Passive Income Ideas to Supplement Freelance Work
Freelancing is tough. Sometimes, the work is coming in thick and fast. We can barely keep up with demand; we’re stressed out and tired, but if we’re honest, we’re enjoying the extra cash. Quite suddenly, however, things can change. Out of nowhere, there’s no work coming in. We’re pitching for jobs, putting ourselves out there and facing tons of rejection. The money is drying up, and we might start to panic a little bit.
While ups and downs are perfectly normal, and a part of freelance life that most of us come to accept over time, it can be scary. Many freelancers are forced to look for other work during a slow period, and some even give up completely because they can’t handle it.
Perhaps the best thing to do would be to save more while things are going well. Putting a little aside each week is always a good idea when you work as a freelancer. But it’s not always enough. This money will be needed to cover holidays and sickness, and might not be available when work is slow.
Another option is finding other ways to earn money. Diversifying your income streams can help you to keep cash flowing steadily, no matter how work is going. Unfortunately, however, it’s not as simple as taking on a part-time job or finding other online work. If your freelance work picks up again, you need to be able to fit everything in. Passive income is the ideal solution.
Passive income is money that you earn, without having to put the effort in all of the time. Some streams do take time to set up, but then they just work in the background, supplementing your freelance income, and paying the bills when things get tough. Here are some fantastic passive income options to help freelancers out.
Investing
Investing in stocks, shares, or options is a great way to earn money, with minimal effort. Look at binary options in the usa for help managing options, and consider seeking advice from a broker if you’d like to invest. Remember never to risk more than you can afford, and that it’s perfectly normal for stock value to fluctuate.
Stocks and shares aren’t the only places to invest, however. Other options include peer to peer lending, precious metals, real estate, and collectibles.
Blogging
Many freelancers have blogs or websites to advertise their services and skills. It can be a great way to find work and sell yourself. But, have you considered your blog, or a different one, as a way to make money. Yes, work goes into blogging. But, you could work on it while business is slow, and then simply reap the rewards when things pick up again. Make money from your blog with sponsored content, adverts, and affiliate marketing.
An Ebook or Online Course
Think about your skills and what you do for a living. Could you write an ebook or an online course teaching other people how to do the same? Or perhaps offering advice on how to get started as a freelancer or how to find more work. If you’ve got skills, talent, or knowledge, you can sell them.
Once your book or course is written and online, it will keep bringing money in with very little work on your part. You may need to advertise it and make occasional updates, but day to day, your income will be passive.
Earn Rental Income
If you’ve got property, you’ve got a way to make money. If you have more than one home or you are happy to give yours up for a while, you could rent it out to someone else. You could even hire a property manager to do all of the work for you.
Alternatively, you could rent out your spare room, either permanently or on a site like Airbnb. If you don’t have a spare bedroom, you could still make money renting out a parking space. This can be especially profitable if you live in the center of a large town, where people pay a lot for public parking spaces.
Sell Digital Products
Again, think about your skills. You could sell photographs to a stock photo site. Or, you could design website themes, graphics, or logos and sell them on digital marketplaces like Etsy. Unlike physical products, graphics can be sold more than once, but you only need to create them once.
There are many different ways to make a passive income. Some easier than others, think about ways to make cash off what you already do, or have, and what you could fit around your freelance work.
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