How much writing do you do every day?
The amount of writing you do is directly related to your income. The more you write, the more money you will make.
However, in our brave new world of writing, in which everyone is an entrepreneur whether they realize it or not, that’s not the whole story. Not only is the amount of writing you do vital to increase your income, what you do with your words can determine whether you and your family regularly dine on hamburger, or on tenderloin steak.
You need to make every word pay as much as possible.
Make Your Words Pay More
The easiest way to make your words pay more is to raise your rates. If you haven’t raised your rates in the past 12 months, do that today. Raise your fees by ten per cent across the board.
I’m sure your expenses have gone up over the past year, so raising your rates every 12 months is essential, otherwise you’re losing money.
Another way to make your words pay more is to sell them again. You can resell magazine articles you’ve written, for example. The only exception would be if you sold all rights to the articles. Usually, you only sell the first serial rights, so after an article has been published, you can resell the article elsewhere, or you can use the article in an ebook.
One of my friends, Lou, has been writing for magazines for many years. She has a huge cache of articles, which she’s converting into ebooks, AFTER she resells the articles several more times. Many magazines pay for articles which have already been published. After she sells the second serial rights, she’s selling the electronic rights. Websites are hungry for content.
Lou’s hired a personal assistant for ten hours a week. It’s her assistant’s job to send out article and website queries, and to monitor the responses.
If You Sold It Once, It Will Sell Again
I know that many freelance writers avoid the outsourcing sites. This is silly. You don’t need to bid for jobs on these sites, but you should be keeping an eye on what projects are on these sites. It’s free market research.
Several of my SYWON (Sell Your Writing Online Now) students have learned this trick. One student, Robert, is especially adept at spotting trends on these sites.
Robert’s also adept at repurposing content that he’s created. If he writes a series of articles, he also writes a short report. Then he compiles the articles into an ebook which he sells.
After that, he sells a website promoting the ebook, with the rights to the ebook. This year, he’s decided that not only will he sell ebooks, he’ll also sell paper books, using Amazon’s Createspace service. His new business model: write a book. Create a website for the book, then sell the website, and the book which is in both electronic and paper format.
Robert’s taking ghostwriting to a whole new level. He told me: “Many people would love to be authors, but couldn’t write a book if you held a gun to their head. I do it all for them. Write the book, and also provide them with a website on which to sell their book.”
There have NEVER been as many opportunities for writers as there are today.
With endless possibilities for making money, you can write whatever you like.
The more you write, the more you will earn. And the more you think about how to use your words once they’re written, the more profitable every word you write will be.