Writing for Residual Income
I’ve recently begun to change my focus from hourly clients to working for residual income. Nothing much has changed yet but my thinking. The bulk of my income is still from clients who pay either an hourly rate or on a flat fee that’s actually based on an hourly rate.
For awhile I thought I wanted to increase the amount I charge an hour, and I was devoting thinking and marketing time to that. But it dawned on me that what I really want is financial independence, and, for me that means residual or passive income – for a writer that usually means book royalties.
I’ve been tickled, however, to discover what changing my focus has opened up for me. I’m finding that many projects I thought were “only hourly” also have some potential for residual income – not from the client, but from products like ebooks I can generate based on my experience.
Do you have royalty income? I’d love to hear how you develop it.
Write well and often,
You may want to read Creating Residual Writing Income
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POSTED IN: Business of Freelance Writing
1 opinion for Writing for Residual Income
Craig McGinty
Jan 23, 2006 at 3:14 pm
I think it is important that any freelance writer tries to spread around their sources of income. Being held to ransom by a client or two is a sure fire way to take the fun out of writing.
Rich Dad, Poor Dad says there are three things you should look to collect: investments, property and copyright. The first two require a little money in advance, the latter dedication and focus.
The secret is the way you monetise the copyright you own, as you say ebooks are a way forward, but also report writing from existing research and advertisement sales on your website are others.
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