How can I make money writing fiction?
I'm gonna be straight with you. There is no guarantee that you'll make enough as an independent writer to make it worth your time. You very well might -- I make a liveable wage as an independent writer -- but many don't. Most writers I know also have a job. And luck plays a big part in it.
If you're interested in going forward in spite of this, you have two main options for monetisation open to you, and you are going to have to pick one. I call them the sales model and the sponsorship model, and you are going to have to pick one.
The sales model involves writing stories and selling them to readers. You can put books up on Amazon or Smashwords, sell them direct from your own website, enlist the help of a traditional publisher to handle that for you and let them decide where to sell, whatever -- the point is that your money is made from the sale of books to readers. If you go with a traditional publisher, you're using this model (though they will give you some of the money ahead of time in the form of an advance). Most indie authors also use this model, publishing through draft2digital, Ingram Spark, direct through Amazon, whatever. I've never relied on the sales model and can't give you any advice on how to do this, but Tumblr is full of indie authors who probably can.
The sponsorship model involves soliciting small amounts of money from various readers over time. This is ideal for web serials, and it's what I use. I use Patreon, which is designed specifically for this purpose, but you can use other sites such as ko-fi. This model involves providing regular content for free, with bonuses for those who support you.
"Can't I do both? Sell books and have a Patreon?" You absolutely can! I know several indie authors with a Patreon. I sell my completed books as ebooks and will eventually sell them as paperbacks. But your time and attention is limited, and so is your audience's, and you're going to have to half-arse one of these in order to have enough arse to whole-arse the other. You're going to make a lo of decisions that benefit either the sponsorship model or the sales model, not both. So pick your primary income source early and commit.
I can only advise on writing web serials and using the sponsorship model, so I'll go ahead with that assumption. If you want to make a liveable wage doing this, not only will you need luck, you'll also need patience. This is not a fast way to build a career. at the end of my first year of doing this, I had one single patron, and they were a real-life friend of mine. When I reached an income of $100/month, I threw a little party for myself, I was so happy. It had taken such a long time and was so much work. I reached enough to cover rent/mortgage after I'd been doing this for more than four years. It's a long term sort of career.
Here are some general tips for succeeding in this industry, given by me, someone with no formal training in any of this who only vaguely knows what they're talking about:
Have a consistent update schedule and STICK TO IT
The #1 indicator for stable success in this industry (aside from luck, which we're discounting because you can't do much about that) is having a consistent update schedule. Your readers need to know when the next chapter is coming out, and it should be coming out regularly. Ideally, you should have no breaks or hiatuses -- if you're in a bus crash or something, that might be unavoidable, and your readers will understand if you tell them, but if you're stopping and starting a lot for trivial reasons, they WILL abandon you. You can't get away with that shit if you're not Andrew Hussie, and I'm pretty sure Andrew Hussie doesn't message me for career advice on Tumblr. If you find you need a lot of hiatuses to write fast enough then you're updating too often; change your schedule. A regular schedule is more important than a fast one (ideally it should be both, but if you have to pick between the two, pick regular).
2. Pay attention to your readership, listen to what they want from you
Your income is based on a pretty complicated support structure when you're using the sponsorship model. this model relies on people finding your story, liking your story, and continuing to find it valuable enough to keep paying you month after month. This means that your rewards for your sponsors should be things that they value and will continue to pay for ('knowing I'm supporting an artist whose work I enjoy' counts as a thing that they value, to my great surprise; there's a lot of people giving me money just for the sake of giving me money, so I can pay my mortgage and keep writing for them without needing a second job), but it also means supporting the entire network that attracts readers and keeps them having the best time they can with your story -- being part of a rewarding community. Because this is advice on making money, I'm going to roughly divide your readership into groups based on how they affect your bottom line:
sponsors. People giving you money directly. The importance of keeping this group happy should be obvious.
administration and community helpers -- discord moderators, IT people, guys who set up fan wikis, whoever's handling your mailing list if you have a mailing list. You can do this stuff yourself, or you can hire someone to do it, but if you're incredibly lucky and people enjoy being a part of your reader community, people will sometimes volunteer to do the work for free. If you are lucky enough to get such people, respect them. They are doing you a massive favour, and they're not doing it for you, but to maintain a place that they value, and you have to respect both of those things. My discord has just shy of 1,300 members and is moderated by volunteers. I'd peel my own face off if I had to moderate a community that large. If you've got people stepping up to do work for you, you need to respect them and you need to make sure that they continue to find that rewarding by doing what you can to make sure that the community they're maintaining is rewarding. Sometimes this means taking actions and sometimes this means staying the fuck out of the way. Depending on the circumstances.
fan artists. Once you have people drawing your characters, writing fanfic of your stories, whatever, treat these like fucking gold. Give them a space to do this, and more importantly, give them a space to do this without you in it. Fanworks are a symptom of engagement with your work, which is massively important. They are also a component of a healthy community, an avenue for readers to talk to each other and express themselves creatively to each other. Third, fanworks act as a bridge for new readers. When readers share their art on, say, Tumblr, it can intrigue new people and get them into the story. Your job in all of this is to give them the space to work, encourage them as required or invited (I reblog most TTOU fanart that I'm tagged in on Tumblr, for instance), and other than that, stay the fuck out of their way. These people are vital to the liveblood of your community, the continued engagement of your audience, and the interest of your sponsors. Some of the fan artists will be sponsors themselves; some won't be. Those who aren't sponsors are still massively valuable for their art.
speculators, conversers, theorists, livebloggers, and That Guy Who's Just Really Jazzed For The Next Chapter. Some people don't make art but just like to chat about your story. These people are a bedrock of the community that's supporting your sponsors and increasing your readership, and therefore are critical to your income stream. Give them a place to talk. Be nice to them when they talk to you. Sometimes, they'll ask you questions about the story, which you can choose to answer or not, however you feel is appropriate. They'll also want to chat about non-story-related stuff with each other, so make sure they have a place to do that, too.
that guy who never talks to you or comments on anything but linked your story to ten guys in his office who all read it now. Some of your supporters are completely invisible to you. You can't do anything for these people except continue to release the story and have a forum they can silently lurk on if they want to. But, y'know, they exist.
If you want to focus on income then these are, roughly, the groups of people that you will need to listen to and accommodate for. You can generally just make sure they have space to do their thing, and if they want anything else, they'll tell you (yes, guys, paperbacks will be coming eventually). Many people will fit into multiple groups -- I have some sponsors that are in every single one of these groups except the last. Some will only be in one group. A healthy income rests on a healthy community which rests on accommodating these needs.
3. If you can manage it, try to make your story good.
It's also helpful for your story to be good. Economically, this is far less important than you'd think -- there are some people out there writing utter garbage and making a living doing it. Garbage by what standards? By whatever your standards are. Just think of the absolute laziest, emptiest, hackiest waste-of-bandwidth story you can imagine -- some guy is half-arsing that exact story and making three times what you'll ever make on Patreon doing it. And honestly? Good for him. If he's making that much then his readers are enjoying it, and that's what matters. Still, one critical component of making money as a writer is writing something that people actually want to read. And you can't trick them with web serials, because they don't pay in advance -- if they're bored, they'll just stop. So you have to make it worth their time, money and attention, and the simplest way to do that is to write a good story.
This hardly seems mentioning, since you were presumably planning to do that anyway. It's basic respect for your audience to give them something worth their time. Besides, if we're not interested in improving our craft and striving for our best, what are we even writing for? I'm sure I don't need to tell you to try to write a good story. The reason I list this is in fact the opposite -- don't let "I'm not a good enough writer" paralyse you. The world is full of someday-writers who endlessly fuss over and revise a single story because it's not good enough, it's not perfect, they're not Terry Pratchett yet. Neither was Terry Pratchett when his first books were published. If you're waiting to be good enough, you won't start. I didn't think Curse Words was good enough when I started releasing it -- I still don't. I started putting it out because I knew it was the only way I'd get myself to actually finish something. I don't think it's all that great, but you know what? An awful lot of people read it and really enjoyed it. And if I hadn't released it, I'd have been doing those people a disservice.
Also, it taught me a lot, and based on what I learned, Time to Orbit: Unknown is much better. If I'd never released Curse Words, if I hadn't seen how people read it and reacted to it and seen what worked and what didn't, then Time to Orbit: Unknown wouldn't be very good. And it certainly wouldn't be making me a living wage, because it was the years writing Curse Words that started building the momentum I have today.
And Time to Orbit: Unknown as it is today has some serious problems. Problems that I'm learning from. And the next book will be a lot better.
So that's basically my advice for making money in this industry. Be patient, be lucky, be consistent. Value your community; it's your lifeline, even the parts of it that don't directly pay you. And try to make your story as good as you can, but make that an activity you do, not a barrier to prevent you from starting.
Good luck.
