Can passive income ideas really get you a nice income? What is the answer? Yes or no? The answer is a resounding yes. It is indeed possible to make more money and to never experience a dry spell as a freelancer.
You just have to be determined to rise above and let the magic of multiple revenue streams and passive income work for you. You can make this happen and continue to do the same things that you always do.
This may seem easier said than done. However, the truth is this, anything is possible if you do apply yourself and have the determination to make it happen. Freelancers are more than happy to focus their attention and efforts on just two or three clients alone and that is it.
But if you let yourself listen to experienced freelancer out there, they will tell you right away that doing this is a major mistake.
What is a growing concern among freelance designers is this: to be able to find real ways to earn themselves passive income. You do have to admit to yourself that you love client work. Nonetheless, it is real stress, and wear and tear on the nerves to have to juggle various bosses and constant deadlines at the same time.
Why should a person have any revenue streams
What is great about having multiple revenue streams is very clear. They free a person up from having to live from just project to project alone. These multiple revenue streams permit you to meet your expenses or savings goals.
They are also the very best defense against any episodic income and they serve to grow your business in the best way possible. They help increase your brand’s presence, give you stature in the industry, and also assist you in networking as well.
Just imagine this, because it can happen, there could be a sudden shift in your industry. This sudden shift is the very thing that is responsible for drying up your main freelance work in just a matter of months. During the summer months, work can become slow, or someone in your family gets sick and you cannot work in the same way you did before.
These kind of incidents is why having alternative revenue streams is such an invaluable thing. This is something that should be invaluable to both freelancers and other workers out there. What is great about this is obvious. You can always pivot or refocus when things get tough.
The bad thing about this idea is this: a lot of us are just far too busy to be running multiple businesses. Therefore, this is why we will focus on passive income, and also on repurposing skills that you already have in abundance to sell.
The meaning for passive income is that it means having activities that can bring you income without having to do any further effort on your part after the initial work has been done already.
Start by focusing on multiple clients, rather than a few
If you have been just relying on one main client, it is now time to branch out to other new clients. This doesn’t mean to just up and add a whole bunch of new clients very fast. What it means is that you should to add on new clients in time, and as you go along from day to day. Branch out slowly and steadily. Good clients can come one at a time.
Why you should do it this is obvious. It will give you time to ascertain if these clients will be a good fit for you or not. It will also allow you to see if they work well with you and you with them. You don’t want to take on clients that will give you lots of headaches. If clients do fit this criteria. You should do all that you can to keep them as regular clients.
If they don’t fit the criteria that you need or are looking for, just very nicely and professionally dump them. Then move on to bigger and better things.
Passive income
Doing client projects is usually just about one thing. What is this one thing? This one thing is exchanging an hourly rate or flat flee for projects and this usually entails you giving up your time for money. The total amount of money that you do make for each project is limited by two things.
These two things are no other than the rates that you charge to do projects and the total amount of time that you are able to work. The approaches that will be reviewed in this article are not considered to be passive in the sense that they don’t require work. What is more about is the amount of money that one can make when there is no limit on the total number of hours that can be worked for doing it.
In a number of cases, you will be doing the bulk of the work upfront, and because of this fact you will be able to make more money from that very same work in the future. You are able to make more money repeatedly for the very same work. This is where the recurring aspect does come into full play.
If you are looking for a very easy way to make money as a freelance designer, please do be aware that this isn’t it. Nonetheless, if you are looking for a sure thing in order to apply your smart skills in a good manner that may end up paying off over the course of time, please do continue to read on from here.
Why passive income?
Many freelance designers would love to lessen their dependency on clients overall. Doing client work is extremely rewarding in a lot of ways. However, it would be nice to not be totally dependent on clients, and this is because there are significant benefits attached to remaining unattached from clients in a dependent kind of way.
One of the most frustrating things about being a freelance designer is very clear. It is having to constantly work hard to find new clients and new projects. You need to dedicate time to communicate with potential clients and creating proposals and quotes for them.
If you do experience a dry spell of sorts, not being able to get new clients, or even to secure work, it can prove to be a very devastating thing financially for you. This is why it is always good to have other income sources. This can help make this kind of hard times far more manageable.
Some designers do make the choice to pursue passive streams of income. This is because they want to provide extra stability for the times when client work may be slow or not as good as it should be income wise. There are some that do choose to get away from client work entirely.
Create UI kits, fonts, icons
If you do provide a service as a freelancer, most of the times you are providing this service once and get paid. Then you have to do the service all over again to get paid once more. However, if you turn your service into a product, you can get paid multiple times over and over constantly.
This is just an example of the many things a freelance designer can create for a continued income: you can come up with a UI kit, a font, an icon pack, or an online learning course that does explain how to do something in particular. You can always add digital products on Visual Hierarchy and get a pretty serious income out of it.
It is well worth the time as well as the hard work and effort to develop multiple products. This can be a time consuming process at first. Nonetheless, there is minimal to hardly any work to maintain these products. The revenue that is earned from them is something that continues and doesn’t stop.
Start blogging
If you decide to monetize your blog, it can prove to be one of the constant sources of passive income.
A blog is a great way to get attention on you as a professional. It can help to build relationships for you that can be leveraged in many ways. If your content proves to be unique, strong, and makes a difference to readers, it can be the very thing to encourage websites and other blogs to pay you to write for them.
Write an eBook
If you have a blog or website that has a lot of visitors, there is a great way to make some extra money and that is to write eBooks.
The great thing that goes along with eBook sales is this. Once you write one, you can continue to make money off of it well into the future.
Some of the options for writing an eBook can be about what makes a website work or a logo successful. A small eBook for clients can also give others an idea of the kind of content work you can perform for them.
The one thing that is enduring about eBooks is that you aren’t only making a source of passive income. You are also building credibility for yourself as a freelance designer and your business.
Have a side project
Side projects are considered to be small tools, utilities, products, services, and also memberships that do permit you to solve or make a task a whole lot easier for you and your community. What makes these tools successful is very clear. They can earn one anywhere from a dozen of dollars to a few thousand dollars.
Hosting reseller or affiliate for your clients
Any web design clients that you do work for will also probably be in need of some form of hosting for themselves. It is possible that they could be hosting their site on their own server. However, if it is a small to medium size business, this can be very rare.
For yourself, it can be much easier if you do have these clients using the same web host, and one of the easiest of all ways to make some passive income is by signing up as a hosting reseller or affiliate.
A lot of hosting companies out there do offer an affiliate program. If you sign up for this affiliate program, you can make a referral commission, and this is for each and every time you do refer a person that signs up for hosting at this hosting company. The sources for passive income are numerous and you can truly make a nice income for yourself.
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