for promoting products. Just be sure you’re always upfront about affiliate relationships.
Buy a blog. Believe it or not, popular blogs often go up for sale. In fact, some writers make a business of creating blogs, building them to peak popularity, and then selling them. If you’re not inclined to build your own blog readership from scratch in order to dip into affiliate marketing, you can buy a blog. Here’s one website that acts as a trading floor for bloggers. Running a popular blog takes a lot of work, but content that remains popular and encourages clicks is worth its weight in gold for months or years—even when you’re off doing something else.
Try copywriting. The web runs on images and words (and yes, lots of code, but you get our meaning). So if you’re good at words, you’re in high demand. While some media outlets continue to pay writers a flat rate for content, other companies will reportedly offer writers the option of being paid by the click indefinitely. So while the initial (active) advance for a blog article might be low, the (passive) pay-per-click returns for a very popular article could turn a low advance into a click-rate windfall. Learn more about how to become a freelance writer.
The Key To Earning Passive Income As A Writer
To make passive income as a writer, you’ll need planning, confidence, and knowledge of your field. You’ll also need a whole lot of energy and interest in marketing; after all, making passive income hinges on your visibility. Read up on marketing strategies, keep your finger on the pulse of the Internet, and write to engage your audience. Then catch some ZZZs while your writing catches $$$!
Question: Do you earn any passive income as a writer? How do you do it?