Multiple Streams of Income for Freelancers

Most freelancers have a couple of main clients that are responsible for the main part of that freelancer income. But what if the client goes out of business or decides to hire another freelancer.

What do you do if the main source of income is gone? Good paying clients are hard to find. If you rely on your freelance revenue then loosing a good paying client can be hard. This is why you should not put all your eggs in one basket and create multiple streams of incoming.

Take a look at a few different ways to set up multiple streams of income (note: pick a few, don’t do them all.) You also have to make sure you’re remaining client’s are served and happy!

1. Multiple clients

Don’t rely on one client. Always have multiple clients. Make sure the client fit your work type and schedule. Pick the good clients and drop those who are not good.

2. Part-time job

Consider getting a part-time job. A part-time job ensures a steady stream of income, but you have still time to do freelance work.

3. Working on contract basis

Working on contract basis is different than working on project basis. Some clients have assignment that has to be done once a month. This is an ideal income stream for a freelancer. You can do contract work and freelance work at the same time.

4. Blog for money

Many online freelancers already have a website or blog that is used for self-promotion.

You could expand or start a blog with more articles (with freelance related articles for instance.) Place some Google Adsense ads on the site for additional income.

5. Sell products

Most freelancers offer a service. The down side of offering a service is that you get paid once. Maybe it is possible to turn your service or part of your service into a product. For instance: making an instructional DVD of your service. This way you can sell it multiple times without doing any additional work.

6. Offer a course

If you are an expert in a certain area, maybe you can teach a course or seminar. Tip: make a video from the course. You can sell it as a product.

7. Coaching

Instead of teaching an entire class, maybe you can offer private coaching or consultation of some sort. For instance: offering your coaching service to freelance beginners.

9. Book or eBook

Maybe you can write a book or eBook. Especially with eBooks you can make money online. You write it once and sell it from your website with an automated system.

10. Web-shop

With a web-shop we mean something else than number 5. We mean a more traditional web-shop buying products and trying to sell them. Or you can use drop-shipping if you don’t want to hassle of handle products.

If you have another idea, then please leave a comment. We appreciate it.