13 Ways to Diversify Your Income
as a Freelancer
If you're a freelancer, it's important to diversify your income. This is not only a good way to ensure stability, but it also protects you from any financial setbacks that might arise.
While most freelancers rely on client work to make their living, it's also important to have a few other sources of income. This will help you get through any financial lulls and give you a cushion if your main business goes under due to a downturn or disruption in the market.
So whether it's the COVID-19 pandemic, an economic recession, a loss of a big client, or any other event that might impact your income, being prepared for these situations will keep you afloat and give you the peace of mind you need to get through the tough times.
Teaching online is one of the best ways to diversify your income as a freelancer. You can find a variety of online teaching platforms that allow you to teach from any location and at any time so that you can work flexible hours. This also allows you to build a large audience and earn money from advertising and brand sponsorships.
Sell Your Photos
Selling your photographs is a great way to create a passive income stream. You can upload photos to a stock website or sell them directly through your shop.
This can be a good way to secure a regular income without too much hassle and help you focus on creating more high-quality content for your blog and website. However, it's important to remember that selling your photos is a long-term investment; it can take some time before you begin making real money from them.
Use Social Media Marketing
Social media marketing is one of the best marketing strategies out there. Many free tools are available to help you get started with social media marketing. Many are very simple to use and can be set up in minutes. You can even automate some processes with services like Buffer or Hootsuite. As a social media marketer, you're often faced with creating fresh content ideas and posting at optimal times.
The good news is that there are tools that can take some of the headaches out of this process. These tools use artificial intelligence to create better content, analyze your data and create targeted campaigns that will get the reaction you're looking for.
Another great way to diversify your income as a freelancer involves subcontracting work to others. This can be an especially good option for freelancers with limited experience in their field or those who need to be sure they have the skills to do the job well.
Freelance blogging is a great way to build your brand and reputation in your niche and gain valuable exposure and connections with other professionals in the same field. It can also be a good way to get paid for your services, as others will pay you to write guest posts on their blogs or websites.
Investments in Rental Properties
If you have a property that isn't being used, you can turn it into an income-generating machine. For example, you can list your home on sites like Airbnb or VRBO to rent it out to visitors. Also, make sure to check on how to advertise your rental properties to get potential clients.
This is a great way to generate extra cash and can be very rewarding. The best thing about this type of income is that you can choose the times and dates you want to rent it out, which means you can control when and how you earn money from your home.
There are many ways to do affiliate marketing as a freelancer, including using your social media channels, promoting products on your blog, and collaborating with other bloggers and brands. The key is to find a niche you are passionate about, develop a strategy, and get started.
Upsell Your Skills
You may already have several different skills that you can offer to businesses as a freelancer. For example, you could teach them SEO or write content for their website. By upselling these skills, you can increase your income while also helping businesses grow.
Create an eBook
Another way to diversify your income is by creating your eBooks and selling them online. This is a great opportunity to reach new audiences and share valuable content you have made. It also allows you to build your credibility as a writer, which is important when attracting diverse potential clients.
Selling Digital Products
If you are a creative freelancer, digital publishing products could be the perfect way to earn a passive income stream. These can include ebooks, templates, downloadable resources, and printable products. You can upload them to established stock sites or market them directly. There are plenty of other opportunities to sell your digital products.
The most important thing is to be authentic and offer something different from your competitors. This will attract a wider audience and encourage potential clients to choose your service over others.
If you enjoy speaking in front of a crowd, consider starting your own public-speaking business to boost your freelance income. You can start by offering your services for small events and conferences or expand into larger venues.
This is an excellent way to earn extra money, as you can charge for each session you give. In addition, you can keep track of your earnings by setting up a tracking account to see how much you've made from each event.
Open Multiple Savings Accounts
Keeping your money separated between your personal and business finances can help you to stay organized, especially when it comes to tax time. This will also make it easier to keep track of your expenses and profits.
Learn a New Skill
A lot of people are looking to supplement their income with side gigs. Some popular options include rideshare apps like Uber and Lyft and cleaning or lawn care services.
These services are often a good option for busy freelancers because they don't require much time. In addition, they can be done in the comfort of your own home, and they only need you to pick up passengers when convenient.
Further Reading from Skills You Need
If you are thinking about running your own business, or already do so, but feel that you need some guidance, then this eBook is for you. It takes you through self-employment in easy steps, helping you to ensure that your business has more chance of success.
The Skills You Need Guide to Self-Employment and Running Your Own Business is the guide no new or aspiring entrepreneur can afford to be without!
Based on our popular self-employment and entrepreneurship content.
As a freelancer, you often control your income and growth. It’s a powerful freedom. You can choose which clients you work with and how much time and energy you put into them. And you can even turn down a client if you don’t think they’re a good fit for your business.
Having a diversified source of income will help you keep your finances organized. It will also give you a better idea of when to pay your bills and ensure everything is clear about when your money comes in and out. There are many perks to freelancing, but don’t forget that it’s a job, and you will have to work hard.
About the Author
Jane Du is has been digging the internet for 5+ years as a digital marketing specialist. With encouragement from friends, she started freelancing and securing high-quality content placements on top publishers and blogs. In her free time, Jane loves to go hiking with her dog, Rio.