Earning income for doing what you love to do on a flexible schedule is one of the greatest parts of freelancing. As a freelancer you also know however that a normal part of your business is experiencing ups and downs. One way to remedy this problem and ensure a steady stream of income year long is to put in place the building blocks that will allow you to generate passive revenue to supplement what you earn from your freelance business.
Creating multiple streams of income can take a little time to get the momentum going, but this is a worthwhile undertaking. Here are some ways you can generate passive income:
Ebooks, Blogs and Websites
The Internet is all about people searching for information and solutions to problems, which is why it is booming with websites and blogs, all proferring to teach you how to do things or giving you tips of all sorts. You can jump on the bandwagon by writing your own ebook, which you can make available on the Web, or by setting up your own website or blog.
It is fairly simple to create an ebook. We all have strengths and areas of expertise. The first thing is to choose a topic in which you are an expert. The next step is to research what has been written on the subject. Once the research done, you can start writing your own ebook giving your own perspective on the topic. After you are done writing your ebook, all you have to do is market it. One good thing about writing an ebook is that if you write it on a topic related to your freelancing business, you then get to become an expert in your field. That will help increase your credibility and, in fact, will also give you more exposure.
Setting up a website or blog follows the same principle. Make sure to offer useful information on your site and market your site by networking with others online. This article is not intended to go into detail on how to increase traffic to your site, but if you do a quick search on Google for “seo” you will find plenty of information.
If you have built up your experience as a freelancer you can earn extra income by offering your expertise to people that are trying to break into the field. Thanks to the Web you can offer your expertise in some very low cost ways using online tools such as webinars, teleconferences and videos. It is not uncommon for people to pay a substantial amount of money to attend a webinar series or teleconference provided that you have an established reputation and offer insightful information.
Joint ventures with other freelancers are a common way to generate constant work. If you are an experienced freelancer you can collaborate with other reputable freelancers on various business undertakings. Many professional freelancers collaborate on book projects, webinars, teleconferences, as well as offering each other overflow work when their schedule is full.
If you enter into a joint venture, try to collaborate with someone who is trustworthy. You don’t want the joint venture to become a nightmare. Also, once you associate yourself with someone else, you run the risk of having to bear the consequences of that other person’s mistakes. On the upside, however, you also stand to learn good practices from the other person.
These are just some ways that you can generate passive income to carry you through the slow times in your freelancing business. The Internet is full of opportunities for creating multiple streams of income as long as you keep your mind open.
by John Sylo