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Education How Much Will You Earn From Writing In 2012?

Saturday, August 18, 2012

"How much can I earn from my writing?" This is an important question that needs answering for newly emerging freelance writers. It's all very well for you to call yourself a "writer" and earn the accolades and social prestige of such a worthy title, and the image of the poor starving artist is a romantic notion, but you still have to eat! I am often reminded of the joke about money, which actually raises a really important point. It goes like this: "I don't want lots of money. No, not at all! It's just that when I get hungry, they ask me for money. When I want to live somewhere, guess what? They ask me for money. When I just want to get somewhere, yes, they ask me for money. So, it's not me wanting the money. It's everybody else!" It amuses me when it comes to the arts, that many people seem to think that money should not come into the equation. But why shouldn't artists, writers included, make money from their work? Is the work not worthy of earning money? Is it that being a public servant and accepting a wage from the government is more important work than writing? I don't think so! The bottom line is, that if you want to be a writer you have to earn an income and the sooner you face up to your financial status, the better. Get over any guilt factor and start to plan the income you deserve to get from your writing. By doing this planning you will be able to ascertain if you can make a full-time income from your writing or not and if not, just how much other paid work you will need to get to supplement your writing income. Financial Goals For 2012 So, forget the New Year's resolutions, which are often the same old, same old, and frequently never attained. This year set some financial goals for making a healthy and sustainable income from your writing. 1. The first step is to identify the sources of income you can acquire through writing. 2. The second step is to set realistic goals for each source of income. 3. Next, you will need to make a plan for each of them - how will you achieve that much money from that particular source of income? 4. Break down the plan into small easy steps. 5. Action those steps immediately. (I.e. what do you need to do today, tomorrow and the next day to achieve those goals?) 6. The next step is to identify just how much you need to live on and pay bills etc In other words your living expenses 7. If your living expenses exceed your projected income, then you may have to get a day job, or at least not quit your day job yet. (If you are desperate to quit your day job, then you may have to either increase your efforts to earn more from each of your chosen writing streams, or create extra writing streams of income.) An Example 1. You identify that you can earn streams of income from four different sources this year. (a) writing articles (b) selling eBooks (c) copywriting for other people's web sites (d) sales of your new novel 2. Realistic annual goals for you (based on what you earned last year and increasing it by 10%), (a) $5000, (b) $12000 (c) $15,000 and (d) $6000 - total revenue = $38,000 - but don't forget you will need to pay tax on this! 3. Then for each of the individual streams of income you will need an action plan. For example, you will need to work out just how many articles you will need to sell to earn $5000 this year? Then, working backwards, it would be safe to say that you will need to write at least double that number of articles, some of them feature articles, in order to have the acceptance rate high enough to earn that income. (Some articles don't earn as much as others.) Then you work out a plan for selling eBooks - how many can you personally sell? How many affiliate sales can you make, etc.? The same for copywriting - how many clients will you need to get, paying how much on average per client? Monetizing sales from your novels is an easy one - how many copies must you sell to reach your target? 4. Then you need to break down each goal into an action plan. Step by step - how many articles do you need to write this week? Today? And so on. 5. Make up a "To Do" list for each day and stick to it. Tick "completed" as you finish each one, to be satisfied that your goals are being met and there is little guesswork involved! 6. Having made the calculations of expenses vs. income, you will then know how much you need to earn (if any) from a "salaried job" in order to meet them. 7. Then, if you wish to achieve more, you can adjust the plan, either creating more income from each of your chosen streams or adding new streams. Or if you want to build up slowly, you can adjust it down too. Of course, it is unlikely and unrealistic that in the first year of writing you can support yourself fully from the writing activities you undertake, but with careful planning and following a plan, you can become a writer who actually earns a living from writing. It's all in the planning! essay term paper

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