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Four Strategies to diversify your Earnings as a freelancer

Nov 24, 2022

This was originally posted on womenwhofreelance.com as a contribution from . You can find the original article here.

So you're a freelancer. Congrats! Receiving that first payment from the first customer, all because of the skills and experience you've gained, is an incredible feeling. Eventually (if everything goes according to plan) you will be able to close more customers and you earn more!

However, the money you could earn through freelancers alone is an upper limit. You're only one person, and can only put in only a set amount of hours during a day. In the opposite it is possible to have months where the client-well has seemingly dried up with less revenue more than you anticipated.

We're here to share with you the answer to the two issues mentioned above: diversifying your streams of income.

Skip ahead:

Why Diversify?

Diversifying income streams is simply creating money in more than one place.

In the case of Kim Kardashian, this looks like performing Instagram deal with brands, having the company of shapewear, appearing on a reality show, and owning numerous properties. For us who are living in the middle of the income spectrum, it might look like being a full-time worker and doing freelance work on the side and working as a bartender part-time, however, you could also be flipping pieces furniture to make money during your spare time.

A variety of income sources protects your from any instability that might come with losing a big client, getting sick, economic downturn, attracting smaller clients, or anything that affects your income in one or more of the streams.

Here are a few ideas on how you can diversify the amount of money you earn from freelance work. It's not all-encompassing list, but there are some tried and tested strategies to get started by.

Make an eBook or another Digital Resource

You're an expert in your field This means that you've got important insights and experience that you can share with other people.

Creating a downloadable resource does need a significant amount of time once it's been completed, and it provides you with an library of information that you can reuse on your blog or social media channels, among other things. As an example, as an independent copywriter, you can put together an ebook on crafting great conversion copy. This is a great resource for anyone who wants to improve their techniques and can also provide an income! It's a win-win.

Not sure how to start with an ebook? Consider these useful sources:

Begin an online course

Now that we've proven you're an expert in your area (or how could people not be willing to pay for your services? ?!). You're now ready to share your expertise with an audience!

You can charge a single fee for each online class or bundle them together to get a higher price, set up a monthly membership or subscription, or even share exclusive higher-priced content in your community of learners. There are a myriad of options depending on your chosen method of business.

The following articles can help you get going:

You can coach others in your field

There are many people similar to you as you did at the beginning of your business or profession as a freelancer. Individuals who require guidance from someone who understands their industry, understands the unique issues they face, and has practical ideas to help them achieve their goals more quickly.

There is no formal credentials or qualifications for coaching which is the perfect way to make money by sharing your expertise and helping others in the process. Whether you coach about how to improve your skills within a particular field or how to start an online business that is completely self-funded is entirely up to you. Maybe it's a mix of both!

There are some resources that can be used to begin are listed below:

Leverage Social Media

You're already a reputable professional, you're an independent contractor with clients, and are able to demonstrate it! Now you just need to get that crowd!

Here are some useful resources to help you get started:

  It doesn't need to be perfect  

Diversifying your income streams isn't a science. The strategies listed above are a great place to begin, but there are other options to diversify as well.

The key is to be flexible and not put too much pressure on your self. Only way to be successful is to begin!

If the idea of taking an online class sounded appealing for you...

This is the perfect right time to test it!

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