How to Diversify Your Income as a Freelance Writer

Many creative souls have a hard time sticking to a regular routine. An 8-5 is just not their cup of tea so freelancing becomes a very good option. Being in total command of your time and not having to answer to anyone is a dream for many but freelancers get to live it out every day.

The best part comes in when you get paid for it. It is so fulfilling and is nothing like the rat race that everyone else seems to have gotten into. This lifestyle may however slowly crumble when it is low season, and especially for freelance writers.

A client takes a little longer to process payments and then sends an email about halting the project for a bit. When you ask when it will resume they tell you that they will let you know. That is a writer’s worst nightmare right there because it could signal the end of your comfortable life since there might just be no more income.

It has been said that we should not put all our eggs in one basket and this applies everywhere. Don’t place all your hopes on one client or one source of income for that matter. Diversification is important and many people that have attained financial success will tell you as much.

How then do you diversify? You could find something new altogether and try it out. A new business perhaps? This may be a little daunting for many because walking into uncharted waters is not something you do every day.

You could use your freelancing experience tied in with the writing and create something new within that same field. Some of these methods will keep you earning even when you are not writing for any clients.

  1. Referrals

Let’s say that you have some clients but you don’t like what they are paying. Do you know someone who would like to have them? Instead of writing them off, refer them to someone you know and if they like what they find you may get a little something from it.

If you are not there yet but would like to get there, start by compiling a list of freelancers who are bound to deliver quality if they get the right clients. Grow your own audience and increase your authority in your chosen field. When clients come knocking, negotiate a deal.

How much you could make

This is totally dependent on the kind of deal that you make. You may not make seven figures from such deals but they could earn you a good amount if you play your cards well.

  1. E-commerce

You could sell things online. Deciding what to sell may be the tricky bit because you may start looking at what seems profitable according to what other people are saying. This strategy may leave you with a business you know nothing about and have little passion for.

You can start by looking at your current client base or readership. Do you own a blog? What do you write about? What does your audience like based on their comments and questions? What do you love?

This will give you an idea of where to start. If you write about babies and parenting, you may want to sell baby clothes or gadgets that parents will appreciate. If you have a large female audience that is crazy about shoes, bring on the footwear.

How much you could earn from it

If you focus your energies into the business and give it a great start, you could make about $600 a month as a start and the potential for growth is endless. RJMetrics said that it could grow to around $600,000 within six months if the right strategies are employed.

  1. Write an ebook

This may seem like a far-fetched idea but it really isn’t. With the advent of technology publishing a book has become something that you can do on your own. You don’t need a publisher since you can self-publish.

ebook

The first step is to identify what to write about. Pick a topic you are comfortable writing about and one that your readers will appreciate. Create good quality content and post it on one of the online stores like Amazon.

How much you could earn from it

If a single e-book goes for $2.99 and you have say, 10 e-books out there, that means if someone buys one of each you have $29.90. If the books are really good and you add some more to the list you could even make $400 a month.

This income is for a lifetime because as long as the books are available online and people keep buying them you will continue to earn from them.

  1. Offer a course

You are good at what you do, right? Is there a problem that you feel needs to be addressed in your circles? Instead of complaining about how it should be done, teach people how to do it.

Coming up with a course is really tasking because you have to come up with content for the coursework and make sure that it all flows. You also need to make sure that it works because you will end up with refund requests if it doesn’t.

How much you could earn from it

It could account for about 70% of your income if done well. Make sure that it is a course that people would be willing to pay for.

Don’t just choose an alternative income stream without looking at whether you enjoy it or not. Remember that is probably the reason you quit your previous job in the first place.

Make sure that it is something that you are happy to wake up to every day because it will take up a lot of your time and energy. Your love for it will eventually show in your account balance.

Whatever happens, make sure you diversify your income before the dry season comes. This will ensure that the dry season doesn’t catch up with you.

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