Writing market intelligence reports (also called “industry reports”) probably never enters your mind. It may sound a bit intimidating and foreign. It may sound too out of reach. “I am not an industry expert and I can’t write something of that caliber,” you may say to yourself. But what if the benefits are far greater than the “fear?"

You either work 9 to 5 or freelance independently. Either way, you don’t receive residual income from your work. In a 9-to-5 job, if you miss a day, you won’t be paid for that particular day at the end of the month. As a freelancer, if you don’t produce and deliver, not only you don’t get paid, you’d ruin your hard-earned reputation.

What if there is a way for you to earn residual income many times over your initial effort now? Residual income simply means that when you complete a job, you keep getting paid without putting forth extra effort or work on your part as long as the “final product” of your work still exists and is still being sold. 

The average industry reports are sold $3,000 a piece and the authors (also called “researchers”) earn 25 percent royalty out of the retail price. Thus, earning $5,000 per month is not impossible at all. In fact, it is a conservative estimate. Many market intelligence authors earn much more than that, but they are less likely to disclosing the actual figure. 

Breaking in and succeeding in market intelligence report writing is much easier nowadays, thanks to computers and the Internet. Researching for industrial information took a lot of effort a few years ago. Now it is more of what and who you know, where to look for and how to get yourself hooked up to the sources of information, even if you don’t have previous experience in the field. And yes, most of these activities can be done online. 

Naturally, if you know how to operate a computer and perform online research, you already possess two of the most essential skills to succeed in this business. So, wait no more. You can start writing as soon as you want either part-time or full-time. 

Here are some tips to break into and succeed in industry reports writing based on Write Industry Reports: Work at Home and Start Earning $5,000 in Royalties per Month.

First, understand what an industry report really is: who reads it, how the information is arranged, how it is formatted and how the validity of information is tested. 

Second, understand what you need to do: who to contact for reliable insider industry information, how to locate them (online and off), how to search for responsible secondary data and how to design and collect primary data. 

Third, write a sample report to send out to research firms. This requires specific information that shows your research capability. 

Fourth, polish your research skills: no expensive trainings are required. Some free trainings are available online. 

Fifth, know where to look for research firms that hire freelancers. This information is also available online. 

Sixth, compile your first market intelligence sample comprising a brief well-designed sample report of at least 1,000 words, a cover letter and your latest résumé. Just make sure to include all the required research-based information in the sample to impress the employer. With this sample, you wouldn’t look “inexperienced” at all. 

Seventh, once you land the job, there are some “tricky” contractual clauses you must be aware of. Caveat emptor. One of them is the “limited royalty period” clause. You may want to re-consider this clause after consulting with your counselor. 

Eighth, the most important one, make sure to completely familiarize yourself with the tools of the trades, such as online business and statistical databases, online expert pools and online electronic library accesses, to make your job easier. 

Writing industry reports is not as hard as it sounds. As long as you know what you’re doing and where to look for the reliable resources, research firms need you now. After all, where else can a writer make $5,000 in residual income per month while enjoying an industry expert status (and waking up at noon again)?

Jennie S. Bev is the author of Write Industry Reports: Work at Home and Start Earning $5,000 in Royalties per Month and the highly praised 2003 EPPIE Award Nominee FabJob.com Guide to Become a Management Consultant She is a San Francisco-based professional technical writer and instructional designer. She can be reached at WritingGigs.com.