Is Your Writing Income Diverse Enough?

One of the things that concerns me about my current writing situation is that more than half of my income is from a single source.  That can be a major issue if that particular source should change its policies or no longer need my writing services, because I would be left with a substantial hole in my budget.  In writing, or any other business, diversity is the key to staying afloat when things change.

If you have been relying on only one or two sources for your income, now is the time to start considering backups.  Even if you don’t do regular writing work for your backup companies, having them available is an excellent way to hedge against any income losses.  For example, if you work for one big private client, why not complete testing and signup processes for a couple of the major content mills, so you can have at least a little income should your client move on.

It is a good idea to develop passive income streams as well, because those can help pad your savings account while you focus your efforts on paying work in the present.  Spending a little time each week to build up your passive income can be a big boost down the road.

Another good idea is to develop income that is not related to writing, such as craft sales, consulting work, or other income that won’t be affected by things such as Google updates.  It has been said before, and bears saying over and over: diversity is the biggest factor in staying afloat when markets change and needs evolve.