So, you’ve heard me talk about writing ebooks and making money with them right? I’ve gone from as little to a handful of dollars a month to $800 dollars a month in writing fiction. There’s a lot of room for screwing up. But that’s not to say that it’s not a good way to make money from writing. If you’re smart (there have been many times when I was not!) and do your research, you can definitely make money writing – either as a side gig to your day job or as a full-time endeavor.
I hope someday it will become full-time for me, so I’m re-examining what I’ve been doing and trying to make a well thought out plan.
Not a lot of people will admit this but writing fiction is a bit of a gamble. You can’t count on that money coming in – not until you’ve really made it in the publishing business anyway. And there’s two ways to gamble. I know this because my husband is a sports better.
There’s the value bet. This is what sport pickers usually focus on. These are the kind of bets that have the best return for your money. The odds are high and you’ve done your research but it is based on trends and there’s always a decent chance that something will change and you’ll lose your bet. But if you win, you win big.
For people who want to make money by writing this means that they are going to write in a genre where there are lots of sales. Like contemporary romance or new adult romance. People are making a shit load of money with these genres. But there are twice as many people who are publishing in these genres and hardly making anything. It’s a high risk gamble. You could spends months or even longer writing a novel, publish it and hardly see more than a handful of sales. Or you might get a lot of sales and some big return for your time investment.
Then there’s the low risk bets. You won’t see a massive return on the fiction that you write in these genres but the market is smaller, there are less people publishing in these genres, and as a result, they are usually hungry for more and will grab up a new ebook, even if it is by an author they have never heard of. And if you KEEP publishing in this genre for awhile, you can create a fan base that will be loyal and grab up everything you write.
So, you need to make a choice. How big of a gamble are you willing to make?
There are advantages to both types of gambles. You just have to decide what is more important to you? The big win or a series of smaller wins that you build on over time?
I’ll write more about publishing fiction in the future. But I’d love to hear what you think. If you have experience in publishing fiction, what is your experience? What would you have done differently? If you have no experience but you’re interested in it, what do you want to know?
I just finished reading this book:
I love the advice he has to offer. I’m going to be implementing his techniques over the course of the rest of this year and I will see what happens! I may write a post about it later but I can see how this definitely changes the way writers can make money by publishing fiction.