Five reasons freelancers need more than one income stream

Posted on: February 23rd, 2014

If you are freelance, there are a number of reasons why your bank account can end up with nothing in it:

  1. Your clients are slow to pay you
  2. You experience the classic feast and famine syndrome
  3. A client has gone bust, owing you money
  4. A client paid your invoice into someone else’s bank account
  5. You just lost a couple of regular, well-paying jobs

All this has happened to me over the years.

An overdraft can help tide you over when cashflow is tricky but they can be expensive. And your bank might not offer you a sufficiently large overdraft.

An alternative is to find more than one income stream.  Here are some ideas:

- Sign up to online affiliate schemes
- Launch and sell an online course/information product
- Write an e-book and sell it on Amazon
- Sell advertising on your blog/website (if you have lots of traffic)
- Run face-to-face workshops
- Run paid-for webinars
- Get a part time job (eg: pet sitting, working in a bar etc)
- Join a direct selling scheme/network marketing company
- Find ways to monetize your hobby (eg: if you are a crafter)
- Become a coach or tutor
- Sell goods on eBay

Not all those ideas will appeal to you but hopefully it’s given you a spark of an idea.

I know of one freelancer whose sideline and hobby (selling second hand books) grew so much that it is now his sole source of income.

How do you earn extra income?

 

 

 

 

6 Responses to “Five reasons freelancers need more than one income stream”

  1. Gal Nissani
    February 24th, 2014

    So true! “Find ways to monetize your hobby” can be a smart move for anyone really, earning a little extra on the side is always nice :)

    We have also published a similar piece recently for our crowd of freelancers (mainly translators), maybe it can assist your readers as well with a few more actionable ideas – http://www.tomedes.com/5-easy-ways-to-supplement-translation-income-hub.php

  2. Carole
    February 24th, 2014

    That’s great – thanks Gal.

  3. dojo
    February 27th, 2014

    My side income turned into a business (web design), but now I’m looking more for even more ‘side income’ as possible. From advertising to various small services etc. It’s good to have some more income streams, even if they’re not too big. Every extra-buck matters at the end of the month.

  4. Carole Seawert
    February 28th, 2014

    Absolutely agree, dojo! Many small trickles of income turn into a torrent…

  5. Irish Reader
    March 18th, 2014

    When I was a freelance translator, I was also work-from-home PM for one of my translation agency clients. That was a great experience and I now work full-time as a PM. :) I also did some marketing gigs.

  6. Carole Seawert
    March 18th, 2014

    Great to hear how you had different income streams, Irish Reader!

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