10 Thrifty Tips for Keeping Your Writing Business Profitable
In the past, the word ‘frugal’ was spoken in hushed terms, almost as if it were a curse word. Penny pinchers. Skinflints. Cheapskates. All derogatory descriptions of anyone who wanted to save money.
(The 25/50/25 Rule of Freelance Writing.)
Well, no more. Today being called frugal is a badge of honor. With the price of many items continuing to skyrocket, finding ways to cut costs has become trendy. For writers, who often operate on the thinnest of margins, lowering our outflow of cash can make the difference between a successful career, or one that can drain our coffers dry. Use the following ten tips to help turn your bottom line from red to black.
1. Software
In an increasingly digital world, cutting costs for software is important. Fortunately, there are a myriad of money-saving resources available. For example, if you create your own book covers, using free graphic design tools such as Canva or GNU Image Manipulation Program (GIMP) can save you money. As can free writing tools like Google Docs, OpenOffice, or LibreOffice.
BONUS TIP: Before signing up, read the fine print. Typically, what is offered for free is a basic tool. A more robust application will be offered for a price. If it’s too expensive keep looking for different software that might better meet your needs.
2. Website Fees
Having a website is still one of the best ways for writers to grow their audience, however, costs can add up quickly. The frugal author doesn’t go with a hosting provider just because they are new or trendy. Instead, the frugal author takes the time to research and compare different providers. Some items to consider are introductory offers and discounts, price versus functionality, availability of templates that appeal to you, easy access to customer service, and the reviews of other writers.
BONUS TIP: If you’re not a DIY’er and decide to hire a web designer, still conduct your due diligence. Ask questions. Read reviews. And get everything in writing, including deadlines and the cost of upkeep. This will save you money and grief in the long run.
3. Cloud Storage
Locating inexpensive, let alone free, storage space on the cloud can be challenging. Most providers that offer a free service are not forthcoming, and the free storage allowances tend to be meager at best. For example, Internxt and IDrive offer 10 gigabytes, while Google Drive’s is 15 gigabytes. Be prepared for the ‘free’ ones to try to upsell you. The frugal author will read all terms and conditions first.
BONUS TIP: For a truly thrifty way to back-up your manuscripts, create a free email account using Gmail, Yahoo Mail, iCloud Mail, or others. Then, email your writing to it. The storage isn’t fancy, but it can last a lifetime without any cost.
4. Subscriptions
When considering a subscription to a publication or writing-related service, compare the monthly price versus paying for a full year. You’ll often find paying in advance for the year will be the most cost-effective way to go. However, just in case things don’t work out also verify the refund policy.
BONUS TIP: To save even more, ask members of your writers’ group to share a subscription. But be certain to set ground rules regarding each person’s access.
5. Office Equipment
Many writers dream about having a plush office with a fancy desk, an overstuffed chair, and a top-of-the-line laptop. While this sounds nice it can become really expensive really quickly when the items are purchased brand new. The frugal author knows that buying new isn’t always the best way to go. They visit second-hand stores or attend estate sales (estatesales.net) to find a bargain. To save even more at an estate sale, they may wait until the second or third day when the items are typically discounted as much as 50% off the asking price. However, don’t wait too long or someone else may snap up your bargain.
BONUS TIP: Always thoroughly check an item before buying it – open the desk drawers, sit in the chair, plug in any electronics – because there are no refunds.
6. Team Up
Renting a table or a booth at a book fair or other event can get pricey. Cut costs by sharing space (and the expense) with one or more fellow authors. If you don’t have friends attending, then check with the event organizer. They may be able to share the contact information of other authors looking to team up to cut expenses.
BONUS TIP: Try to avoid everyone writing in the same genre. That will prevent you from competing with each other for sales.
7. Barter
For self-published authors, hiring editors, cover designers, and other outsourced skills can add up quickly. One way to lower your cost is to barter with fellow authors. For example, maybe you’re a skilled copy editor but not that great at graphic design. Offer to trade a copy edit with someone who dislikes copy editing but who excels at creating book covers.
BONUS TIP: Put all expectations, including deadlines, in writing to prevent costly misunderstandings.
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8. Writers’ Conferences
Attending a writers’ conference can be a life-altering experience. You may make new friends, learn new skills, or meet your dream agent. However, conferences come with a lofty price tag. The frugal author knows how to look for early bird specials. Typically, the price is the lowest that will be offered. Also, the early bird may get extra perks that aren’t available later, such as a free ticket to the keynote luncheon or a pitch session with an industry professional.
BONUS TIP: If you’re traveling a long distance to a conference try to share the commute expenses with friends. Also, split the cost of a hotel room with friends or ask if the conference organizer has a bulletin board where attendees can look for roommates.
9. Writing Retreats
Sometimes you just need to get away so you can focus on your writing. Writing retreats can offer peace and quiet … at a price. The average cost is from $500 to $1,200 for a day or two. A frugal alternative is to volunteer to house sit for a friend while they are away. Or let family and friends know that a night or two at an inexpensive hotel would make a great gift.
BONUS TIP: Save even more by packing your own food and drinks.
10. Writers’ Groups
The pandemic forced writers’ groups to hold their meetings online. With the pandemic’s end, many groups have returned to in-person meetings. While there are many benefits to the fellowship of in-person meetings, there are also disadvantages such as increased commuting expenses, as well as the wear and tear on your vehicle. Encourage your group to offer an online version of the meeting. These can often be held for free using an application like Zoom. If the group is resistant, consider joining an online group instead.
BONUS TIP: If you do commute in your personal vehicle to a writers’ group, keep track of your beginning and ending mileage. If you list your writing as a business expense on your income taxes, the mileage can be deducted.
Because frugal people love nothing more than an unexpected freebie, here’s an extra tip.
11. Track All Expenses
The frugal author knows where every one of their dollars is going. They accomplish this by keeping a record of all expenses: meals with their critique partners, purchased research materials, writing classes, and more. Applications such as Excel or other spreadsheet programs are perfect for keeping track. Just remember the fancier the app, the more costly it’s likely to be. The goal is to keep it simple and frugal.
BONUS TIP: Review your expenses annually. You may be surprised where you spent your money and find several ways to further reduce your costs.
While being frugal may no longer be looked down upon, it does take an investment of time to develop thrifty habits. However, you may find yourself soon applying cost-cutting hacks to the rest of your life. Being frugal can not only save you money, but it can also reduce your debt (frugal people tend to not buy things they can’t afford), lower your stress (having extra cash on hand can cushion life’s unexpected surprises), and give you a sense of accomplishment (a penny saved truly is a penny earned).