This article is Part V in a 5-part series on earning more through freelancing.
Fine. I’ll admit it. Freelancing isn’t the best long-term strategy.
But just because you’re on a constant hunt for the next sale doesn’t mean you should scrap it. I hope that you have realized from the Freelancing Series this week that freelancing, coaching, and consulting are great ways to earn more in a short amount of time.
However, you can also use freelancing to earn much more over a longer period of time by using your skills to build more passive streams of income.
Yep, freelancing can be erratic
Freelancing doesn’t scale well. Plain and simple. To make things more difficult, you need to be working to make money. In other words, a common failure of freelancing is that you either don’t have enough work to fill your time or you have more than you can handle.
Use the strengths to overcome the weaknesses
You can use these drawbacks as excuses for never getting started — or you can take this brilliant advice:
Most freelancers have experienced the “boom or bust” phase where one minute you have tons to work on, but the next you have nothing. To remove that, we spent a year or two focusing on creating additional streams of income through digital products and other services so that we can generally rely on other income should some of the freelance/service work dry up for a while. — Lea Woodward
My income fluctuates depending on how much work my clients want in a given month. One month recently, two of my bigger clients only took about a third of the usual amount of work … it wasn’t a big problem, because I’ve built up some other sources of income which aren’t dependent on clients. I sell ebooks, promote some products which I love (as an affiliate), and sell advertising space on a few of my websites. — Ali Luke
Plus, freelancing makes your products better
Consulting is excellent market research. I often get product ideas from working with clients. — Corbett Barr
I have products too, but products give less feedback. I’ll always have a place for one–on–one work in my business. — Catherine Caine
Only one time have I taken on a small handful of clients who paid either $5,000 or $10,000 for high end coaching directly from me. This is something I did not just for the money, but to spend time getting closer to the problems people have… — Yaro Starak
Resist making excuses by saying that freelancing isn’t worth it because you’re trading time for money. You will gain valuable insight from working with clients that you never would have gathered elsewhere.
(Note: Even if you’re just starting out, you can freelance for $20 per hour. And for 99% of people, that $20 is going to be $20 higher than what they earned in “passive income” during that same hour.)
The key takeaway? Continue to build
Yes, freelancing involves trading time for money. No, that is not a valid reason to avoid it. Freelancing offers you quick access to additional income. Use it to build something more sustainable — your own products.
Freelancing opens the door to earning more and creating freedom. Use it.
Get out there and start earning more. You can figure out the rest once you’ve started. What step can you take today to move forward? Do that, and then continue to build.
The course and newsletter are totally free, but I am still willing to say that you will earn $500 in 5 weeks if you put the tactics to use right away. In fact, I personally used the exact strategies in the course to earn $655 from just 6 hours of work on my first try.
This article is Part V in a 5-part series about earning more through freelancing.