If you are freelance, there are a number of reasons why your bank account can end up with nothing in it:
- Your clients are slow to pay you
- You experience the classic feast and famine syndrome
- A client has gone bust, owing you money
- A client paid your invoice into someone else’s bank account
- 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?