Understanding the Financial Side of Writing

Amanda asked, “What do beginning writers need to know about the financial aspects of writing?”

There are only a few thousand people in this country who make a full-time living at writing. Don’t assume, just because you’re hanging out at conferences with people who all write books, that the world is made up of full-time writers. An average novelist may take eight to ten months to write a book. With time added for edits and galleys, that works out to about one novel per year. Yet that novelist, unless he or she has a breakout book, is no doubt going to be paid less than $30,000 for the novel – sometimes considerably less. That means you’d work an entire year to scrimp by on wages barely above the poverty line. So think carefully before you quit your day job.

Here’s what I did when I decided I wanted to write for a living: I set a monthly income goal for my writing. When I first started writing (on a very part-time basis), my goal was to make $100 per month. I would sell articles, write advertising copy, create newsletters, make up back-cover content – in fact, I’d do just about anything to produce some income from my writing. I edited manuscripts, worked as a ghostwriter, created study guides, and worked with pastors to turn their sermon series into books. Eventually that figure jumped to $300 per month. Then $500. Then $1000 per month. When I set a goal of making $1500 per month, that’s when I figured I was going to become a full-time writer. (And yes, that was more than 20 years ago, when $1500 went farther. Sorry to sound like my own grandfather.)

That said, there’s nothing in life that says you are necessarily called to follow that same path. As I have said in other posts, publishing a book doesn’t validate your life. Perhaps you are called to write to your local community, or to your family. Perhaps the words you write are only for you, to understand yourself and your world better. There’s value in writing, not just in getting published. So don’t assume you must try and move toward writing as a full-time career. Many of the authors I now represent have other jobs, activities, and sources of income – that doesn’t keep them from making an impact on the world through their writing.

Ted asked, “Should a writer who is struggling financially considering becoming an editor?”

I would say that writing and editing are very different jobs. A good editor is not necessarily a good writer, nor are the best writers going to make great editors.

I suppose some editors I meet are probably frustrated writers. But if a beginning writer was thinking of becoming an editor, I’d encourage him or her to get some good training in the art of editing. Take a class, read up on editing, and by all means find venues to practice your skill. Offer to edit the work of local writers. Talk to local organizations about editing their publications and web site content. Try to link up with professional editors and see if they can occasionally steer a project your direction. If you're interested, you might want to check out the editing classes Writers Digest and other organizations have to offer. And if you're serious about getting a good overview, purchase a copy of Copyediting for Dummies, then buy yourself a copy of The Chicago Manual of Style. You'll need that if you're going to work in the world of books. For most magazines, you'll need The AP Style Guide. 

And Patrick asked, “Since good writers are always wide readers, what two or three books would you recommend that are a bit out of the norm?" 

-In the Beginning, by Alister McGrath. Every writer should know about the invention of movable type and the genesis of our industry, and Alister has created a great overview of how the printed book got started. It's a wonderful read.

-Dickens Fur Coat and Charlotte’s Unanswered Letters, by Daniel Pool. A fascinating look at how publishing moved from the realm of the wealthy and powerful to the streetcorners and homes of everyday working people. I wish every novelist had a strong sense of the history of their craft.

-The First Five Pages, by Noah Lukeman. This book is written by an agent, and helps beginning writers see how to significantly improve your writing – and your odds for getting published.

There are plenty of others, of course, but those three popped out of my head. All of them will help a writer begin to see some of the economic questions that have shaped book publishing. Hope this helps.

Some big news: Gina Holmes' novel Crossing Oceans is on the CBA bestseller list! Gina is the creator of the very influential Novel Journey website, and this is her debut novel... so it's GREAT to see her reach the bestseller list right out of the gate. Kudos to Karen Watson and the gang at Tyndale house for taking all the right steps to make this happen. 

Hey, in two weeks Lisa Samson and Susan Meissner are leading a writing retreat in Lexington, Kentucky, entitled "Adding Depth to Your Fiction." They're hosting it at Lisa's tea shop downtown -- two full days, Friday and Saturday, July 23-24. The cost is $349, but they're doing a discount for ACFW members. If you want more information, write to Tiffany Colter (who is helping coordinate the event) at tiffcolter (at) gmail (dot) com. 

Comments

[in the hush of the moon]

i needed this. thank you.

[Michael K. Reynolds]

Chip,

I'm amazed at the amount of quality content you put out on a DAILY basis on your Blog. I feel a bit guilty reading this all for free. But don't get any ideas!

It's so hard to pin down actual numbers from existing writers on what the earning average is per book. Yet, this intel is so valuable to those of us having to make significant life decisions into how much time and effort we can pour into our writing career.

I think $30,000 is a great augment to an existing job or career...at least to get things rolling as we build our brand. Our goal should be we can at least hit the average (even if we do fall short).

But if we "don't quit our daytime job" does that come across as a liability or lack of commitment in the world of acquiring agent representation or striking that publishing contract?

[Kenstoll]

I agree with Michael big time. The amount of good and pointed advice you offer to writers at whatever stage continues to be amazing Chip, and the last few months in particular have been remarkably timely for me anyways.

[Kenstoll]

quick question for Chip. Is there a way you are aware of for a reader to get the shortlinks to your posts? I have a few writer friends on Twitter and Faecbook who I'd like to pass along some of your posts to but the link is like 324 characters long...

[Gina Holmes]

It's funny how people think I'm rich because I'm a novelist. Um... I eat ramen noodles and drink natural light... and not because I like the taste. Ha. Now that George is a best-seller, this perception will only get worse I'm sure. Ha. (oh and I'd have to agree that Karen, Ron, Babette and the Tyndale team had everything to do with Crossing Oceans making that list.)

[Chip responds]

Thanks for the complements, friends.

Michael, MOST writers have a day job -- or at least a part-time job that helps pay the bills. That doesn't hurt you in the eyes of most agents, nor is it seen as a "lack of commitment." I view it with relief, frankly. It means you've got the good sense to not rely on advances for a full-time living.

Ken, I'm not sure. You could tweet the blog address (www.chipmacgregor.com), so the link goes to them rather than the text. I know several readers do that. Again, appreciate the kind words.

[Kenstoll]

thanks Chip, good idea. I guess the only drawback is scrolling down if you've blogged since. I use Wordpress and they have those shortlinks you can pass along, but I don't think there's a feature for others to get them. As an aside, I also appreciate the sense of humor you write with, it's one of the best things about reading you.

[Teri Dawn Smith]

I use bit.ly to shorten URLs for twitter. There are others out there as well. It saves the ones you create so you don't have to create them again. It also gives stats on how many people click on it each day.

[Debra]

I like what you said about setting a monthly income goal from your writing. I think it's important to have goals. :)

Deb

[Kenstoll]

thanks Teri, I'll try that.