Three Flash Pieces on How to (Financially) Succeed As a Writer
DIVERSITY OF WORK PORTFOLIO
An entrepreneur, an artist, and a writer walk into a bar.
Bartender says, “Wait, there’s just one of you?!”
This is our world. Pure potential, creativity, and the unending angst of being a self-employed business owner. Unlimited rewards, limitless challenges. I wouldn’t want it any other way. Naturally, the idea of fat, regular paycheques is appealing, but as someone who has tasted that (in a previous career), I can assure you that sort of job always comes with high costs.
That was my “traditional” job – clean attire, being courteous to jerks – for twenty-five years. Which enabled me to save some cash and reduce (but not eliminate) money concerns, and to leap full-time into writing five years ago. Some saw this as retirement. Others, transition. While I saw it as a reinvention of self. Neo-identity, revealed in a simple website and fresh bio. Gone were references to work experience and education. What mattered to me was being “out there,” creating and sharing. In my case through articles, books, and mixed-media. This hasn’t changed. Call it artistic attention deficit, or being easily seized by new ventures, but the entrepreneur is a partial persona I cling to and encourage in all writers. Even if you think that’s not you. It is. It may just need coaxing and development. And if this doesn’t feel like you, let’s pretend. What’s the first rule of good business? Buy low, sell high. Okay, that example doesn’t work. What’s the second rule? Diversify. There it is.
When I started this writerly journey I refused to be pigeonholed, diversification being critical to my planning. If you have multiple things on the go and some don’t succeed, you still have alternate paths to pursue. This is something that still serves me well. Fiction, nonfiction, poetry, prose, self-pub and traditional. I work at doing it all. Some argue you should determine what you do well and repeat it. I get that. Expertise and specialization do work. But I know myself well enough to realize I’d find that boring, and that it wouldn’t diversify my activities. Having my hand in a few artistic outlets allows me to further tap into those that are working well now. Shifting focus based on success and demand. If something is lagging I’ll allocate effort elsewhere, and so on. If one area’s depleted, I know there’s another waiting to be exploited.
Here’s a breakdown of income, my “writer revenue” earnings for the previous calendar year.
Royalties (traditional publications sold by bookstores and other retailers) 37%
Direct income (self-pubs and traditionals bought and sold straight to readers) 13%
Speaking engagements and readings 20%
Public Lending Right payments 5%
Advances for new traditionals 17%
Articles, columns, and freelance 8%
This lets me know that roughly half of what I make comes from books, the other half from other sources, what I consider book-adjacent. A reminder to constantly be active, speaking and reading and pitching new projects. Which, in a tidy circular way, fuels fodder for new stories and books.
FINANCIAL CHALLENGES, STRESS & COPING STRATEGIES
Financial challenges are familiar and relatable to almost all of us, irrespective of what we do for a living. With respect to particulars as a writer, I could share a great many stories of being promised something that wasn’t delivered. Many of those I suspect – money, events, publications – were promised with no intention of ever being delivered. Simply how some folks use words, not equating something said with commitment or action. Reflecting and recalling these instances was upsetting. Yet in doing so I realized I’d forgotten most of those troubling, troublesome times. Most of those moments of being lied to, and deceived, had buried themselves, in a way. Settling into a mental mulch from which healthy new outlooks emerged, sprouting in positive renewal. A reminder that shit makes good fertilizer. Although rarely evident while it’s happening, in my experience, subsequent events can be not only good but often much better than they may have otherwise been had the nastiness never occurred.
What I’ve taken from this is a somewhat toughened, cautious, yet openly receptive approach to every new opportunity, business dealing, transaction, contract and negotiation. And while I’m privileged to now enjoy many excellent professional relationships, this is something I constantly work hard to foster, develop, maintain, and never take for granted. Yes, I have duds that I work with. Part of striking a balance between progressing your business and sharing your art even when it’s not quite what you envisioned, nor entirely true to your ideals. The choices we make every day, as writers and simply as people.
A challenge I often pose to fellow writers is to determine why you do what you do. Figuring out how to do this is simple. Not easy, but simple. And yet knowing why will set you apart. Is it solely to finish your manuscript? Then recognize and acknowledge that. And when it’s done, know you’re successful. On the other hand, if making a certain amount of money or selling a specific number of books is your goal, then again, identify that. Quantify it as well. And do everything in your power to get there. The vast amount of effort and time consumed by writing, soliciting, and sorting unending rejections, will take on new clarity, gain focus and purpose, and help shift your Sisyphus rock up the hill. Your hill. Resulting in actual progress. Know your why. Never confuse others’ goals with your own. Clearly define why you want what you want. Break down your tasks, then engage. Your goals are yours alone. If they’re true for you then they’re right. Every time. This is what I remind myself, and try to do every day. Personal touchstones, reminders, incentives. And with that, we can get down to work.
COMMUNICATION ABOUT FINANCES
Communication is not only imperative with respect to finances, but all aspects of life: working, writing, and relationships. Every time I’ve faced extreme challenges, communication was paramount. Often causing problems, and invariably solving them too. Almost always, a lack of communication is to blame for troubling issues. Expectations are undefined, unshared, and therefore unmet. Communication may not solve a problem but can lay the groundwork for resolution.
Life as a writer, as we know, can be isolating. But many of us prefer to be on our own, deep in thought, forming pictures with words. Which can make being “out there” a challenge. Public readings. Podiums and mics. Negotiating contracts. No thanks! And yet it’s essential. Much like communication.
Some examples. There have been times when payment was owed to me, and cheques were overdue. Hounding payors is unfun. Should never be required. Yet often it is. A business strategy for some. Not paying, or delaying payment, puts the onus on to payees. However, in communicating with peers, I learned we were all being treated that way in dealings with these particular people. And while that didn’t solve the problem, it did help to know I wasn’t exclusively being mistreated. Having open dialogue with others offered the clarity to approach things differently. Further communication with payors in these instances didn’t change the situation. They excelled at dishonesty. Alright, noted. But going forward, other payees and I know what to expect, and can decide for ourselves if we choose to continue or distance ourselves from those who do business this way. Communication was therefore empowering. Understanding the “rules” once you know who’s playing.
Another example. The first royalty cheque I received I considered a whopper. Five figures. Albeit low five figures, it still had an extra digit from what I’d expected. Good news, you might think. Not necessarily. In follow-up communication, the publicity-publishing team at that time led me to believe even greater amounts would be imminent. Numbers I now realize are unattainable by that team and the way they do business. Had I probed further, and asked for specifics, I’d have known I was being fed nonsense. Again, noted. Disappointing? Not really. I just needed to know. Realistic expectations, when clearly defined, can be met.
Back to the choices we make. How much of yourself are you willing to sacrifice for your work and your art? Because I assure you, sacrifice is required. Whatever you’ve determined your goals to be: landing a publishing deal, creating a bestseller, completing your manuscript, compromise and trade-off are essential. Either in time, effort, money, or, in the case of a traditional publication, what eventually gets printed and put on the shelf. Can you live with the end product? Are you pleased with the results? I hope so, but of course, that’s for you to decide. I know the trade-offs I’m willing to make that enable me to be a full-time writer. It’s a slog. Satisfying as well. Even financially. And again, I wouldn’t want it any other way.
About the Author
Bill Arnott is the bestselling author of A Season on Vancouver Island, the Gone Viking travelogues, and A Perfect Day for a Walk: The History, Cultures, and Communities of Vancouver, on Foot (Arsenal Pulp Press, Fall 2024). Recipient of a Fellowship at London’s Royal Geographical Society for his expeditions, Bill’s a frequent presenter and contributor to magazines, universities, podcasts, TV and radio.
When not trekking with a small pack and journal or showing off cooking skills as a culinary school dropout, Bill can be found on Canada’s west coast, where he lives near the sea on Musqueam, Squamish, and Tsleil-Waututh land.
Bill Arnott’s Forthcoming Book: A Perfect Day for a Walk (Arsenal Pulp)
