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Income streams for writers presentation

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Learning to develop effective supplemental income streams can help fiction writers maintain a steady cash flow, bridging the gap between famine and feast.

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Income streams for writers presentation

  1. 1. “Many small streams will form a big river.” Swedish Proverb
  2. 2. Presented by Linda Fulkerson • Marketing & Blog Coach for over 15 years • Owner of DLF Digital Services LLC - a website, graphic design, and marketing company, specializing in helping authors build an effective platform • Former owner of a small publishing company • Presenter to writers’ groups on topics of marketing, blogging, author websites, and self-publishing • Author of several books - both fiction & nonfiction • Former online editor & digital services coordinator for the Killeen Daily Herald • Wife, mother of four adult children, grandmother of six • Learn more about me at my website: www.lindafulkerson.com
  3. 3. What You’ll Learn in this Webinar • The difference between passive and active income • Reasons why some people fail at developing
 supplemental income • How to succeed at developing supplemental income streams • 15 specific ways writers can create passive 
 and/or active income to supplement 
 fiction-writing revenue • How to maintain a balance between writing
 and developing additional income streams
  4. 4. Introduction • Many fiction writers struggle to balance cash flow between contracts and royalty payments • Or, if you’re not yet published, it’s often necessary
 to contribute to the household income • So, what’s the solution? • Quit writing? • Or develop additional income streams
  5. 5. Two Main Types of Income • Active Income • Revenue earned basically by trading your time for
 someone else’s dollars • Most common example of active income: a JOB • Passive Income • Income received (typically on a regular 
 basis) with little effort required to 
 maintain it • Examples of passive income include: • Rent from property • Royalties from book sales • Interest on savings • Dividends on Investments • Many online business models
  6. 6. The Common Denominator between Active & Passive Income • Each type of income requires an investment of
 either time, money or both
  7. 7. Why Some Fail at Developing Additional Income Streams • They are trying to get something from nothing • They think it’s a “get rich quick” scheme • They give up too easily • They think it’s a scam • They’re lazy • They don’t think they can do it • They don’t have the technical skills to create
 online income • They don’t know what to do or where to start
  8. 8. Key to Success for Developing Passive Income • Understand you’ll need to do some work on the front end (and possibly invest a minimal amount of money) to enjoy the benefits later (delayed
 gratification) • Choose an income stream that best fits
 your budget, schedule, and talents • Be patient. Passive income development
 takes time. • In the meantime, you can supplement
 your income quickly by implementing the active
 income streams we’ll discuss in a few minutes
  9. 9. Top Six Ways to Make Money Online (Passively) • eBooks • Blog Monetization • eCourses • Membership Sites • Information Products • eCommerce Sites
  10. 10. eBooks • Conduct market research to determine what people want to learn • Write an eBook that either (a) solves a problem or (b) helps your reader attain a dream • The “Big Four” - best-selling broad markets 
 are: Money, Health, Relationships and Lifestyle • Most “How To” eBooks are about 20,000 words • Novelists can “write what you know” by
 sharing your approach to various aspects
 of novel writing (character development, research,
 plot structure, etc.) • The key to success in writing eBooks is quantity • Think series - use each book in the series to market the next
 and previous books within that series 

  11. 11. eCourses • eCourses have a higher perceived value than eBooks, and therefore typically have a
 higher price point • You can deliver text eCourses via email using an auto-responder or create video courses using screen-capture software • Protect your content from unregistered viewers • Publish eCourses yourself or through a learning 
 community, such as Udemy • Secret tip for eCourses: Audio quality is more
 important than video quality
  12. 12. Membership Sites • Membership sites are a great way to develop passive, residual income • Membership sites can easily be automated, meaning once you set them up, the work is done, other than promoting your site • There are several ways to set up a membership site • You don’t need to spend a lot of money to create 
 a membership site • Think of things you’re an expert in that others
 would like to learn • You don’t need a lot of members to generate good
 income - a $19/month site with just 100 members will
 bring in $1900/month
  13. 13. Blog Monetization • Blogs themselves don’t generate money - you must monetize them • Blogging isn’t totally passive, but once you grow your audience, you can make good money from your blog • There are many ways to monetize a blog, including eCourses & Membership Sites • Other ways include advertising and affiliate links • To make money through advertising, you 
 need a LOT of traffic • If you use affiliate links, be sure to comply with
 FTC regulations concerning disclosure
  14. 14. Information Products • Information products are similar to content you might find in a membership site or eCourse - the difference is they are sold as one payment for one product instead of recurring payments (such as a membership site) or a series of content (such as an eCourse) • Information products can be sold directly from your website - such as a direct sell eBook instead of using a third-party, like Kindle, to sell your eBook • Information products can come in a variety
 of formats - eBooks, Checklists, Videos, Blueprints, etc. • To sell information products directly, set up a sales
 page with a video that explains the benefits of your
 product. After the purchase (via PayPal or another
 online shopping cart service), deliver the product as an
 instant digital download using an auto-responder
  15. 15. eCommerce Sites • An eCommerce Site is an online store • You can sell digital and/or physical products • You can sell your own products and/or
 affiliate products • You will need a website, a shopping cart
 service, a payment gateway (such as
 PayPal), and a way to deliver your 
 products
  16. 16. Active Income Streams for Writers • Speaking • Back of Room Sales • Design Services • Writing-related Services • Marketing Services • Service Contracts • Consulting • Virtual Assistant • Sell Stuff
  17. 17. Speaking • Some speakers command thousands of dollars (or more) per session • Hone your speaking skills and position yourself
 as an expert in your field (think: “Author”ity) • Types of presentations include keynotes,
 seminars, workshops, etc. • If you’re new to speaking, start by presenting 
 free talks to local clubs,churches, 
 and writers’ groups
  18. 18. Back of the Room Sales • Once you determine the area you wish to position yourself as an expert in, write and self-publish a
 book. Print it using CreateSpace (owned by
 Amazon), and buy some author copies • Sell your books at your speaking events.
 Most people who attend an event want
 a signed copy of the presenter’s book • Tip: Pre-sign books and personalize
 them at the event as people buy them • Tip: Take a friend or family member to handle
 the actual selling process so you can meet and
 greet those who have purchased your book
  19. 19. Design Services • Websites • Graphics • Logos • Don’t limit your services to those in your
 writing circles - offer services to
 small businesses in your community
  20. 20. Writing-related Services • Blogging for Pay • Editing Services • Paid Critiques • Conducting research for writers • Ghost writing • Pre-publication formatting (eBooks,
 CreateSpace, etc.) for indie authors
  21. 21. Marketing Services • Social media management • Reputation management • Search engine optimization • Email marketing • Video Production • Sell marketing services via annual 
 contracts to create ongoing income
  22. 22. Service Contracts • Service contracts are “semi-passive” income • For website clients - sell hosting, maintenance,
 security monitoring, monthly backups, etc. • Create various packages at different
 price points • Require a service contract as part of
 your website development services • Allow monthly payments or offer a discount
 for those who pay annually
  23. 23. Consulting • If you’re qualified to write a book about a topic and/ or present a seminar or workshop on it, then
 you can earn extra money through offering
 consulting/coaching services on that topic • Make sure you specify what you expect
 from your clients and what they can 
 expect from your sessions • Offer ongoing or one-time sessions
  24. 24. Virtual Assistant • Provide professional administrative, bookkeeping, technical, and/or creative assistance to clients
 remotely from your home office

  25. 25. Sell Stuff • If you need quick cash, have a yard sale • Post items on Facebook local sales groups • Sell items on eBay • Post a free ad in your local newspaper
  26. 26. Balancing Writing & Supplemental Income Streams • Set your writing goals, and determine your daily word count needed to reach those goals • Write your words FIRST, before working on your side income streams - otherwise (trust me on this) you might not finish what you planned to write! • Remember, for the passive income streams, most of the work is done once, but it takes time for the money to start • For active income, most of the work is ongoing, but the money starts coming in much faster • Both active and passive income streams require some promotion work • I tend to work in batches, according to the type of task I’m working on - 
 for instance, writing a lot of blog posts or social media updates in one sitting, 
 recording videos back-to-back, creating graphics in batches, etc. • There are automation programs to help with some tasks • Find a daily and/or weekly routine that works best for you and stick to it • Don’t forget your family and your personal time!
  27. 27. Conclusion • As you can see, there are a variety of ways to
 supplement your income while you’re working
 on your next novel • Due to time constraints, it isn’t possible to
 go through the step-by-step how-to
 for the items shared in this presentation,
 however, I’m developing an eCourse 
 that will explain successful methods 
 used to earn income in all the ways
 listed in this presentation . . .
  28. 28. Resources • If you’re interested in learning more, join my Income Streams for Writers notification list, and I’ll let you
 know when the course is available


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