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Subscribe to NewsletterWe're in a recession - or a double-dip recession - or a temporary economic blip - or in monetary armageddon - whichever, no-one's got a lot of cash right now, and a fair number of people have lost their jobs.
When you lose your job (it's happened to me a few times - before becoming self-employed - now we call it 'fallow times'), your mind skitters about - looking for ways to earn money that seem like easy money. If you're law-abiding and literate, writing a bestseller can pop up.
It can seem that getting paid to write is sort of like getting money for nothing, especially if you enjoy it. The trouble is - of course - getting a publishing deal.
This American agent's blog gives a concise overview of how advances work, but what happens once you're a Proper Published Author?
Well it turns out that 60% of authors don't earn enough from writing to make a living. That's Proper Traditionally Published Authors. Those at the top earn a lot - and those in the middle earn a bit (a lot less than a lot), and those at the bottom earn barely anything.
The figures are more depressing for self-published authors. In this survey by an Australian publisher, they found that only 10% of self-published authors were making a living.
The most interesting part of the survey though mentions that of the top-performing writers, 'two-thirds of these “top earners” were women, and though they are roughly the same age as the average self-published writer (roughly 40), the data showed that they had been taking writing seriously for slightly longer than the rest of the group.'
I wonder if the poor showing amongst self-published authors is directly related to the state of readiness they find themselves in when their books are out there? Perhaps it's another reason to really work on honing your craft before you press 'submit' - even if you are 'just' self-publishing.
To end on a slightly cheerier note, have a browse around this fascinating blog, the Billfold, which looks (amongst other things) at authors' earnings - and this great post about Ray Bradbury.
What earnings do you hope for or expect from your writing? How do you think an author can maximise their income?
Adrian Sroka on July 31, 2012
What earnings do you hope for or expect from your writing?
1I hope to earn enough to be able to write for a living. If I did not think I could, I would not have started my novel. I have great belief in my plot, storyline, characters, and the original ideas in my novel. It is not wise to make bold predictions, but I believe my novel has good potential.
I believe an author needs to have an honest assessment of his/her novel by an agent. This should be followed by a frank discussion on the possible earning potential of the book. The agent can then approach publishers to see if they can reach a satisfactory agreement based on the estimated sales of the book.
How do you think an author can maximise their income?
When the book is published, self-promotion is important. In addition to taking advantage of many literary websites, the use of Facebook and Twitter. Sending copies to newspapers and literary magazines. Having a personal website. Book signings.
Authors should not sell themselves short in a rush to be published. There should be a rising percentage of royalties based on book sales. Foreign rights give an author more earning potential. If the book is a best-seller, there is the possibility of film rights and the sales of related merchandise.
Oliver Gunne on September 24, 2012
@Adrian. You may believe your novel has good potential, you may believe you need an honest assessment but this is not religion; you need more than belief. There's a website called Circalit where you can publish your novel and get feedback from fellow writers. It's worth doing. Don't be worried about somebody stealing your idea - sometimes you just have to take a risk. Like Cressida says sixty per cent of authors don't make a living out of writing - no matter how good or how well known you are. David Baddiel's book The Death of Eli Gold has bombed and the hardback is currently gracing the shelves of bucket shops at £2 per copy. He's well known, he's bright (double first Cambridge), articulate (stand up comedien) and is well connected. I have no answers; it's a wicked problem.
1Barbara McClenaghan on December 9, 2012
My writing is important to me but to believe i will make a living from it with the econamy
being the way it is i know i won't but that won't stop me writing as i will still continue to dabble untill full confidence is restored.