In my series of articles on side hustles and learning how to grow them, I break down an individual hustle for people who want to augment their income, but need some additional information. The overview will include the fundamentals of the hustle, how to get into it, and a breakdown of my GROWTH metrics. Not every hustle covered will be ideal for you, but it may help you find out more information before you take the dive. I’ve covered a list of lucrative side hustles and how to turn your side hustle into a full-time endeavor. If you want an additional push, take my 30 day side hustle challenge now!
What Does A Side Hustle Involving Writing Look Like?
You may be surprised, but there are tons of ways to start making money from your writing. All you need to do is figure out what you want or like to write about – and write about it. The hardest part is honestly just writing consistently and incorporating it into your routine. The biggest shortcoming I see from people trying to make money from writing is that they don’t write enough, or at least not consistently.
Freelance Writing
If you don’t care much about what you write, but you want to write and make some cash, you can try freelance writing. Usually this results with you writing shorter works and getting paid per word or per finished product (like an article). If you want to start a side hustle with immediate results, this can be a great option for that.
Blogging
At some point or another, I’m sure you’ve considered starting a blog – most of us have. Starting a blog can be intimidating to be sure, and it may prove overwhelming at first. Fortunately, I learned a lot through my own experience blogging, and I’ve broken it down into ten easy steps for you. Blogging is great for people who are into writing non-fiction, but also liking teaching or helping other people as well. I write about personal finance and development. Other bloggers write about food, travel, and just about anything else you can think of.
Blogs can also make a lot of money, but you usually have to write for years before you start seeing a significant income.
Writing Books
Unfortunately, writing books and making a steady income is incredibly difficult. If you go the traditional publishing route, then you’re fighting an uphill battle and the odds are against you. If you self-publish, then you have more control and get a bigger cut – but your book ends up being read by fewer people and you have to take on the role of marketer and everything else which will take away from your writing time. Alternatively, you can write books for the fun of it without expecting any monetary return. Books are super fun and one of the best “big projects” you can tackle as a writer!
Who Can Get Started?
Literally anyone can get started as a writer. The only prerequisite is that you know how to read and write! In my opinion, writing is more of a skill you hone and less of a talent – so don’t be intimidated by that. If you want to write, then you just need to keep practicing until you’re a master. The more you write, the better you’ll become!
Why Should Anyone Even Bother With A Side Hustle Like This?
Honestly, some writing side hustles are a pretty simple and straightforward way to make money. However, I would recommend only pursuing a writing side hustle if you genuinely enjoy writing (and editing). Most sources of income from writing take a considerable amount of time to get off the ground, so it can be disheartening to write so much with no return for so long – if you’re doing it purely for money.
When Is A Good Time To Start?
Now! Even if you don’t think you’re ready or a skilled enough writer, start working on it now. You’ll either come away a better writer or with a side hustle that makes you some extra cash – either way it’s a win in my book (see what I did there?).
Does Location Matter For Writing?
No, for the most part your location doesn’t matter for writing. However, there are some writing events and workshops that are held all over the nation, which you may want to attend. In writing, much like every field, networking is a huge part of it and can help you immensely.
GROWTH
Next up, we’re going over the GROWTH metrics behind writing side hustles. These include gains, ROI, obtainability, workability, time required, and general health. These aren’t the only things you can consider, as there are many specifics to your personal situation I can’t account for. However, this will go over the common truths that come with writing and what you can expect from that.
Gains
First up is gains, or the potential income you can get out of this. Depending on what exactly you do, you can make a ton of money here. Freelance writing isn’t the greatest source of income, but it does bring in immediate cash. On top of that, freelance writing can be used as an escape from a dead-end job, but it is hard to pull off. Blogging can definitely make enough to replace your day job, with the potential to make six or seven figures. However, blogging is a huge time investment, and you probably won’t see significant income for 2-4 years. Don’t start a blog and expect to see six figures anytime soon from it!
Writing books is a whole other fiasco. There is a lot of money to be made from it, but it takes a lot of time to reap the benefits. I’d say it has higher potential than most blogs or freelance writing, but it also has a higher chance of failure.
ROI
I’d say the ROI is very strong. For blogging, the initial cost is almost negligible, and the potential payout is good – even if it will take a while to see it. The biggest upfront cost there is just the time you’ll sink in. If you like doing it though, then it shouldn’t be an issue!
When it comes to freelance writing and writing books, then there is no upfront cost, so obviously the ROI is going to be positive if you make any money. Of course, depending on what you write about you may need to spend money on research, but usually you can make do with free material.
Obtainability
This category is more about how realistic these side hustles are. In other words, how easy is it for you to achieve? For blogging and freelance writing, I’d give them both an average or slightly above average take. They take a lot of effort and time. Eventually you can be successful, but most people will quit before then.
When it comes to writing books, especially if you’re trying to get published traditionally, then the odds are stacked against you. The chances of you succeeding are slim. Of course, don’t let that deter you if that is what you want to do!
Workability
Workability, in other words flexibility, will get my stamp of approval. In all aspects the flexibility is pretty top notch. It can be done remotely. Additionally, you can do it at odd hours. In other words, these side hustles can be fit into a schedule where you’re already working a full-time job or you have several obligations.
Time Required
The time required is definitely noticeable. For freelance writing, you may not make much per article you write, but it may take you several hours to write each one! For blogging, you’ll have to wait a long time to see serious results – even more so for publishing a book. Writing definitely requires a lot of time.
Health
I see no issues with the health and prospects of this side hustle. There will always be a decent market for it and when times are good there will be extra potential money to be had.
Positives Of Blogging And Self-Published Works
- The ROI is potentially great.
- You have complete control over your product.
- You get a bigger cut.
- The hours are flexible.
- There is practically no barrier for entry.
- You can possibly replace your day job.
Negatives Of Blogging And Self-Published Works
- It takes a long time to see results.
- You likely won’t be read by as many people.
- You have to wear many hats – such as performing the marketing roles.
- There is far less built-in support.
- You have less credibility and have to build up your brand.
Positives Of Traditional Publishing
- The ROI is solid, not accounting for time spent.
- Your publisher will help your book be read by as many people as possible.
- You get instant credibility.
- The hours are flexible.
- You can possibly replace your day job.
- You have people in your corner, helping you.
Negatives Of Traditional Publishing
- It can take a long time to get published traditionally.
- You lose some control over your product.
- You get a smaller cut.
- There will be annoying delays that are out of your control.
Conclusion
Hopefully this gave you a little insight into writing as a side hustle, and the pros and cons of some different monetization strategies. For more content like this, and a free budgeting template and financial goals worksheet, be sure to sign up for the Bitter to Richer newsletter!
