I was taught that it is important to have multiple streams of income at an extremely young age. I was just 22 when I finished college and entered The Great Recession and went for six months without employment.
As an employee recruiter, I was always interviewing candidates who would lose the job they had (a.k.a. the entirety of their earnings) each week. The experience scared me to death and I’ve been committed to creating multiple streams of income throughout my life from that point on.
When freelancers are thinking of “multiple streams of income” they believe they’re covered because they have many clients. According to my guide, I explain that this is only one element of it. Below, you’ll find every method freelancers can build to create multiple streams of income.
Work for Hire
Work for Hire is your freelancing. This is the work you perform to earn money. Most people find that this is the way they begin. That’s how I started several years ago, and it’s an important revenue source for me.
It’s also among the easiest methods to begin earning money. At the very least, it’s easier now than it was a few years ago when I first began. If you’ve got an enticing skill, like design or writing, you are able to start earning cash quickly.
Also read: Top 20 Passive Income Apps for Extra Money
One way to create multiple streams of income as freelancers is to look into consulting. In a society where there is a greater desire to run their own businesses, you’re likely to be asked questions regarding how you manage your business.
At first, it may appear as if people are offering to buy coffee or “pick the brain of your friend” However, an experienced business person realizes that this is a business opportunity that can be monetized. A business owner who is smart realizes this is simply an aspect of consulting and they could easily charge clients up to $200 for the privilege of picking their minds.
Advertising and sponsorship
I’ve previously talked about what it means to have freelancers who work with their own brands. One way they can do this is by running the blogs they own. If done properly it’s not long before you’ll receive requests for advertising or sponsorship on your site.
This is a subject I have been exploring recently, as increasing numbers of companies approached me about sharing their products with my readers, and has definitely increased my earnings significantly.
To become the most successful freelancer you must become an expert in your field Once you’ve established yourself with others as an authority, you could get approached by companies who would like you to speak, teach, or conduct a workshop with them. Speakers can earn a significant sum of cash when hired by businesses. A great book on this subject can be found in World Class Speaking by Craig Valentine.
Also read: Top 10 Second Career Choices
Start a course or a Membership Site
We’ve explored the possibility of creating multiple streams of income that rely on the exchange of time and expertise. In the end, you’ll need to look at passive ways to earn income.
A popular method of earning passive income is to develop courses. For instance, freelancers could develop a course that is based on their specialization. If you’re a financial journalist maybe you’ll create an instructional course on getting financial affairs in check.
Another alternative is a membership website which members can access exclusive content. I’ve personally created a hybrid of both of them in my Make Money Your Honey Academy. It’s a member-only site that gives you access to every finance and business course I’ve ever taught.
In both instances, you can automate the process of delivering your digital product so that you don’t need to do anything to receive a payment. Of course, this does need work in the beginning. But, it’s work that’s done in advance to allow you to generate a steady income as time passes.
Building multiple streams of income is the best way to ensure your financial portfolio is diversified. This allows you to earn more money while avoiding any obstacles that come along. Remember it is not by not exhaustive since freelancers have many ways they are able to create multiple streams of earnings online. This is an excellent place to begin.