While most content writers have a passion for writing, making money is the name of the game. Unless you are a salaried content writer, your ability to bring in more money from your daily efforts is considerable. Given that the average content writer’s income in the U.S. is approximately $35,000 and the top income is around $72,000, there is plenty of room for most writers to improve.
Add this to the fact that many content writers pull double-duty through blogging, affiliate marketing and more. With time in short supply, what can you do to maximize your income?
1. Know When to Let Go
There is certainly something to be said for having regular clients who are always throwing projects your way. However, regularity does not always equate to profitability.
Are you charging them a far lower rate than you charge other clients because of their steady need for your services? Do they send you difficult assignments that take much longer to complete than others? Do they demand frequent or significant revisions?
Steady work is great… until it starts eating away at your profitability. In these situations, it is cost-effective to increase your rates or replace these clients with others who are easier and more lucrative to work with.
Do you need help finding quality clients? Check out my book to get helpful tips.
2. Explore More Profitable Income Streams
I get it. You’ve found something that gives you reliable income, and you are reluctant to let go of it. However, that security may be costing you money.
There are many ways for writers to make money online and offline, and some of these income streams may be far more lucrative to you than others. This may be particular true given your area of expertise.
Some of the many possibilities include blogging, penning novels, writing course material, content writing and more. Spread your wings to see how high you can fly.
3. Improve Your Skills
Your earning potential as a writer boils down to two primary factors. These are your writing skills and your writing speed. To optimize income, you must write quickly and well.
You can spit out garbage all day, and you may only earn a fraction of what you could be earning. On the other hand, you may spend all day writing a piece that could have been completed in an hour or two. Both situations affect your income potential.
4. Stop Looking for Work
In the first tip above, I mentioned cutting ties with regular clients who were not cost-effective to work with. The flip side of this is spending too much time looking for work. If you are holding out for the highest paying gigs and have long periods of downtime, you are potentially leaving money on the table.
Regular clients enable you to stay productive throughout longer stretches of the day. Focus on developing long-lasting relationships with clients who are easy to work with and who pay you what your skills are worth.
5. Focus on Passive Income
You can actively work for your money, or you could earn passive income. As a writer, the most common type of passive income is royalties from a book. However, you may also get income from online content that you previously published, advertising income from a blog and more.
Your goal may be to eventually earn enough passive income regularly that you no longer have to write each day. Until that happens, you can double-dip by combining active and passive income streams.
6. Take Advantage of Tax Write-Offs
Do you know all of the tax deductions and credits available to contract workers and freelancers? Taxes are not any fun to read and learn about, but reducing your tax bill is something to get excited about.
Now is a wonderful time to read up on tax write-offs. Create a tracking system for expenses if you do not already have one. Remember that tax laws change annually, so spend time each year staying on top of this important topic.
You work hard for your money, but you may be working harder than necessary. Start using these effective tips to boost your writing income today.
Are you new to freelance or content writing? I’ve been writing full-time for more than 12 years, and I’ve shared valuable tips to get you started on your career in my book.