How to Diversify Your Writing Income
Why new writers shouldn’t put all their eggs in one basket
Did your mother ever used to repeat the saying, “Don’t put your eggs in one basket?” If there’s one lesson to take early on in the writing game, it’s to diversify your income. Change is inevitable, and when it comes, you should always be ready.
A couple of years ago, I transitioned into a freelancing writer career. Before quitting my full-time job, I did a ton of reading to figure out where I should start and where beginners were writing. I was lost in a sea of advice.
Early on in my research, I observed that so many writers focused on one or two extremely specific things. So many articles that I read on Medium suggested writing on one platform to start. While I recognize the importance of the advice for beginners to focus and hone their skills, it’s a huge risk.
I am here to put out a call to new writers and post-college grads that “putting all your eggs in one basket” is never a good idea if you’re relying on writing to support you financially. No matter what industry you’re in, it’s always better to diversify your income streams.
My background in non-profit management is where I learned the hard lesson of diversifying funding sources. In my twenties, I became the executive director of a small non-profit that served at-risk youth. When I started my position, the organization was essentially being sustained by one large grant, and we learned the hard way that this was a mistake.
We were so sure that when the next grant cycle came around, we would get the money again and counted on it. Unfortunately, the organization didn’t get the funding again, and we were in big trouble. I scrambled to recoup as much money as I possibly could, and it was beyond stressful.
After working overtime for months, writing grants, writing letters to sponsors, adding new fundraisers to the table, we survived. Still, we should’ve never relied so heavily on one significant funding source. As unfortunate as this was at the time, it was a lesson that I was lucky to learn early in my career.
If you’re a writer, how does this apply to you?
How can you rely on something as your only source of income when you’re at the mercy of an algorithm that could change any time, without any warning?
Let’s consider being a writer on this platform. Many writers exclusively write on here. You know who I’m talking about, those writers who write tons of articles about how they make six figures just from Medium.
In late fall of 2019, I was a new writer on this platform when everything changed. Medium wholly altered the way writers got paid. If you weren’t on this platform at that time, it used to be structured so that writers got paid based on the claps they received. Then, Medium quickly switched to the algorithm they use now. Many writers were affected in positive and negative ways.
Perhaps you’re not interested in being a full-time Medium writer. Maybe you’re dead set on writing a novel as fast as you can and publishing it on Kindle Unlimited. After all, it’s the quickest and easiest option out there.
Yes, it’s easy, but what happens when Amazon changes the game? Algorithms change, leadership changes, and sometimes people flat out stop going to some sites because there’s a new game in town. With so many other great eBook options like Scribd, it seems like authors are cheating themselves out of so many different pools of money.
Additionally, libraries purchase eBooks. When you limit yourself to Kindle Unlimited, you are not even allowed to sell your books to other places, and that includes libraries. It seems like authors are short-changing themselves by choosing to publish exclusively on Kindle Unlimited.
How Can I Diversify my Writing Income?
Other than writing on Medium, where are some other places that you can start making money as a new writer?
- Apply for SEO content writing companies, like the Hoth. These companies are always in need of freelance writers to write their blogs for various niches. Pay ranges are typically anywhere from $15-$150 per article, depending on the word count. Although the pay isn’t high, the work is consistent.
- Are you a parent? Try out writing some articles for digital publications like MommyPoppins, or MommyNearest. They’re always looking for writers who write about the fun stuff they do with their kids. If you take your own pictures, even better. I love writing for these publications because I get to spend time with my child, make money, and build my portfolio.
- If you’re a millennial, chances are, you know social media like the back of your hand. Many freelance writers create social media content, and the pay is excellent. Where can you find leads on this type of work? You can set up a profile on Bark. They send you leads for free, but you end up paying if you decide to communicate with the client. You can also set up an account on Upwork, but beware of the fees that go to the site. It’s not great pay, but it’s a good way to get some experience under your belt.
- Start a blog. Many people underestimate the power of having a blog. Writing for Medium and other platforms is crucial to get your name out there, but your blog is yours to own and earns money forever. If you’re in it for the long game, a blog is never a bad investment of time. I’ve struggled with launching my blog because of perfectionist issues. This month I signed up for a blogger boot camp, and I’m finally getting it done. If you’re looking for recommendations, I’m loving Christina Galbato’s blogger boot camp, but there are tons of options out there.
Diversify Your Writing Income, Always
Don’t get me wrong; I think it’s essential to have focus and hone your skills. You never want to spread yourself too thin. But no matter what field you’re in, whether you’re a writer, a social influencer, or you work for a nonprofit, it’s always going to benefit you to have multiple revenue streams.
The one thing that you can always count on is that change is inevitable.
