You may have heard the saying “never keep all of your eggs in one basket. Well, this is good advice, especially when it comes to freelancers. Relying on one client or a small number of services isn’t a good strategy for long term. If the pandemic has shown us anything, it’s how quickly things can change.
Take a look at successful YouTuber’s for example. Even the accounts that make a lot of money from monetising their content through ads almost always branch out into other areas such as products, courses and events. You might think that this is simply because they want to make a lot of money, and that’s a huge part of it, but it’s also because they know that relying on views isn’t necessarily a safe strategy. One algorithm change from YouTube could sink their channel.
That’s why having a diversified range of income is a great idea, not only for your career, but your financial health too.
There are a range of ways to make some money outside of your main job. It could be through something like trading on the Metatrader 4 platform or matched betting. Having an income source from outside of your sector spreads the risk if there is a sudden change to your other sources of income.
Create A Course
Freelancing is great, but you really are only trading time for money. Sure, you can get a good hourly rate, but there’s a limit to how many hours you can work and how much money you can make. That’s why creating a course and selling it to people can bring in on autopilot once you’ve create it.
There are lots of courses out there so make sure that you’re creating something that people need. Think carefully about what you’re good at and use your knowledge and reputation to build your marketing for the course.
Great teachers are in short supply these days. You don’t have to quit your freelance career and become a teacher full time. There are many organisations that look for subject specialists that can teach students part team, even online.
Similar to this, you can also take up tutoring part time. It will allow you to have some additional income while still getting to use your skills.
Every sector has it’s own calendar of events. With the technology available, there are also virtual and hybrid events being held now too. Events need speakers and facilitators, and this is where you can find a niche. Speaking at events or giving guest talks can be very lucrative, and can also expand your network of contacts and result in more work.
Having multiple income streams as a freelancer is a very sensible idea. Not only can it open up new ways to make additional money, but can protect your income should you suddenly lose a big client or the sector undergoes a sudden change. Assess your income and look for any additional opportunities that present themselves.