Writing is generally not a lucrative business – few writers
make their living on writing alone. Bestselling novelists like Stephen King,
J.K. Rowling, James Patterson or Suzanne Collins earn big bucks, but there are
many, many who must write for various genres and media and still struggle to
earn enough to pay the mortgage, etc. A
recent article published by The Guardian (UK) estimated that the average
self-published author earned between $500 to $10,000 for the year.
Most writers write because it goes hand and hand with
breathing, it isn’t a choice. Certainly with these numbers, we’re not in it for
the money – although money would be nice.
Do some planning before you give up a full time decently
paying job to become a full-time freelance writer. If you still want to give up
your current job or are in the middle of looking for one, think about
writing-related positions to hone your craft, keep your name in the industry,
and to give you the pleasure of telling the world that you are a writer. To
write and add to your portfolio, consider magazine articles, technical
journals, or travel writing. Other jobs to look at include book reviewing,
copy-editing, writing instructor, editorial assistant, fact-checker, librarian,
grant writer, proofreader, or marketing.
Still determined to have a go of it as a freelance writer?
(Good for you!) Make a business plan. What is it you want to go or do with your
writing? This can include long-term and dream-big goals. Now on the business
end, decide on business goals and strategies. If your goal is to sell 500 books
this year, how are you going to get your book in front of people? How are you
going to persuade them to read your book? These goals should be precise,
realistic, and provide concrete results. How much money AND TIME do you have to
invest towards these goals? Be realistic and prudent. What can you reasonably
expect to earn this year based on your hard work? What types of expenses will
you need for necessary supplies/advertising/overhead? How are you CURRENTLY
earning money? What do you realistically expect to earn from this project
within the year? What strengths do you have that will be helpful in attaining
your goals? What can you do to improve your resources? Is there training or
other education that would help you and can you do it?
Once you have your plan in place pick a time period where you
will evaluate your growth and make any necessary modifications to your business
plan. Don’t do this TOO OFTEN; give yourself a chance to work it. You also must
take the time to learn as much about your craft and the industry as possible.
Research editors, publishing companies, book styles and genres, and your
audience. Get involved with either an online or a face-to-face writing group
hopefully with experienced authors and writers – and if the group ever becomes
nothing more than a cat-fighting clique, leave it.
Learn the terminology of the industry particularly where
contracts and agreements are concerned. For instance, an ADVANCE is not found
money; it is money a publisher gives you upfront that you will earn royalties
against and you will not be paid anymore royalties until your earnings surpass
the advance. While the advance is generally non-refundable, if your book does
not sell then the publisher takes a serious loss on you and may not be likely
to support another one of your works. ROYALTIES are equal to a percentage of
the sales of each book and most often factor in the publisher’s expense first.
Understand what expenses can be charged against your royalties. An OPTION CLAUSE
means that this publisher gets the right of first refusal on an author’s
subsequent works before any other publisher can consider it. Read carefully
what RIGHTS you are assigning to the publisher (First North American, e-book,
audio, subsidiary, etc) and question anything you don’t understand. Also make
sure there is an equitable termination clause that gives BOTH the publisher and
the author the right to cease affiliation and stop publishing the book.
Writing Exercise: Write a letter of encouragement to yourself as a new writer. Keep
the letter positive and honest. Make suggestions as to how to improve writing
skills and finding a publishing home.
Writing Prompt:
Think of any of your favorite or most read authors and list up to six items
about his or her writing that keeps you coming back.
