Author Income Streams, 14 of 15: Grants and Prizes
The 14th type of author income is grant money and contest winnings. Grant money may come from organizations and foundations (large, small, and/or specialized) or government agencies. Sometimes it’s nearly automatic if you apply; usually you apply, wait a long time, and may or may not receive anything. Fellowships are a type of competitive, merit-based grant opportunity that can fund your writing for a few weeks to a few months or longer.
Prize money comes from winning contests — poetry, short stories, essays, screenplays, books, etc. The trick here is to not to spend more money (or any, if possible) on contest fees than you’re likely to win. We’re focusing on income, remember. There are a minimal number of writing contests that are free to enter and some that have a low cost (say, $10-$35), but there are many others with fees that can really add up ($50-$150+).
While grants and prizes are often considered free money, disabuse yourself of this idea. Both receiving or winning grant or prize money require real time, effort, consideration, and (as mentioned) cash outlays. Don’t dismiss this type of author income outright, but proceed in pursuing it with eyes wide open.
The How-To
Learning the ins, outs, and how-tos of applying for grants could be critical to your author income. Be aware of the different types of grants that are out there for authors. There are travel grants, research grants, grants based on financial need, grants that allow you to finish works in progress, and other variations.
Take note: All or portions of grant and fellowship money may be taxable.
The Money Sources
This list is just for starters. I will continue to update this section as I learn of additional resources.
Contests
Note: Never forget to use your search engine: Best book contests for x, Book awards contests with y category. Book awards contests in z state.
Grants
Inside Philanthropy — Foundations for Grants for Creative Writing
National Endowment for the Arts (NEA) — for Literary Projects
Awards, Contests, Fellowships, Grants, and Residencies
The Authors Guild — Contests, Grants, Fellowships, and Other Opportunities
Freedom with Writing — 32 Grants and Fellowships for Writers
The Writer’s Center — Grants and Awards
Marketing
Squeezing the most juice from your awards and prizes means announcing the good news upon receipt of a win, and then incorporating these accolades into your marketing and your literature from here on out.
Upon Receipt
What to do upon winning an award of some sort?
Deposit any monetary reward into your business bank account and classify this income in your accounting program appropriately. (Ideally, it would be subjected to the Profit First system you’ve implemented, or something similar.)
Send a thank you note to the issuing organization that’s heartfelt and personal enough to establish the inkling of a connection. Relationships matter in all industries, so tend to them as an important business practice.
Issue a press release about your win (and yourself and your book/writing) to relevant local, literary, and topical media. Include a photo if you have one and links to your website, social media, etc. Don’t forget to send the press release to organizations and clubs you belong to that send our regular newsletters, including your workplace.
Post on all social media outlets where you are active as many times as make sense: When you first find out. A photo of you at an award ceremony or with the award. What the award means to you. About the award-giving organization. Re-posts of organizational mentions of your award.
When announcing a current award, it’s always okay to mention past awards (as a reminder! as context!).
Ad Infinitum
Keep permanent mention of your awards — names and/or badges from the sponsoring organization — in all places that make sense.
Where can — even should — you keep a public record of your awards?
Your website — On your homepage, in your bio, on the pages of specific award-winning books.
Your books themselves — Slap those foil award seals on the front of your book (or back cover or title page near your autograph); include in your author bio.
Anywhere your author bio is printed — on your website, in your social media intros, in the back of your books, in organizational and workplace directories.
Your email signature — Whatever sort of brief mention or icon fits. Once you have many, you can summarize as “award-winning author” or “7x award-winning-author” or “winner of the Pulitzer and other prizes.”
Your postcards and bookmarks — Incorporate award seals into the designs or mention your prizes in the text. You can also put an award sticker on the postcards or bookmarks that are already printed.
Your business cards
We finally complete this series on author income types in my next post: 15 of 15 Author Income Streams: Salary and Wages.
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