I figured out years ago that developing a residual stream of extra money coming in each year is a smart approach. In today’s economy and changing world, you cannot depend on others to take care of you and your family. You need multiple strategies to provide income and security. That is where writing comes in as a way to create products and services that earn money while you sleep.
It is true that most writers do not get rich. Those lucky enough to sell articles to major magazines, have best-selling books, movie scripts adapted and product lines created from their book theme are few and far between when you look at how many people write articles and books. However, with people continually looking for entertainment sources, information that will improve their lives and materials that can be accessed when they want it, writing articles and books are a viable option for revenue generation.
For example, writing and self-publishing books is a lot simpler and cheaper than ever before. This is true primarily because of the ease of development on a computer and myriad ways to market and sell them on the Internet. Add to that the simplicity and lower cost of doing Print on Demand (POD) publishing where anyone can produce small quantities of their books. This is a significant cost savings tool because instead of having to do print runs of 1,000-5,000, as was required to be cost effective in past years, you can cheaply print ten or more books as they are needed.
Once you have one or more successful books, you might also consider developing a line of products associated with them. Think of spin off materials you have seen in the past for books that have been turned into movie scripts like Star Wars, Indiana Jones, Harry Potter and others. Everything from cups, mouse pads, towels and t-shirts carry the name and familiar logos of these titles.
The key in applying all of the strategies that you just read is for you to give advance thought to what and how you want to write and then follow a pre-planned strategy.
For additional ideas on how to generate residual or passive income as an author, get a copy of Make Money Writing Books: Proven Profit Making Strategies for Authors.