5–3–2 Rule for Writers

The new rule for multiple streams of income

When I started out as a writer, all I would hear was self-publish on Amazon KDP Select and make audiobooks. There was always pressure on whether to put your ebooks and audiobooks exclusively on amazon or not.

Amazon was all I knew at the start because all over the internet were these KDP Income Reports. Not much info on being wide, and still it is true.

But as time is passing by, I need to change my strategies as well. I never adore monopoly nor do I want to put all my eggs in one basket.

Horror stories of writers getting banned from a platform. And the platform is now your biggest earning source.

And if you have been self-publishing for some time, then you might know that this is very common.

Although there are many ways to escape these situations, I won’t be sharing them here at all. Because that’s not what we have to focus on right now.

The focus is to diversify our income.

Instead of getting all the income or even 70% of your income on just one platform, diversify your income in such a way that even if anyone goes down for whatever reason, you still have others to survive.

Many writers now have multiple sources of income. But the thing is that 80% of their revenue comes from a single source. This is not how multiple income streams work.

Multiple income streams a few years back -

80% of income is from a single source.

Consider if you earn $1k a month.

Then by this rule, you earn $800 from Platform1.

$200 from Platform2.

If Platform1 bans you (I hope this happens to no one) then will you be able to survive with $200 alone? Or is it enough to make you go through until you start earning from a third source?

5–3–2 Rule for writers -

If you are earning $1k a month.

Then $500 from Platform1

$300 from Platform2

$200 from Platform3.

(Assumption)

Now see, if anyone goes down, will you be able to survive?

Definitely yes. We will get enough time either to do it right or make another income stream.

This is what our income stream should be like.

Spread it. Not too much. If you are alone and cannot handle more than three income sources then don’t. You can also take other smaller income streams as a side hustle which you can do during weekends (only if you want to).

I cannot handle more than three income sources. I find it hard to do so.

If you take any one income source, then there is so much admin work that is involved. Many say “work a few hours” but in reality, this doesn’t work unless you are copying someone blindly.

Of Course, 5–3–2 rule I gave as an example. You can adjust accordingly. It also depends on the platform/marketplace you are working with.

I should end this here for now. This is what I am trying to achieve this year. I pulled out some of my books from the marketplace in order to try it — to go exclusive with some other platform. I don’t know if I will succeed, but at least I took the risk and I’ll know what works and what doesn’t.

Happy writing journey!

If you want to know more about making money on Fiverr, then you can check out my book “Small Ebooks, Big Money”. Happy Writing Journey!